Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-24
Twenty-f;3fh CorR$ress---2d sess
SPEECH OF MIR RlVES, OF VIRGINIA,
/(,,,rIu1eH /


it does contain 1t contains n" provision Tor me re-
lief of the country "takes no thong 1T for the pnoic
II looks only 10 the and comfort OF the governments
The most urgent want of the county The hghest nrr
"a, of speedy restoration ofspece payments by the
banks Now too, is the critical aud decisive moment
The banks have hesn hitherto diligently and steadily cur
tung their discounts and circulation win VIE" l" na'
resumpon ill they have brought their business wih'n
snch safe limits, that they might now easily resume WIN
little encouragement But If they ere once again le'
loose from these sautary bounds-it: dfspalnng 0.
general resumption. and yielding 10 the strong ~'np'
iions of rredeenabe issues they should again expand
all hope will he lost Of recalling them 10 specie s'and
ard and the disastrous reign of an nc"nverole paper
currency will be indefinitely prolonged Now tlrn' II
the moment jnn in this great work OF efrcing re
storaton Of specie payments But does tins Dill 90 any
thing toward it's accomplishment: On the contrary Il
does every thing can to eiard and oostruci In lne
run would create the banks tor specie ooh oy 'ne
demand il makes of it for the OF the Government
and by the general dscredit which the high example Of
the Government would stamp on bank paper IT throws
new and insurmounabe obstacles IN the way oil resup
ton. -
INT the Honorable Senator from New York says that
the resumption Of specie payments by the banks Is
NJ concern ofhs Government-tha il IS exclusively an
afair OF The a,es and of the banks heuselves-ond
ve who urge The necessity of promoting by every pr"
per and practicable means, the accomplishment "l THIS
great Object are reproached with using an argument
which, he tells U.s. belongs to the friends OF Maternal
Bank Now, Sir, beg leave TO say to The h'n"raar
Senator that both and experience prove that the
only eff1cual means of preventing National Bank IS
TO bring nbon: resump'inn nt SPECIE payments by the
State banks and that NOTHING is directly calculated
70 lead to the re establishment t" Il Eank OF the U D.
than the at those wtn Wnaid On r'ing towards
ehecting that resumption Let The Honorable Senator
loook back that most instructive perr'd, rich IN les
sons for the present ,imes-he former suspension OF
specie payments by the banks from 1914 10 lSlI-and
he will that il the unwlngneSs or the inability
of the State banks then TO resL,e specie payments.
which alone led 10 the establishment OF a National
Bank Let him read the Official correspondence 1t MIR
Dal!as-the numerous reports and communications OF
that able and patriotic man, worthy OF him aud "t HE
country-and he Will find throughout, explicit recog
nitipn Of, and unvarying testimony to- this great truth
that if the Stale Banks could have been induced more
promptly specie payments al that time, there
would have been no occasion for National Bank and
tina, that Institution would not have existed. The True
means of preventing lis establishment now is by the
fundamentally Of the Stale Banks, under the lead and
encouragement of the Government, to restore 10 the
country sound, convertible currency.
This Government can and ought 10 aid IN this great
work lis power, and It's perpadng action
coextensive with the whole Union, give il means and
influences which the States do not p"ssess. II holds
indeed through that power, lever nt the greatest efl
cacy for controlling the entire currency Of the country
Through collections and disbursements IL hold DOT
Involvement of the influential character 10 sway the
course of the banks. In the mode of conducting its
ccip,s and payments it has it in its power TO sci
pleof persuasive influence tow ard the restoration
Of general confluence In disturbed state Of the currency
like the present. these powers 10 be exercised in
spirt of be ui,y and benign,y-no OF menace, denan
citation or vengeance The OCCASION demands the Ian
puage Of encouragement and support not OF severity aud
sternness. Look al the communications OF Mr. Dallas
and Mr. Crawford wi Ii the banks during the former sus
pension OF specie payments and it will be in wIa
spirit The influence OF the Government then eSered,
and efecuaiy exerled in the end 10 accomplish return
to specie payments The banks not then outtG,ced
BY the official pressthey were not thea put unter the
bun of the Govrrnment-they not then pursued as
conspirators but were treated institutions having
themselves stake in the common wes and with which
the common interests of the whole country were lden
fed |. will be edfying for moment 10 look back to
the manner in which the Government then conduc ed
its relations with the banks aud say that if The
exerons of the banks, generally, since the recent sus
pension of specie payments, TO prepare themselves Tor
resumption by siendy and persevc,ng cUrailment of
their business and profile be compased with the course
of the banks, the former occasion, IN taking odvnn
,sge Of the suspension TO enlarge their issues To most
exlravagan extent and in obstlnatey refusing to apply
the valuable public stocks held by them to acquiring the
ability 10 resume the banks now entitled, at least
90 as rauch liberay end favor showo TO them
then.
Bv the Joint resolution Of April 1876 which has been
80 oen referred To- it made The duty Of The Stcre
cary Of Treasury to take such measures ne should
deem necessary 80 effect collection ct The revenue in
ood and silver Treasury noes the notes Of specie
paving banks In the discharge Of this onty, Mr.. Dial
las very opened correspondence with the State
Banks 10 induce them returnto specie payments. In
circular which he addressed 10 them on The ed OF July
1876 he used this language:
"From the Stale Banks q sincere and effectual exer.
tou in the of restoring the legal curren
cy is certainly expected and required: but in return
they will and reeeoe The confidence of the Treasury
and of the National Bank the Uanster et The pubic
funds from the State Banks 10 the National Bank and
its branches will BE- gradual and the mates Of The State
Banks u be freely circulated by the Treasury md the
National Bank.'
In a preceding part Of the letter, he says:-
"The present opportunity is embraced TO repeat the
assurances which have been uniformly given and main
taiaed that this Department feels the fiscal intLrestS IF
tho Government and the successful operations OF the
Bank Of the o. States TO be intdty connectsd ,cih The
credit and prosperity cf2he Stale Banks
Here, we thelsogunge of the Government toward
The Banks that OF encouragement and conE6ance-
They were assured in ADVANCE Of the friendship, and
even of the support of the Government, if they would
faithfully CO operate in the common Of restoring
the legaIcurre"sy -, >,
The communications OF Mr.. Crewiord the able and
DISTINGUISHED successor Of Mr. Dallas, were in the
,ort You Mr. President, and those who acted with
YOU in those difficult times will rec"llect that although
The jon, resolution of April 1876 indicated the 2Ct ot
Feb following the day for general resumption o.
npecie payments the banks determined, in pen,on
held BY them v, the purpose Of celebrating the sub.
iect not 10 till the LIST Of July, 1917 In order to
induce them 10 change that determination Mr. Crawford
made formal proposition 10 them that it they would re
sumo .on the 20lh of Feb, the public money then in their
v,nls should not be transferred, al all the Bank of
the a. s. CONSTITUTED 10y its charter the general de-
nos;,orv of the national unds and ,he between that
day and the LIST of July, no portion OF the public money
should be drawn from them for any purpose whatever
unless the necessities Of the public service mperousy
REQUIRED it, beg leave to read 10 the Senate the follow
inc extracts from bis circular to the banks OF Dec 1876
submitting that propositions
The means of the Treasury to aa the operations of
the banks in eecting revelation in the state of the
currency mperousy necessayt to the public interest
Are considered ample and The strongest disposition EXISTS
10 eppiu ele So produce the most beneficial re-