Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-01-19
THE TREASURY CIRCII.Ap.

'e9''"'"s VIC Aeasu'y Otoef oil July, 1885
and Mr.. Rivess proposed amendment thereto
has been brought 10 close, Tor rather. temno'
rary suspended, by the reference of the Who'll.
subject 10 the committee on Public Land,.
ayes 2o, noes 10. That committee will
presume, make a Report on the suciect. WIN.
the discussion will be renewed. and IL.
grounds both Of attack and defence travelled o,..
again.
On the 10th inst. Mr.. Rive. made an rlabo,,.
speech IN favor OF his proposition. Iii, not 70,
reporlcd-but it is said, by the Alexandra G,.
ze,,e, that he made an open demonstration J..
gainst The schemes of Mr.. Benton, which b. ii,
not hesitate TO denounce d. wild, visionary .pJ
mpractcablc: "
" The State had the power, he said. 10 ineo,.
porae banking institutions, and they ould con
tinue 10 exercise that power. Ii was in vain
then foi the General Government to attcmp, h,
lis egi>aion, to introduce an exclusive m,,.l.
lie currency. The attempt would only lead 10
difficulty and mischief. In the course Of hi, Ar
rumeut Mr.. II. gave several severe thrust, st
Mr.. Benton, and none more so, Than when In
incidentally referring TO the attempts made a,tL.
last session OF Congress 10 drain the Treasury
so a ! to prevent surplus, he spoke OF the mon.
strU3s and antl-npubhcan appropriations rru.
pos,sG"-tho>e for iortica'ons, for instance.
Whilst, however, Mr.. Riyes secuted u, tn.
Denonian doctrines, he went for a reform OF III.
curTency-ior the introduction Of the bload..,
pc 'sible basis Of gold and silver clrculs-
tioh->o as to introduce The precious metal, A,
the common currency in the ordinary business
transactions Of llte->ill leaving trade and
| commerce TO derive all the advantages they
could from well regulated aud we'll controlled
banking syst,m. THIS he thought, could 10
aecled, by stopping the issuing and circulation
ct the smaller denomination OF Lank hotr.-,nd
| tl,is he strenuously urged ous hit ~ be doie by
ne action Of the .o,ernm,n'.
With regard to the Treasury Circular ii.elf
Hr. Riycs regarded it as issued from good mo-
lives; but Designed only As temporary measure.
As such he thought the medIrIue, though harsh,
laisht have been ben. fetal. But he coutene,d
that as the settled, steady policy Of the Govern
nicnt, to be pun sued hereafter, il would ue,er,u-
swer lie made, however. 10 attempt TO rtrly
20 Mr.. w ebsier's conclusive argument shvn-
sng from the law If 1916 the Meguifv Of tho
circular.
Ia reference to the Dcposiie Law, Mr.. II. A.
gain spoke Of II, as having conferred imnisn.e al
Vaniages upon the country, aud "howcser ii may
be- denounced hy stne,' he said, ii " Ill ever re.
Gain monument OF patriotism aud wisdom.
Such is Il brief outline Of some of the point,
touched upon hy Mr. Eyes. He conclude WITH
situation OF the county to cause ii, staiesnrnto
lauller or despair that he did not despair Of .er-
ing every thing, yet moving on regularly aud
happily. and APT ealing To the iirnd> of the Al.
| Hini,tTaton he lnvukrd them not to he moved
irUn proper our,e"ly panic. emI hatiealy
Of their own cr."tisH.' Aud with these vivid.
he took l,is seat"
The " Washingtonan.' in relation to MI,
Eiyess speech, bias the following remarks:
d" Ca Tue ~day last. Mr.. Ri,es the Senate de-
Iivered the most powerful. lucid and convincing
argument we ever Iecollect 10 have heard OH ..
ny subject. in support of his resolutions for ~.
| lablI,hiny uniform currency. lie admits the
| Treasury order may have been proper aud an
cred some good end, as an occasional, TEN.
porary e1pe,lirnt; but he proved AZ clearly 4.
any problem IS proved in the demonsirative
! mathematics, that >prrie currency for the or
binary business transactions of society b~iwceu
| the laburliig or productive classes andihrm ep-
| ployer>. or belW ecn traders and consumers op
| the one hand.-Is perfectly tis'inrt from III.
! paper currency OF large denomination. Whltn
Is found so convenient and necessary between ira
derand trader. On the other hand aud that they
are both not only practicable but absolutely nsc.s
>ary, to afford their mutual aid in establishing 4
uniform currency. He showed beyond the pa,-
| sibiy Of cayi that sudden demand for large
amounts OF specie. as BY the operation, of .hs
drive from specie General circulation, into
the vaults Of the banks and into the rcfl.s of
money dealers III consequence Of its enhanced
value, procured hv this sudden demand to be
sold out again 10 supply the emergency a,sne Ell.
tortlOnate per centum.'
1t IS dllhcult for US TO perceive, how, enter
tanning such views a these. the soundDt1 OF
which seem, sclf-evideni. Mr.. Rive. can de.
fend the Treasury Order even a" tempors-
ry" measure Certain it is that the advocate OF
such doctrines cannot much longer frazier.
ME with the authors Of the specie humbur.
The Washington correspondent, Of the Ba'i-
mo Patriot gives sketch Of the speech OF Mr..
Rlyes, spending entirely with the foreco'
ing. He quotes from the speech the following
beautiful and iorcbe figure: He (Mf.
Rives,) was not of that school politicians who
would divide society horizontally, into two
great classes, but ra,he, perpendicularly and
vertcal'y-so that they might give support to
each other"-a sentiment worthy Of a states
man and of a phianhropis,; but how opposite
to the course pursued by the present admins
tration, ints efforts to array the poor against
the rich 1t is unfortunate for Mr.. Rive,, that
he is nominally attached TO party whose PET
nlcious principles he thus directly a.sails!
Mr. Clay followed Mr. Rives, to whom MI.
Ruggle3 replied. Mr.. Calhoun then briehy
characterized the Treasury order A. uncons'i'u-
uonal, without law, without precedent, with
out any authority whatever. Its temporary
under which refuge had been recent
ly taken, was no where 10 be seen on the
it still continued in force, when the
Executive himself ought 10 have repealed II,
II had been temporary"