Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-04-11
ADDRESS
WILLIAM G.. RIVES,
TO TIE PEOPLE OF TIRGKNI44
Concluded from last paper

opSO utthOet dOsOI UGu INC as
lention. Shortly alter the suspension of spe
Gle payments by the banks, which seems 10
have taken the government entirely by sur.
prise, though the unhappy progress events
bud certainly prepared the minds of refiec.
ting men in various parts of the country for
IL, The President called Congress together
Tor the first NJ onday in September. Al this
called session, he brought forward the mem
orabie Sub-Treasury project, proposing to
collect The whole revenue OF The nation in
gold and silver alone, and 10 commit il, for
fe>keeping and management, TO the exclu
sive custody ofeXecutive agents. Considers
ing that this identical project had already been
under the deliberation of Congress, when il
received bu, 33 votes in a body consisting OF
240 members, and the political friends of The
Pr esident, with one solitary exception, had
recorded their votes against it, his recon-
mendation oiit, al this time, was undoubted
ly very bold movement, and startled, and
reused into an unwonted tone of remon-
STRANGE, some of his oldest aud most impli,
cit admirers. / Andyet my opposition 10 il !,
calmly persevered in from daily strength.
ening conviction OF its fatal tendencies 10 the
liberties and happiness Of the country, but
unaccompanied with the atoning declaration
OF II determination 10 "sink or swim" With
'hS VI ~ ~ tuc 6fD,
which has brought upon me the fierce and
proscriptive denunciations, of which have
been the devoted subject, if not yet the i'm.
molated victim. The President, at least has
no right 70 complain of me for this opposi-
iion He had at very early period, inior.
nation Of The views which had lung enter
tanned on the subject, and which would rem.
der il impossible for me 10 support The mea.
sure il he should finally determine TO re-
commend livery soon after he had issued
his proclamation converting Congress for the
first Monday in September, he addressed me
a letter, under date Of the 18th May, '37 in
forming me that "the great question OF the
session would be the nature and character of
the future fiscal agency OF the Treasury"
and requesting my views of the different
plans sugg esled, which, ha did me the honor
10 say, she was sure would be of great SER
vice To him These views in compliance
with his request, gave him very frankly
and distinctly in letter wrote HIM on the
Sd June, 1887, an extract of which being the
whole OF il relating to that subject, L tDiE
here insert.
81 had supposed that opinions would be di.
vided among the three projects, which 1
learn from you, have been suggested. list.
National Bank--2d, a continuance of the
present system OF Deposite Banks, with any
improvement which experience may have
indicated. Sd, a total disconnection of the
Government in its fiscal concerns from
Banks or bank paper.
In regard TO the first, il IS not necessary to
deIain you with any remarks. Its uncon-
sti'utionaiiy and inexpediency are equally
demonstrable, and prove it 10 be in every re-
spect inadmissIble.
As TO the second, have always believed
with General Jackson and MIR. fancy, who
founded The system that selected Stale banks,
under proper regulation were adequate TO all
the fiscal wants Of the Government, and
might be made useful auxiIiaries in The i'm
provement Of the actual currency OF the
country. What has recently occurred, has
not impaired my confidence in the csPaci-
lies and general usefulness of the system.-
II worked admirably for the first three years
and ii IL has been temporarily hrO,Dn out of
gear, ii is owing to disturbing causes of a
very peculiar character, w hich are not likely
10 occur, or may he guarded against in fu
iure. Differen, minds will trace the disaster
to different causes; but all will admit them
10 be OF an extraordinary and anomalous
character, not affecting the genera! utility
and efficiency OF The system. Let the me-
cessary remedies and Improvements he en-
grated on il; but why should The system IL
self, which was adopted upon great deiIber-
alton, which has given proof OF It's efficacy
by three years successful! operation, and
which IS certainly recommended by greater
conueniences for The collection, safe Keeping
and disbursement of the public monies than
any special organization which can be de-
vised, be thrown aside 10 try q new, and 10
say the least. very doubtful experiment.
Thai experiment, as understand il, is 10
discard alike The use OF Banks and Bank pa
per, to collect and pay oul The whole revenue
in gold and silver, and to organize distinct
and official agency for the performance Of
these functions. Surprising the scheme TO
be practicable, what object will be gained
by il? Is il 10 lead the way TO an exclusive
metallic currency for the country? Then,
say, the object is visionary; and if il were
not, the means is wholly inadequate, and in
deed contrary 10 The end, so far as the circus
iation Of the metals is concerned.
IL il TO secure separate metallic medium
!or The uses Of the Government alone p
Then / say, why should there be one cur
rency for the Government, and another for
The people-why should the public officers
and contractors be paid in bard mony, when
The people are content with convertible bank
paper in their transactions with one another!
Is the object TO place the revenue Of the Gov
eminent beyond The casualties which may
beiide The gene, al currency, and TO ensure
in every event, aymeot 10 lis creditors IN
hard money even when possessing premium
value? Then, ask, is il right and expedi-
emf thus 10 isolate the Government from The
general interests and wants Of the c0mmuni'
~? On the contrary, does not the genius o
tSee the able and energetic Editorial, on