Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-20
'Twcslay-fi.tIl Comgrcss---2d sess.
SPEECH OF MR.. RlVEST'oF SYrReIs1A;
In opposition to The Sub Treasury Bill and in support Of

States. 5M and Gth february, 1885, :. -; = =,
MIR PREsiDESr-lt would have been very gratifying
to me, II had found the measure now under conside.
ration such an could conscienlously support:
The q''slion is which every interest of tie nation
requires should be setlledpromply bot wisely settled
IL is time the couairy were relieved from those nnx-
ires and apprehe in regard 10 the future which,
added In the embarossments Of The present. weigh like
incubus upon the national enterprise and palsy all its
faculties should have been most happy, therefore, II
lcJud have seen in The msnsnfe recommended by the
Committee of Finance, any of those hculing and scu
tury tendencies which the circumstances of the times
land the situation Of he"country iinperiousy de-
| marfi Ind hoped indeed, at time, that such n
measure would have been presented to US. The Pre-
sident, in his message 10 Congress at the commence
ment 0t the present session. while renewing The eI-
preston of his opinions in favor Of The financial
project Of the late called session. very properly invited
the consideration Of Congress 10 the manifestations Of
public sentiment which had since then, taken place
nnd recognizing 'r national will the supreme law Of
the Republic plainly ninaed that measure which
had proved unacceptable 10 the people ought moi 10 be
again pressed on their adoption. had hoped, that the
Committee of Finance, cnncurins in this Republican
sentiment of the Chief Magistrate, and in The presence
Of the manifestations which the recent elections in the
North and The South, The East and The West had afford
I'd If the national npusnance 10 the measure of the
late session, would in the resources of their wisdom and
acknowledged abilities, have presented US some other,
on which we might have rallied with Innre harInn.
minus opinions. ! AM sorry TO sny that, in the exa-
thing to Justify or sustnin this hope II is in eve
~ essential respect, reproduction OF the condemn
ed measure of the late session, with snne superad
ed features which only seem to aGgravate its drnr.
nifty and increase its dangers. II commits, as that
did the millions Of public treasure 10 The hazardous and
dcmorazing possession Of Executive agens-il evies
that treasure from The pockets OF the people. alter
short period in guild and silver nnly-it then dlsposes
these collections in masses at few important c"mnrr-
cia points, to serve basis of operations, which must
nj Ill
10 take charge Of and manage this machinery II inst
lnles new corps Of Executive officers whose very name
ReccveIs. General calls up by an indissou'Ie ASSOC
ciaIion the extravaganza, the pecuatInn the clumsy
murnifccnce Of that boated and unwIeidy system OF
French finance, whchis the acknowledged prototype Of
this scheme.
propose, Mr. President, in as brief and rapid
ncr as possible pass in review the principal points OF
this financial project. It's Fundamental ana vial
principle is to collect the public revenue IN gold and
silver only, Of circulation consisting exclusively
now and mainly at all times. o! bank paper for the
common uses Of The people. Oh this invIdo"s dscri
miuation between the money of The Government and
the money Ct the people, and lis Anti Republican and
injurious tendencies had opportunity OF stating
INV views very fully during the late session OF Con.
gress IT was the subject of very thorough discussion
on both sides, at that time: and for one am perfectly
content 10 abide the verdict Of public opinion on The ar
runcns on The side aud the other, then presented
Il was shnwn in my Judgment most conclusively that
the effect Of this principle would he permanently 10
create Two currences IN The cnunry-one, and that Inc
"bucr" one, for the Government, another and inferior
one for The peope-that it would thus separate The nte
res,a r The Governors from those of The governed de-
soyine that bond of sympathy and common feeling he
tween them which is the best, ii not the only security
for sound administration of public nffairs-'hat 1t
would indefinitely proract The present arrangement OF
the currency and deliver it finally Ia state of hope
less and rremedabe disordr-and that its operation
pon The institutions Of the States would be OF The most
hostile and destructive character should not now re-
r.. al,
those topics, having heretofore discussed 'urn
very fully bu, hul The Senator from New York, (Mr.
Wripht has thought proper again TO argue them, and
must say with all his ingenuity has failed IN my estl'
rnnon 10 shake single position maintained BY the OPP
moments of his bill Ii has been fashionable to denounce
those oiecliuns as ad captanduH arguments; but,
Sir have they been anScered? Can they be answered
other wise than by returning epheis for arguments:
That the measure would establish distinction,
odous Distinction between the currency Of the Govern
uent and the currency OF the people cannot DC Grn'ed
FIR sucb is he posve provision of The bill II eSpess.
~ reouires that after certain time the Government
sho receive in discharge Of the public dues, and pay
IN its officers and other creditors, nothing but gold aud
silver or its own paper while The common currency, IN
which the people transact their dealings would still re.
main bank paper The fact then, is undeniabIe But
is in,ima,ed there is nothing wrong in This; and we.
,ybo oonose il are asked if we would have the Govern
enl in the present condition Of things for example, TO
receive lis in The various spurious substitutes
far money which now form SD large portion of the ac
Ip,I circulation Of the country. The answer Sir, costs
ME no embarrassment. say. no; but this is precise
~ case in which the exception Proncs tie rule
The present is temporary and accidental state OF
,hings and the refusal Of the Government under exist
; Circumstances TO receive the degraded currency Of
t times in IA menl of the public revenue, so far from
beng founded on any permanent dsnctnn between the
currency of the Government and The currency OF the
peo,Ie is intended TO do away that Instruction. and 10
n,oridr sopnd convertible currency Tor The common
20 or bo,b Government and Pcnpe-fnr The nint reso
linton of 1916 which is still the law n the land, express
" declares that when the banks shall resume specie pay
nrnls and thus provide The people with sound con-
verble currency, that currency snal De tGnay fee,v
able BY the Government in discharge OF its dues But
tho hill or the Hon Senator contfmplatrs no such thing
n ,r;ac,s The pnper Of the banks ncxorably, under all
circSms,onces whalevcr-even though convertible IN
stany into specie. II will have, Tor the Government
no,hinu but gold and silver or its own paper II de-
monds with Shyock severity, its pound " flesh, and
that loo without the condition nf humanity imposed on
the venan Jew mot to spill drop Of Christian blood
in The exacton
ev.r IN hive persuaded himself that the requsiton oil
old and silver in payment Of the public dues would i'm
nrove the general currency by bring ling int" circulation
larger pur,ion of the precious metals But olr' no"
can This be? II shown, in the discussions oi the
late session of Congress- that when there are Two cuIfen
ces in the country answering all The purposes OF the
other and valuable purpose besides, that which an
srers the additional purpose, would be at premium,
and being would not enter into general nut
he bourhi and sold as article Of merchandise Ac'
cording 10 this law of currency it would follow; under
the operation Of the proposed system, that gold and
silver only, being applicable 10 revenue payments,
they would in general, command a premium, and
would consp queny be withdrawn from general CIR cir,
culaon. They would be sold by the broker to the
pubI;c debtor, who would pay them to the Govern
ment-by the Government. they would be paid Out
10 the public creditor, and the public creditor would
90 and sell them again to the broker. This would be
the narrow and charmed circle of their Increment
They could never enler into the general Circulation
under such circumstances; nor indeed under any cir
cumsiances (as has been amply shown On another occa
sion) without previous suppression Of the smaller de-
nominations of bank notes, for which this bill contains
n provision
The Honorable Senator also argues, that THIS policy
would tend to snundness in the pnper portion OF
The currency, by checking oYcr.ssucs of the banks
Ri insIead of cnnIrihuIn The sonndness Of Ihe