Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-10

presented So far the object Of the reference may be-
10 use your own language, 10 exhibit the identity Of
the views of Mr. Rves with the views of the late and
present President the same subject, believe there
is little hazard in saying TINT Mr. Rves has concurred
generally and heartily in all the views 10 reform
of the currency, which have been expressed by the late
President in his messages TO Congress- and by the pre-
sent chief magistrate in the only document in which he
is known 10 hive treated The subject-hs letter to Mr.
Shcrrod JTiHams. In the speech Of Mr. Rives during
the last winter made specially and professedy on the
subject of the currency md in which his views on that
interesting question are fully and precisely developed
he quotes with marked appreciation an instructive para
graph from message of the late President as express
ing with clearness and force his opinions respecting
the necessary reform of the currency and comparison
Of that speech and every Thing else he has ever said on
the subject of the currency with the able and often QUOT
ed letter 10 Mr.. Sherrod Williams will show like Ce
neral concurrence in his views heretofore expressed by
the present Chief magistrate, on the great and ab
sorbng topic
But the object of your reference seems TO be rather to
apply the supposed opinions Of Mr. Rves in 1884, 10 ques
tons that have since arisen and which are likely 10 form
the chief subjects Of drlbera,on during the approach
ing session OF Congress- If inference may be drawn
from the italics and capitals by which you have uumi
mated certain portions Of the extract you have quncd
from Mr. Rvess speech that OCCASION as we'll as from
the comments with which you have accompanied them,
the purpose would 10 be 10 show that that gentle
man must now be in favor of exactng specie exclusively
in pay ment Of the public Dues and riding entirely the
fiscal agency Of the State Banks This construction is
by Mr. Rives during the last winter The currency
and revenue bill, and is equally opposed in my humble
judgment, 10 the language and obvious import of the
extract you have quoted from his speech the removal
OF the deposltes in 1884. 1t will be from that ex.
tract, that Mr. Rives them he is now, deeply i'm
pressed with the Importance of reform in the curren.
cy, and Of correcting the evils Of paper system. He
proceeded TO develope specifically and in detail, the
means and steps by which this reform was in his opin
ion be gradually consummaled quote his words from
the extract you have given, but the significant and i'm
poant portion Of which, in reference 10 the question
under consideration you have passed over very lightly
"Wha,ever influence (he said such an institution Qhe
Bank ofhe u S. may be supposed TO exert in presetv.
ing the soundness Of the CURRENCY that object wou be
much more etfectuay promoted by return, as tns as
practicable TO metallic circulation. The first step 10.
wards that return is 10 let the Bank Of the U. S. gn
down. lis notes being Withdrawn, the convenience OF
travelling alone would Immediately create demand for
gold coins, substitute and enforce The necessity OF
correcting that under valuation Of them at The mint
which is said have contributed 10 their disappearance
In with this let be TAKEN TO dis
courage and suppress the circulation of bank notes
der certain denomination, (tcn or twenty dolars OF
which The effect would be to produce another accession
10 the metallic circulating medium The ordinary chan.
nels Of circulation being thus supplied with gold and
silver, the Government would be prepared, without
hardship the public debtor, 10 require payment OF It's
dues in specie, &c.
This passage developcs fully and unequivocally the
views then and since: entertained by MIR. Rves on the
subject Of the currency and The collection of the reve
nue., and forms, indeed the chart by which his public
course has been steadily directed. He contcm
plated exclusive metallic circulation, though he be-
leved return TO such circulation as far es practca.
ble, to be desirable and saulary REFORM indicating al
| the same tine the suppression Of bank notes under
twenty doais, marking the limit o! that practicable
| return. The suppression Of bank notes under twenty
dollars accomplished he believed the "ordnary chan.
nels Of circulation would be filled with gold and silver"
and he Government would hen) be prepared, without
hardship the public debtor, to require payment OF lis
,Cr In remarked
the suppression of bank notes under twenty dollars and
the consequent supply Of the odiuay channels of cir
culat0n with gold and silver, are here mentioned as
conditions precedent Justify The Government in requir
ing payment Of its dues in specie from the people
This principle las been constantly present 10 the mind
Of Mr. r. and has governed all his action on the subject
His object has been 10 give hard money 10 the people IN
their ordinary daily transactions, 10 make 1t the Prac
teal currency Of common life, before the Government
should be authorised 10 demand it from the people
The only means by which this object can be effected
as experience and reason equally demonstrate, Is the
previous suppression OF hank notes OF the lower demo-
Mutations and he according brought forward during
the last WINTER measure, having that suppression in
view which sanctioned by the votes OF more than
two.,hirds Of both houses of Congress That measure
was The direct corolary from the principles he had avow
ed in 1884, and in sustaining it, he required 10 and en-
forced those principles. In the remarks made BY him
on the gid Of December last the introduction oil lhe
proposition referred he used the following language
Shall that medium (he medium Of paymentD in public
receipts and disbursements be specie exclusively =
Even if this should be the ultimate policy OF the Co
vernment the country is in my opinion not yet ripe Tor
its adoption. Specie must first diuse itself more gene
ray through the ordinary business Of society," the conf
mon channels of circulation must be better filled with
the metallic currency, before the Government can, with
Justice to The public debtor, serny demand payment OF
lis dues in gold and silver exclusively The only ctiec-
tua means BY which large circulation Of gold and sill
YER in the general trade md business Of the community
be obtained is the suppression OF bank notes OF the
smaller denominations This is that practical reform Of
tho Ipbi
the present Administration and its friends, DC.
Again on the 10Th Of January, 1887, in supporting
the same proposition, he said still, oy the suppression
of The smal! notes. the circulation of The country has
become better filled with the precious metals, ] do
not think it would consist with just, wise, and pa
,erual policy the part Of the Government to exact
payment Of lis dues in specie exclusively IL could not
be DONE without great hardship 10 the public debtor, and
extensive distress and embarrassment TO the whole
munily "Nohng, therefore, can be clearer than that
an attempt with presenlmi,ed metallic circulation,
10 collect the public revenue in specie alone, would be
distressing the last degree and could not ABIDE the
test Of that public Judgment without whose appreciation
no system of policy can or ought 10 stand
II will be seen from these extracts, in exact iormiiy
to- and steadily pursuing, the idea thrown out by MI
Rves in the debate The removal of the depos,es in
1894 that he has uniformly held, that gold and silver
must frs, become The currency Of the country,
by the previous suppression OF bank notes under twenty
dollars before the Government could be Juslihed IN de-
handing its dues from the people in specie. Is this The
case nov? A formal answer would be mockery J
will only add, and do it upon no slight knowledge oil
Mr. Rivess opinions and public nets, that nothing can
be shown from him in 1894 at any other lime, counte
nancnr the anomaly two distinct currences establish
ed by law in Republican Government-the " better
currency for the Government and any sort of one for
the people AS Mr.. Rives will in the discharge OF
his duty 10 his constituents and The country, have an
opporunty Of EXPLAINING and defending his opinions Tor
himself should moi have deemed it proper 10 say any
thing of them but that you have thought fit to make
them the subject of special commentary and that an
erroneous one There other OF less importance
in your commentary, which have not the time, nor DO
deem il necessary, now 10 notice X:
VIRGINIA LEGISLATURE.