Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-10-26
TNENTN-EaETu CONs.NEsS.
SPEECH OF MIR. RlNES,
FIRST SESSION.


Mr.. PRtsIptSr-l rise IN pursuance of the notice
gave yesterday To ask leave bring in =" Bin Ia
designate the funds receivable IN payment of the Ie-
venue OF tie United STATES" 1t will be borne IN
muddy the Senate that among the most promnent.
and certainly not the least important objects present
ed both by the Presidents Message aud the Report
OF the Secretary OF the Treasury, lor the imucdl-
ale attention OF Congress Al lllcr present SESSION,
IS tile cNpedleDcy OF some legislative provision etin-
ih9 the character Of the funds be received. in III
tuie, IN discharge OF the public dues From the III.
innate connexlon between the collection of The pub
lIc revenue and the general currency o the county,
tins question has, III estimation. lar more essen
tai bearings the great interests OF the community,
thIn any which the President has submitted for our
deliberations. The Committee of Finance, hoWes-
Ell, to whom the Message was referred, have not
Thought 1t proper TO make any report on that portion
OF H. and we have been informed by the honorable
Channlan that II not their Intention to maize any
report upon II at the present session. II Is this
SOU, on The part ii the Committee, that Is the
object Of my motion uow to supply.
lhe President recommends that hencciorward tue
whole revenues oihe [ ncd States shall be collected
exclusively IN gold and silver. \ plopos.tion OF so
marked a character, emanauns nom asource ol such
high authority, cutld not ta 10 excite deep anxiety
IN the public mud; and II seemed to tlt all un-
oerlmty III regard 10 lie policy OF the Government,
on y!lal Il subject, should be promptly seHlcd
way ol the other, by the acton OF the legislative de
plrnc.It 1t l. my mlsaruc to differ with The Prcs
tom ! AIN inny convinced That, III the actual CON
dition OF our circulating mctn. aud IN What i like
~ Tor years 10 conn, To be It's cpndiou the opera
non Of such a measure would be distressing to the
comm unity lnlu ,us TO every Ia ch oil industry an
enterprise, aud above all, would rospon indefinite
~ that return to specie payments by the banks, winch
Is The lrtat object OF sulcllude, and ought to be
the end and aim 4 our deliberations here AIcw1ug
IN. question in this light desired II should be
with y, smp,itude, considered Ntl candor aud de
/ clded with W. dom.
Since g.lye notice ,e.tcrdaY. Of my motion, two
gentlemen. the = natorlf0m =. e.. tAf' ALh"fN')
and the Senator from Missouri t.lr BENroN0
have submitted propositions Ipleuled ~ carry Ont
the Presidents recommendation, differing sonfwaa'
IN tai. but both founded on II, nnctp,e 81 reject
Ing ba il paper altogether IA the operations al Tie
Governments rtea though immediately convertible
INTO specie and issued lay bahs III unquesIioua9le
sodu). Both contemplate, ~ doe thr reephm'n-
dation Of the PIeslien,a thorough revolution ,hlhe
policy and practice of the Government. From the
orgln of IN GOVERNMENTS la, been die practice oi
tie Treasury department to tlcat the Eo'cs 81 specie
pay &c ia ih, qlitdl specie aud die juu rcso
luton OF lsl6, expressly paced bank notes oouvrtl-
Die INTO sPeei', on he s1nc footing with specie
the fiscal Transactions Of The Government. II tine
that, under tiH construction gwen to thh ael by liz
law officer oil The Government. thc Late irsulcu 81
III Hittd States caused IN uIdrl 10 be SSH
luir0g payments for pubic lands be made IN old
and silver iou". su LEAVING the Other branch q fic
rcrehu" (thecusotns Ia bet liacrd l. heretofore,
the noirr III ct ehee.ss on, sPctl##paNtne bItlk,.
Int order MAS nnatlStood, at ar to bc ISSUED
oroh cts parri oi Temporary uIiaie, aud A. ~ueh,
II ma i#Se brcn salulafN III saNlIrr. But IL eafl-
juuuanlr i ptrt ol the permanent policy ct tIc
t'1ferdmen was almost UNANIMOUSLY rrpaddt. Il ~
The Voice ol the Regtc>e.nIves OF the people and 81
the States.
gu wei! remembers Nj Pres dent. that The DIS
,u>sIoes To which tbs subj CT Is, duIHI Ii,
Last SESSION OF Congress. terminated ia The passage at
= bill, by overwhelming nJofllic> oil both iIpuass,
distinctly fr-ahinmL lllr pn1itl Of III" eiHl le-o-
luton OF lel6. IN relation 10 the receYabluy oI ti'
noies oi Sp scle1AtnI banks, and containing also Tie
nlgatican in0Nl>tin tnf, Ia iuture, 40 Hnct'HliHt-
tim should h- made bcfAccu the different brniche,
Iulla rcvsnnr is 10 the medium IN y hch thr} "etc
10 he paid. ms bill received the votes I'll n.nc-
tc tbs al the members oi thI> House andhear three
loHrri,s Of the other. Sull II did I become law.
! Fde eiru um>tahees under winch 1t WAS arrested IN
the ordinary aul reIuar course, aud winch aiune
rrrre4lcd / from beng now the Ia" oi the aud, are
fresh Ia the recollection Of tie country. I"Ii not
Spca Of tileu, ier II Is N, sincere wish 10 keep out
OF tae Ilesctt discussion ,veft ding which may Il
"ahrn ttnpe ,sant feelings. But tins viii ,aY. that
no at ct te4fel1nn VI ever tae b. ct oil more
wHteiuI scrutiny III various staer, ct It's pro gress
Jew, II any, hRe ever met lu.lcr discussion OF a
more deliberate eanSidefaliun-nune, within my cX-
pcrenct, has otsr received norc u3ianlnous and
emphatic assent oil the bodie, BY Uhith 1t Wis pissed
:
and have not be-" IA n1uentNc observer OF The
evidences ai pablo srudMeut the subject la,
spondcd, with 6" crat voice Of Appreciation 10 the
decision OF Congress- and warmly and cordially sus-
tanned it. II IS that measure. lhas double sanction
ed, with some notifications suited To the change of
circumstances, that | beg leave to re present II
co APPLIANCE with The cal, OF the President Con
grcss for further legislation, believing 1t to be adapt
ed IN the eX9CncIes Of the occasion, as well use
lui and santuy in It's general operation OH the
reucN.
The principles of that bill were these. Il deelu-
ed that The public due, should be collected IN specie
the notes OF spcciepay Ing banks, under certain
restrictions in regard small notes, which were IN
tended to operate the suppression, ultimately, but
gradually OF all notes under twenty dollars, and II
further provided, as have already stated 1h1t iii IN
! ture discrimination shouldbc made between the
different branches of the revenue to the funds III
which they receivable. These principles are
incorporated IN the blI! now ask leave to present,
and IN the very language IN which they stood IA the
bill OF last session. The notifications OF that Bill
winch have made, with reference TO CNisug en-
cunlstances, these In contemplation OF the con-
tugency, highly probable, OF an issue OF lreaeu-
~ notes, have Introduced an alternative clause, tie
clarng that. III addition 10 specie and the notes OF
specie pay ing banhs the public dues may be collect
cd in my other Hetum sptcial'Y autumn By tar
The other modification has relation to tic great dc
SIdefdtum OF an early resumption OF specie payments
by the banks, ANA consists III proyiso that "ihe
notes Of 10 bank winch now fails NAV hereafter
Ill To redeem lis notes III specie SHALL AT any TIME,
be received in discharge OF the public dues, unless
such bank SHALL on OF before gwen day have bona
hdc resumed payment in specie. The ohJecl OF
rhis proyiso Is TO designate fixed period tor the