Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-03-09

dery proudly Defy the arts OF the soP's DC eI Is 't
;a f ,bs logican What is the explanation which
s understood 10 have bcen made by Mr. ltTes hinseil
Why that he only proposed return as ia! as Pree"ea
Me- To- a metallic circulation. W nat Gao WI: l'Frs pro
nose TO render such return 'Prac,cabIe s'-lo let
The Bank of The United States go down. 2d-lo cor
rerl the "under valuation D gold CONS ana ID
suppress bank notes under "ten or twenty oo'as Gays
! MIR RyCs: "The ordinary channels oil circulation ne
!, ,hrs supord with Gid and silver, The Government
wSuid he prenarea without hardship 10 the public ere
dor 10 REQUIRE payment of its dues IN specie, aud lhS
rcnlise reform, Than which none couid ce more eeepy
interesting every RESPECT 10 tie safety ana prosperity
Of the cuuntry."IhIs is lair statement OF air hiVeS
ynl,na,on 10 The best OF my recollection. II cnncrdes
the great aud mpoTtln; principles "i Inc Suo treasury
scheme Wit the c"rcIiCn only ol goia and s'reT I"
poymeat Of he Tnjic GGts and Tie restoration OF The
GovrfriI, Mt 10 lis original Gtsisn, lhat CT "a s"Fs,
so'li hgTd money G"rerHiE1Ht.
The only ground, then, upon winch Mr.. RiVes can es
cane The G6 cations ri these important principles, 49, that
ile ordinary channels q! circulation were not 80 sup
r,ed iha, the Government. might, without hGTdShp 10
Tie orhc debtor icCiirr y- nj n lis dues III specie.
This an j-cuon not Of principle, hu' "i convenience
The Senator alarmed with lie idea oil an III
crease OF Executive patinnage-no scheme burs's upon
his mind creating two cUrreacIes shocking his sense ol
mora, Justice gnd onrngtng his devotion to The draf rec
pcIiu bank iGnser colours dark ard terrible Is litn
painted upon s vivid uaGiuG'IJn but 1t IS then "a re-
iDrm GGn rhch coaa be mare d'rry interesting IN
eyfry GsDe to tic Sajciu and prosperity II The country
Ill reform only posipuu,d, hecause !orsucI, II might be
in the then condition Of the country, "a hardship to Tie
paGic d,b!Ur.'
Bu, lie, Us, Mr. Speaker, sec how far this narrow
ground will sustain Mr. Riv?s The Bank has gone
d,,p-the under yaiuaun oio gold Coins has been
currec ed bat lr small notes have not been suppressed
Had all the So objects been realized and they are all Nj
drcms necessary eG would not haVe been, IN his es-
linu,iou "a hards!p 10 the public debtor TO require
.ru!d and silver payment q! the public Dues lie
two first els being within the scope OF Federal pow
er have bee long attained; tut Tie last belonging
,2ciusirc le States has not been attained, and pet
hans never will te In lieu thereof however, the pVliry
OF the Government has increased the quantity OF gold
and silver in the country from about twenty Millions IN
1850 10 about hundred millions on The ls January,
e7-an but little sior; Of The average paper cir
culaon Of all he banks IN the United States during The
last ycars-placng within convenient reach Of The
public debtor amount Of specie amply sGitIceGl !0r
payment OF The public dues But, SIR, II may anu WIZ
no doubt be said that this lar amount n Specie Is not
in calculation, but IN possession {" The ba"" 3u can
it, viii he SAID, that ;he specie III masses IS les acres
s.be 1.-THE public d"b0Ts who are usually merchants,
than would b. III the hands OF our numerous millions:
Surely not.
Eu;, suppose should be considered b. still,
that there a difficulty hardship III cxaciing The rui-
i.c dues specie while the small notes aIr not sPY!'ss
ed suppose The want Of constitutional power III e e
deTai Government 10 effect that object be oEcInY"rGi
suppose the substitute thereof III The Immense amount
Of specie in the country be deemed nsuice"t-- surely
il was no, have been expected, that Mr. EVrs pain
would have allowed HIM TO weigh gg's;t"n"ti'
hardship the public debtor. against gita; HaoIh
reform, which, "Gf all The rOrm, Socai, Pie0I or eco
HUmicu TeguiyCd by the great n.,estSCi Tic country 0Hd
nhch is urge"Ly dtmanded promises e largest nc
! suits If utility, security ami pgbi,c jc"ch
The public dcpGSies having been placed IN The Sale
Banks, II became duty 10 place them under icgu'a'I
OF Jaw. Accordingly. en- act, cunno"y called The De-
poste act passed June c3 By reference I" the 9Th
section thereof Will be II made Iha duty oil the
Secretary 10 withdraw the public money from any Bank
that shall not pay ITS notes IN specie when drmincTd,
and transfer them To- other banks paying Sprcic-And
III default Of any bank such ceros;r. The MO
nry thus withdrawn, SheH be k6M by he iit!SarTgI The
Cnucd Satcs ueorai". 10 TIE lars IN jvrcc These
laws, as understand them, the act OF 11cl, and
the jont reso!u,i, o! l>!G-lhc requiring all public
dues to be paid specie; the other 0orias le secre
lay. in his dscel.on, receive specie paying bank
paper
In this state Of the law, The Bsnks IL May lc"1 sus
pended specie payments. The President, from necessI.
", convened Cpngicss iogeth" provide the ways and
means 10 Gtray lie drd!n0fy charges 81 Government
The U. 5. Baak had ceased exist. The act 4: sns.
pension by The Stale Banks, dissolved Their connection
with I:e Government; and al future collections were
Ia be kept hy The TREASURER and N geld a@d silver -
IaiS waS Tie lar # Tie inHd What was 10 have been
expected iFoHi The Ptesd-n':-Ihal he should recon.
IN, nd Naiiona! Bank: No!-ihat he should Gecri:s.
mend system Of State hank>: Certainly not
"Eal thea; Wig, that the act OF l79S should be en-
Jagged and improved, as 10 effectively embrace our
and rainrIirG This dore. In SO do
ing, he changed principle. but only sought 10 render
sac ana VI system already SnJShnlhly
aud practcGiiy 10 commence that important reform, tam
which, in the impressive language al Mr.. Rves, 'n"ne
could be deeply interesting III every aspect, to the
saety and prosperity OF the country.
1t had been alleged in the depuse debate, that the
r. lectIon OF he ) Bank fiscal agent, would
necessarily Involve The employment Of The State Banks.
In reply IL which, Mir kIvrs GtcGCed II WAS "a :UP;O
>'it0H ty no mems necessary an any 0rni0a. WHAT,
tIsn, To have bcCH expected Oi Mr.. kvrs: Surely
to carry out that great national reform upon which
he had so cloqucnty tescnnied--to restore The Go
yvInmcnl 10 lis original d:SnaOn-to pe!pctuaie Tie
collection OF the public dues specie, especially Gs
the pubic debtors had al That TINE 10 pay lntr dues
III specie, IN consequence OF SnsprusIon aud had under
existing law Ia incur all the hadsIp aic Inconvenience
a. any Of 80 doing Surely, 10 sustain patriotic EXe
cutire his great effort TO eXtiIcate the national !eve.
tOm tie CONTROL the depreciation, III" avarce end
the caprice Of W0ny c&aaguy. But instead OF dong
Us naturally expected by al familiar with his OPP.
1894 MIR RGves TO the aston!s!ment, regret.
aud nnriication Of the great body Of his Republican
friends, in his .cch session, lakes to!a =
different g"unts, and asks AS long he people shall
be satisfied III their transactions with each Oter with
SQUAD convertible paper medium, with due proportion
ci the precious metals forming Tie basis 81 that n'ium
and mingled IN The current Of circulation, why should
the Government refuse altogether the currency 81 Tie
people, III The operations OF The Treasury. Tins hold
to b. IN direct conflict with Mr. Rvss opinions IN ci
aud yet he processes to have changed opinion. Mr
kigssS speech al The Extra session vas, however, in
COED temper. Although financial doctrines, dit, zen,
from those u 1854 were ayuwed. other emotion wus
excied than regret aud eye here and there awakened
10 sharper vigilance upon his public conduct 1t MAJ
not be an!iss however, remark that is AT iS
time such 10 excite The hopes oi the enemies Of
the Republican party. The Wing Correspondents OF The
Boston Atlas, wiring from Washington, says, Il w
however H. desperate, 10 Hazard he guess, thai
lLves, with regiment larger smaller, VIII uiiImaie
IoIn The Wings.
But Mr.. Rtyes speech at the session Ct 1865, was
IN temper, style ard matter, altogether widely differ
ent tie declares that, lit Qhe Sub.lreaeury SYSTEM
commits, that did the millions of public treasure
10 the hazardous and denuraIizng possession of
ecutIve agentsIt svs that from the poe
oi the people, alter saut PERIOD IN gold and S yer
yit then d,sroses these coll. ciuns at rw
important commercial points. 10 serve basis Of o?e
ralions. which mus, inevitable terminate great 90
rtramcnt BGTkGnd 10 TAKE charge Of and manage this
machinery. Il lnSllluCs I'll EysculIYp Iii.