The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-02-03
CONGRESSIONAL.
ncmarr,s Of ,Tr. Rives. of va,

the plan OF an ESchequer board, 10
Select Committee.
In u. s. SENATE, DECEMBER 30, l64l. I.
Mr.. RlVES said he had DO wish TO par.
icipate in the present discussion, which
seemed to him both irregular and prema'
iure, and certainly should not have done SO,
but for the absence Of his honorable friend
from New York, (Mr. Talmadgel who had
made the motion which has given rise TO
this unexpected discussion, aud Who bad
been compelled by lndisposltiou, to with.
draw from the Chamber. ia behalf OF
that friend, and IN some sort az representing
him, If he might presume to say 50, IRON
the intimate personal relations which had
so long subslsied between them, he ieit
hmself called on, by tue unexpected range
which The discussion had taken, 10 make
few observations. His honorable friend, 10
sdbmi,,tn. the motion TO refer tue report OF
the Secretary Of tho Treasury 70 4 select
committee, had expressly stated that he
deemed all remarks on iae merits oil the
particular plan proposed by the Secretary,
as at that time on, Of place, as The paper
was TO 20 iuto the hands Of committee,
by which IFS shape might DO materially
changed, aud .he scheme be thereby freed
from objections 10 Which it was now liable.
Add vet the honorable Senator from Penn
sylYauia, (Mr. Buchanan) has thought II
worth his while, 10 the very inception Of
this process of inquiry aad deIiberalion, to
pronounce an elaborate argument against
! the plan proposed TO be referred, IN the
/ very shape IN which II now stands, even 10
/ It's minutesl details aud 10 this, he has been
followed and sustained by tho Senator from
South Carolina, Mr.. Cahoun.) AdmHlng,
as always do, sud MIR, pives, tho display
Of ingenuity and ability which both Of these
distinguished Senators have made on this
occasion, yet canuoi but think that ihey
might have spared themselves good dea!
Of trouble, aud not little graiulIoos dcnun'
citation, # they had been content 10 await
the action Of The committee, and see IN
what shape the measure vii then DO pre-
scented for their confederation. Sure am,
tina, nothing viii ever be presented 10 them
s,th the concurrence Of my honorable
friend from New York which shall be Just
liz obnoxious to the deruncialloD OF belog q
erca. Government Bank. IL docs seem tc
mo. thea, with all delerence 10 tho hnuora
bic Senator's, that i would have been better
10 every respect, both as i; regards econo
ms of time. and yet more, that temper 0
snbric:v and Cancellation which is so neces'
sary to the SUCCESS Of legislation undor ex'
lstar circumstances, il. they could have
reserved their remarks unilla detiui,lye aod
practical question: shall 90 presented to then
by the report Of tho committee, TO which
the plan oil the Secretary is now proposed
to be referred.
Mr.. Rives said that, although the Sena
tor from South Carolina Mr.. Calhoun) ha'
, very warmly expressed his concurrence II
the objections taken by the Senator iron
Pennsylvania, (Mr. Buchanan) 10 the plan o
the Secretary OF the Treasury, he could no
be bot struck with remarkable lncongrul
~ between the views severaIly expresses
: Iy those two Senators. The Senator iron
;, Pennsylyanla, in denouncing the scheme a
rrea, Government Bank, seemed TO jus
,ify the lmpuiauon Of that character 10
mainly on the ground that the propose
/; Board OF Excbequer was, under certaI
limitations. 10 be allowed 10 issue CONVEX
ibIe paper currency, to liked amoun
But this power Of issue the Senator troI
IN South Carolina has Just told US IS thin
entirely distinct from the proper junction
banking, and congra,uates himself ana III
/, country thst this principle. trst LAID do"
by him, as he seems 10 intimate, 10 tho on
cuss,ons OF 1897, IS now acknowledged b
II, the Report Of the Secretary of the Urea
nd ury. The principle is no novelty, Sill
II nor was il IN 1897 for il had certainly bee
II. announced and ably developed by one
az the mos, celebrated writer's on Polite
IN, cconomy in England, (iir. Ricardo,)
81 long ago as 1924. 10 his plan of Nation
" Bank. /, has ever since been truc'lit'F
.ly in the public mind Of ina, country, and b
IN produced new and imporian, views OF u
In subject Of currency among her ahiesi The
:, !" retlcal and practical writer's such as y
of Samuel Jones I4oyd, Mr.. Torrens, and NJ
nd. CLAW, a member of the British Pdrllamel
a, who has devoted himself with pnr'lcul
OF zeal and success TO this branch OF hnanc
wi science. During the pasi year commit
Ia. was raised by the House Of Commons, C
md s,stinr of the then Chancellor ct the
lis cheouer, Mr.. Francis Barring, OF the p
M sen, Prime Minister, SIR Robert Peel.
en-. SIR. Hume, of Mr.. Goulbourn, OF Mr.. III
nrt, RES, Mr.. Clay, Mr. Eli,cc, and divers o't
lily leading members of Parliament, charged
' ,ne inquire into the effects produced on
-" circulation Of tie country by The varl'
ans banking establishments issuing notes pay
e- Bile on demand. Ii 10 remarkable II
re. that, out of the nine witnesses exam'r
1sn before that committee, (all OF them dist
ain guished bankers and practical nnanc'ei
ion, seven expressed the strongest conviction
nan the necessity and exPedleucy OF eitectua
pp'- separating in practice, as lhoy were dis'i
crv in theory, the faculty of issue from the
rye siness Of discount, or banking proper