Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-08-24

| perceive. irom your paper Of the
5th inst. which I have Just seen, that
you have doos Dir. Rives. Of Virginia.
the honor to devote paragraph to he
exposition ofLis opinions on the subject
OF the currency; and in support Of our
construction Of those OPINIONS. have
introduced an extract from his speech
on the removal Of the deposites. IN
January. 1894. am not aware that
the public is particularly interested IN
learning the opinions Of Mr.. Rives on
this or any other question; but as you
have made them the subject Of spe-
cisl notice. Il is due both to the public
and MIR. Ri'es. that they should be cor
recily represented. So lar as the OBJ.
Ject OF the reference may be. to Use
your own language. TO exhibit the
identity Of the views Of Mr.. Rives with
the views OF the late and present Presi-
dent" on the same subject, | believe
there Is little hazard in saying that Mr..
R',es has concurred generally and
heartily in all the views. rs to a reform
OF the currency. which have been er-
pressed by the late Presiden, in his
messages 10 Congress. and by The pre-
scnt Chief Magistrate in the only docu-
meDt IN which he is known TO have
treated the subjcct-his letter 10 Mr..
Sie'Tod Williams. In the speech Of
Mr.. Ri,es. during the last winter, made
specially and professedly on the sub
ject Of the currency, and in which his
views on that interesting question are
fully and precisely developed, he
quotes. with marked appreciation, an
instructive paragraph from a message
OF the la;e President as expressing with
olearness and force, his own opinions
respecting the necessary reform Of the
currency; and a comparison OF that
speech. and every thing else he has
ever sand on the subjec; Of the curren-
cy, with The able and often quoted let
ter TO MIR. Sheuod Williams, will show
alike general concurrence in he views
heretofore expressed by the present
Chief Magistrate. on the same great
and now absorbing ;opic.
But the object of your reference
seems TO be rather to apply the sup
posed opinions Of Mr.. Rives in 1884,
TO questions that have since arisen, and
which are likely 10 form the chief sub
Jecls of deliberation during the ap-
preaching session OF Congress. If an
inference may be drawn from the itaE
ies and capitals by which you have a.
Iuminofed certain portions OF the ex-
tract you have quoted from Mr.. Rives's
speech on that occasion, a. ell ss from
tic comments with which you have
accompanied them, the purpose would
seem 10 be to show that that gentle
man must now be in favor Of eraeiing
specie exclusively an payment Of the Pu6-
lac dues. and of discarding entirely the
fiscal agency Of the Slate Banks. This
construction Is in direct contradiction
with the opinions fully expressed by MIR.
Rives during the last winter on the
currency aud revenue bill, and Is equal
ly opposed. 10 my humble judgment.
TO the language and obvious import
Of the extract you have quoted from
his speech on the removal OF the depo-
sites in 1884. II will be seen from
that extract. that Mr.. Rives was then,
and he IS now, deeply impressed with
the importance Of reform in the cur
rency, and OF correcting the eriLS Of a
paper system. He proceeded TO de-
veiope specifically and in detail, the
means and steps by whicb,this reform
was, in bis opinion, to be gradually
contaminated. Iquoie hiswords from
the extract you have given. but the
significant and important portion Of
which, IN reference TO the question
under consideration. you have passed
over very lightly.
whatever influence ine said such
an institution the Bank of the United
Staies) may be supposed TO exert in
preserving the soundness Of the cur
rency. that object would be much more
efectually promoted by return, as
far aspTactiea6ie, to a metallic ciTcula-
ton. The first step towards that re-
turn. is to let the Bank OF the United
States 60 down: It's notes being with
drawn, the convenience OF travelling
alone would immediately create a de-
mand for gold coins, as a substitute,
and enforce the necessity Of correcting
that underyaluaiion of them at the mint
which is said 10 have contributed 10
their disappearance. In concurrence
with this. let measures be taken. as II
is believed elfectual measures may be
taken. to discourage and suppress The
circulation Of bank notes under certain
denomination, (ien or twenty dollars
Of which the effect would be TO produce
another accession TO the metallic car
eulating medium. The ordinary chm
HSis Of circulation being thus supplied
CIh gold and uirer, the Government
would be prepared, Wifiout aardshIP 10
| ne public debtor. to require payment Of
its dues IN specie, SC.
This passage developes fully ADD
unequivocally the views, then and
since, entertained by Mr.. Riyes on the
subject Of the currency and the collsc-
ton Of the revenue. and forms. indeed,
the ehayf by which bis public course
a a