The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-10-03
CONGRESSIONAL.
CORRESPONDENTS OF THE BOSTON ATLAS
NMnoI,i,.ntnu 10 l29r

washington, sept. ~, 1857
The following are extracts of Mr. RIvEs speech
in explanation and defence of the Bill Introduced
by him, 'to designate the medium in which gov
ernment dues should be payable" [The bill
provides that all debts due The government may
be paid in specie, or bills of specie paying banks
RIvEs said, that the question, what medium
the government would receive in payments into
the public treasury, was the greatest question
raised by the Presidents message, and the most
important and interesting to the people. How
ever the Committee on Finance had judged pro-
per to report no bill touching this great matter,
the message recommends that henceforth the
revenue should be receivable only in gold and
silver. If such was to be the policy Of the gov
eminent, it ought to be known At present, the
matter was left in n state of uncertainty (; the law
was one way the recommendation of the pres
idcnt, and the policy of the government, another.
This uncertainty ought to be removed and it
belonged to Congress TO remove IT.
In fact, since he gave notice of this bill, two
distinguished gentlemen Calhoun and Bentom]
had brought forward propositions to carry into
effect the recommendations of the President
The details Of their plans differed but they agreed
in the object Of rejecting all bank paper from the
financial transactions of the government. This
would be 70 bring about total revolution in the
administration of the Treasury. From the very
origin3of the government, the notes Of specie
paying banks had been received, the same
specie, in payment of public dues. This prac-
tce was confirmed and enacted into law,by the
resolution of 1916. This practice continued I'M
til the issue of the specie circunr, requiring coin
in payment of the public land measure highly
Justifiable, perhaps, as temporary thing, but as
a permanent measure, highly reprehensible.-
The issue of this circular drew the public atten-
ton to the subject, and bill was passed by both
branches, by vote of nine tenths in the Senate,-
and of three feu,ths in the House and almost
universally by the people bill which e-enact-
ed the resolution of 1916; but which failed to be-
come a law, he would not say how, why
because he wished to excite no unpleasant feel
ngs in any quarter. But it failed to become a
law; and he now again presented it to the Sen
ate, in the very words i'm which il was then ex-
pressed; for Notwithstanding the difficulty which
had been discovered in its Interpretation, he had
not thought it necessary to alter single word.
He had added two provisos, one in favor of the
Treasury notes about to be issued the other,
more important, with design to encourage and
facilitate the resumption of specie payments. 1t
indicated time Qeft blank in the BILL and to be
filled, so far as he concerned, with scrupu-
os regard to the interests of the banks) for that
resumption, and enforced it, by motives both of
hope and fear. He did not doubt it would have
powerful influence, and he referred to similar
resolution of Congress in 1916, rs having in fact
produced the resumption which then took place.
But this bill would have wholesome opera
ton, not only upon the banks, but on the coun-
try What was the nature of our present diff
culties? Our lands, our labor, our capital, all
the elements OF prosperity still remained. But
industry was paIalysed; the currency was de-
ranged; and wages, profits, capital, every thing,
felt the effects of that arrangement. What is
the remedy? 1t is simple; it consists i'm the res
toration of confidence Now the first step to-
wards that restoration of confidence is, the re-
turn to specie payments. And how are the banks
to be enabled to return to specie payments? By
manifestation of confidence OH the part of the
government. This is all that is needed, to enable
Them to resume. The country, at this moment,
is better provided with specie, than it was
before; the foreign debt is fast paying off; the
banks want nothing to enable them to resume,
except an exhibition of confidence on the part
of the government. They have been honestly
preparing to resume, reducing their discounts,
reducing their circulation. They wish to re-
sume and they can do so-f we but manifest
our confidence in them That confidence is in
and it is the business the duty ofthe
government to make manifestation of It, Right
or wrong, justly or urJustIy, the banks apprehend
hosttes from the government; and if the gov
eminent do not intend them, assurances TO that
effect ought to be given
He referred to the conduct of the British gov
ernment in 1898, and to the loan Of six millions
to the banks authorised by the State of N. York
during the panic of 1884, rs proofs, Of the infiu-
ence to be exercised by mere manifestation of
confidence in the banks, on the part of govern
ment.
And how did it happen that England, drained
of her usual supply OF specie as she was. had
not suffered II suspension the. part of her
banks, while we had suffered one, with an eX-
traordnary supply ofspece in the country? Be-
cause, in England there was confidence; here
there was none. he did not blame the govern
ment; but the fact was, there was no effort here,
by the government to sustain confidence; on thu
it was from the government, that hostil
tiles were principally apprehended; and the at
trocious doctrines avowed in certain quarters
(and here he pointed directly TO Benton)-tho
morbid hostility exhibited towards the banks, the
declaration of II desperate war against them,
might well excite apprehension. .i
A proposition was now before the Sanate, of
fered 10y the gentleman from Missouri, with The
appreciation Of the executive, which ii adopted,
would sweep the country with the bosom of tles-
ola,ion This was the crisis then, at which an
exhibition of confidence on the part of Congress,
was mparatively demanded And what was
asked? A small boon-ony that we should
promise to do, what the government always had