Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-09-28
Twcniy-GfIh Congress
EX IRA SESS ION.

n A ; u y.
NATE.-TUEsDAY, SEPT. 49,
Mr.. Clay Of Alabama, introduced sevc-
raj resolutions, relative to the sales Of the
public lands
A bill to authorize the issuing Of Trea-
sury Notes
A bill for adjusting the remaining
claims upon the late Deposite Banks :
A bill authorising IA farther postpone.
mcnt upon duty bonds
Thee bills were read third time and
passed.
President, and read.
THE CURRENCY.
Mr.. Riycs, in pursuance of the notice
he rave Yesterday. then introduced bill,
designating the .'iHus IN Which the public
revenue shall be collected which hav-
ins h.ann read a first time, Nlr. Rives rose
and addi essod the Senate for upwards of
two hours.
Mr. Rives said he had brought for.
ward this measure because the Committee
oi Finance Ind neglected to propose any
plan of relief. The collecting of the
revenue in gold and silver he though,
would be ,miscIIicvOus in its effect and
cdlculat, d to postpone the resumption of
specie payment b. the banks. The pro.
positions submitted b. the Senators from
South Carolina and Missouri, (Mr. Cal
houn and Mr.. Bentoi) contemplated an
entire revolution in our financial policy.
They were propositions to give one kind
ofmoney 10 the Office halde,s, and ano.her
to the public, and to raise the salaries of
Office holders at the expense ofthe coun-
try. 1t was making the government
something foreign to the people, indcpen.
dent OF it ard sanding III opposition to the
peoples interests.
Tho measure VIII ch he offered, and
which prohibited the receiving of notes
Of any banks that did not resume specie
pas ments, he believed would have bcne-
fetal effect on the country. He be icvcd
that it would expedite the resumption of
specie payments The great object of
all should be TO restore confidence. He
called on the Senate TO assis; iii this work.
Specie payments could not be resumed
wilhou; confidence, and il was the duty
Of the government to give some testimony
of confidence in the monied institutions
of the country. The confidence mani
tested by the British government, he said,
had prevented the suspension of specie
payments in England.
He considered it as demonstrable that
if The measures which had been proposed
were carried throrgh, there could be no
resumption ofspecie pay menis. So long
as gold and silver were at a premium, the
banks would not resume payment. The
measures proposed would not only d.
vorce government from the banks, but
divorce the government from the people.
For his part, he was determined to stand
by the people. .'..' o..
Mr.. Rives denied the position that the
government had uoihing to do in rcgulat-
ing the currency ofthe country. He saw
no difficulty in corre ecting the currency
through the fiscal agency Of the state
banks. If this was not done the people
would demand great national banking
institution, the establishment of which he
thought greatly to be deprecated. Ii was
from over issues cf small notes that the
greatest danger ofsuspension of payment
must come.
lie denied that the scheme of employ.
ing the State banks as agents had failed.
1t they had failed, so had the new United
States Bank, 80 had The hard money sys.
tem. He undertook to show the utility
OF The State banks as fiscal agents by Civ
ihg Their history. He commended the /
removal OF the deposites, lauded he con.
duct OF the State banks, and remarked
'nat the Secretary of the Treasury had
shown 10 his report that those banks
eo"'d sui sustain themselves. lie main.