The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-22
From he Glo1e.
OPINIONS OF MR.. RIvEs, OF VIRGINIA.
s EprpRs OF ruE GLoDE


OPINIONS OF Mr.. RIvEs, OF VIRGINIA.
To THE Errors OF THE GLoDE:
Iperceiee, from your paper Of the 5.h inst, which
| have Just seen, that You have done MIR. Rives oil
Virginia. the honor TO devote a par graph 10 The ex-
rosElon OF his opinions the subject OF the curren-
cy; and in support OF those opinions, have 1nlrodue-
ed an extract from his speech the removal OF the
depostes, in January, 1884 am not aware that
the public is particularly Interested in learning The
opinions of Mr.. Riyes this any oher question
bll as you have made them the subject OF a special
no.ice, IS due bath to the public and Mr. Riyes,
III / lney should b. correctly represented. 80 Tar
as III. object OF the reference may b., TO use your
oTa Ian ,llys, 10 "exhib the idsny OF The views OF
Mr., Rivts with the views Of the late and present
President" on the SINE subject, believe there IS
little hlZ I'd in saying that Mr. Rives has concurred
generally and heartily in all the views asto reform
OF the currency, which have been expressed BY the
late csdent in his message 10 Congress, and b. the
peseat chief magistrate in the only document in
which he is known TO have treated the subIect--h,s
ltkT 10 Mr.. Starred Williams la the speech OF MIR.
Riyes, during the last winter made specially and
prJteSsedly the subject OF the currency, and in
which his views on that interesting question are full
ly aud precisely developed, he quotes with marked
apprub tton, an instructive paragraph from a mes
sage OF the late President expressing with clear
ness and force, his own opinions respecting The ne
cessary 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 otten
ouosed letter TO Mr. Sherrod Williams will show
like general concurrence in the views heretofore ex-
pressed BY the present chief magistrate, on the great
and now absorbing topic.
Bal the object OF your reference seems TO be rather
II apply TO supposed opinions OF MIR. Riyes in
1884 The questions that have since arisen, and which
are likely 70 form the chief subjects of delberaion
during the approaching session OF Congress, II an
inference may be drawn from the italics and capitals
By which you have illuminated certain portions Of
the extract yoa hive quoted from Mr.. Rivess speech
on that occasion, well as from the comments with
which you have accompanied them The purpose
would seem 10 be TO show thai that gentleman must
now BE- in favor OF exacting specie exclusively in
payment Of the public dues, and describing entirely
The fiscal agency ofhe State Banks. This consiruc-
ton is n direct contradiction with the opinions iul
" expressed BY MIR. Rives during the last winter on
the currency and revenae BILL and is equally oppos-
ed, in my humble Judgment, 10 the language and cb-
vouS import of the ex ract you have quoted from
his speech on the removal OF the dePoSteS IN 1884.
Ii Will b. seen from that extract, that MI RiVes was
thea as he is now deeply impressed with The impor-
lance OF reform the currency. and OF correcting
III. evils OF paper Sys!cm tie proceeded 10 de-
valJpc specifically and in detail The means nd Steps
b. which this reform was, III his opinions 10 be Sra-
dl4lly consummated quote his words from the
exr,ct you have gwen, but the signifc; nj nd i'm
pJrtan portion OF ich, in reference 10 The question
under coasderaiion you have passed over very
lightly.
Whatever influence [hesaid) such an institution
Che Bank Of the Unied S,les) may BE- supposed TO
cxar. in preserving the soundneSS OF the currency
lh-t Gbecl would b. much more ehecually promoI-
ed b. "a return, as far as pyacicabte, TO a metallic
calculation The first step towards that return, is TO
L. the B nix Of The United States 60 down. ISnoes
bang Withdrawn, the convenience of travelling
uJne would Immediately create demand for gold
coins as a substitute, and enioce the necessity Of
correcting tn under-V luItion OF them al the mint
which is said to have contributed TO their disappear
ance In concurrence with this, let measures be ia
ken, 10 discourage and suppress The circulation Of
Oh X noes under a certain denomination, (ien or
,Il,r r. h
dice another accession TO the metallic circulating
medium. The ordinary channels of circulation be-
Ing thus supplied with gold and silver, the Govern
msnt would b. prepared, without hardship TO the
pubic dtb,or, 10 require payment of lis dues in spe
Gle" &c.
This passage developes fully and unequivocally
the v.wS, then and since, entertainedby MIR. Rives
on the subject of the currency and the collection of
the revenue, and forms, indeed the chart BY which
his public course has been steadily directed. He
never contemplated an exclusive metallic circula-
iJn, though he believed return TO such circula-
tinn as far as practicable" TO BET desirable and
sal,.ary REFORM indicating al the same Time The sup
preston of bInk notes under twenty dollars as
marking The limit OF that practicable return. The
suppression OF bunk notes under twenty dollars ac-
c) npliShed he slieved the ordinary channels Of
circulation would be filled with gold and silver"
and 1.-THE Government would (then) be prepared
without hardship 10 the public debtor, to require
payment OF lis dues in specie, &c. II cannot fdilto
b. rem lrkei IN Il the suppression OF bank notes I'M
the ordinary channeso OF circulation with gold and
silver, are here mentioned as conditions precedent
10 justify the government in requiring payment of
Us dues in specie from the people This principle
htsb,en constantly presentto the mind of Mr. Rivcs,
and has governed all his actions he subject His
object has been to give hard money 10 the PEOPLE in
their ordinary daily trans lctiUns 10 make il the
practical currency Of common life . before the go
vernment should be authorized to demand il from
the people The only means by which this object
en- b. eeced as experience and reason equally de
monsrae, is the previous suppression OF bink NOES
of the lower denominations, and he accordingly
brought forward, during the last winter, measure
having ;hltsupp ession in view, which was sanction
Cd b. the votes more than wohirdS Of both houses
oil Congress. That measure was the direct corol-
larry from the principles be had avowed in 1894 and
in sustaining it, he required 10 and enforced those
pr ncpleS, In the remarks made by him ON the
22l OF December last on The introduction of the pro-
pas ion referred to- he used the following languaSe
q Shaii that edum, (the medium OF payment } in
public receipts and disbursements be specie exclu-
sivey I Even IL this should be The ultimate policy
OF tbs Government the country is in my opinion,
n1tysi ripe for It's Adoption Specie must first diff
fuse itself more generally through the ordinary bu-
sineSss ofsoeety; the common channels OF circula-
ton mus. be better filled with the metallic currency
bsiore the Government cam with justice to the pub