The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-26
SUBSTANCE or
THE REMARKS OF MR.. RIvES
~ VIRGINIA..

THE REMARKS OF MR. RIvEs
sth OF VIRGINIA, i.a
Y IN SENATE, SATURDAY, Sept. %.
In an Incidental debate, the bill providing
for The collection and custody Of the public
revenues being under consideration:
Mr.. RIvEs said he rose to protest against the
manner in which this question had been, and
continued to be treated by the Senator from
South Carolina. That gentleman argued as
if there were some proposition before the
Senate to re-establish the Bank the U, s. or
to confer upon the existing Pennsylvania
Bank of the u. S., some special and inn
poriant privilege. But, sir, is there any ques-
ton Of that sort really before the Senate
The question presented by the proposition ON
your table is, whether the notes Of banks ge-
morally, when they shall have resumed specie
payments, ought not, under certain limitations,
to ba,receiyed in payment Of the public dues,
as they heretofore have been from the origin
Of the government down TO the present time,
or whether they shall be altogether excluded
in future and nothing be received in payment
of the public revenue but gold and silveri
The question then is one which involves alike
the whole eight hundred State Banks in the
Union, constituting that system Of credit UNI
der which, whatever may have been its oc-
casional excuses, the country has heretofore
attained an unparalleled height Of prosperity,
and has no special reference whatever 10 the
Bank of the United States.
But the Honorable Senator in his remarks
yesterday, which the rising Of another gentle
man to speak, before could get the floor,
then prevented me from answering, said that
Mr. Biddle had his eyes steadily fixed on re-
covering the Government deposites, that all
his measures were shaped with that view,
and that if the proposition had offered should
be adopted, he would unques,ionably accom-
plish his object. Now. sir, my proposition
has not one solitary word or provision in tire
lating 10 the Government deposites. Itrelates
exclusively, and this far more for the conve-
nience Of the people than for the interest of
the banks to the receivability, under certain
limitations, of bank notes, when convertible
into specie, in payment Of the public revenue.
This is question altogether distinct from
that of the Government deposites. 1t is COM
paratively a small boon, and one already en-
joyed by the banks under existing laws, when
ever they resume specie payments--by the
Pennsylvania Bank Of the United States, as
well as by any other bank which shall redeem
its notes in specie. have already stated to
the Senate, what seems to me conclusive
considerations 70 show that a large majority
of the State Banks are in a far better situation
to make an early resumption Of specie pay
ments, than the Pennsylvania Bank Of the
United States. In regard to the Government
deposites, on which the Honorable Senator
says Mr.. Biddle has his eyes steadily fixed.
repeat that my proposition, which that gem
tleman so earnestly opposes, has not solita-
ry word on the subject. 1t relates to another
matter wholly distinct, and leaves the ques-
ton Of the Government deposites where the
law now places it, which, the Senate well
knows, refers the selection Of the banks 10 be
charged with the public deposites, in the iirst
instance, to the Judgment Of the Executive
Surely the Honorable Senator is not afraid
tina, either the President or the Secretary Of
the treasury would select the Pennsylvania
Bank Of the United States. --On that subject,
the gentleman may, think, feel perfectly
secure, as the country most assuredly, has
every reason to do. e III
It does seem me, Mr.. President that this
perpetual aud gratIl,ons introduction of the
Bank Of the United States into this debate,
with which il has no connection, as il to
but poor evidence of the intrinsic strength
of the gentleman's cause. Much has been
said of argument dd captaRdHm in the course
Of this discussion. | have heard none that
can compare with this solemn stalking of the
ghost Of the Bank Of the United States
through this hall to brighten Senators from
their propriety." | am as much opposed to
that institution as the gentleman or any one
else is or can he. think may say have
given some prootS Of it, The gentleman,
himself, acquits me Of any design to favor
she interest Of that institution, while he says
tuch is the nscessory consequence Of my pro-
position. The suggestion is advanced for
effect, and then reiracted in form. Whatever
be the newborn zeal Of the Senator from
S. Carolina against the Bank Of the United
States, flatter myself that stand in a posi-
ton that places me, at least, as much above
suspicion Of an undue leaning in favor of that
institution as the honorable gentleman. If i
mistake not, 1t was the Senator from South
Carolina who introduced and supported the
bill for the charter of the United States Bank
in 18I6-it was he, also, who brought in
bill in 1894, to extend the charter of that in
stitution for term of twelve years. and none
were more conspicuous than he, in the we'll
remembered scenes Of that day, in urging
the restoration Of the Government deposites
to this same institution. In every situation of
public trust, in which have been placed,I
have been the constant and unvarying oppo-
nent of that institution and in this body in
1884, while the Senator from South Carolina,
with his accustomed ability, was urging the
restoration Of the public depositcs tot, Ia ti-
umph, indeed, oper the gooernment Of The ceun-
try, which the honorable Senator now so Bit
terly deprecates) stood up here and resist
ed that measure with every faculty | pos
sessed and SACRIFICED "a Is well knnwn my