Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-01-20
REMARKS OF MIR RIvEs

-"N EHHaN HIH N.HE viz HLA NENNNNAN ENNlaL NmNA
have dpLc % iut tor Ihs absence olhis honorable
friend ia New Yok. Mr. Tillrn ld.c. who had
male, uctro1 which had given rae % IA 5 nucx.
g lied c-~l, and who had been camp.lcd.
ny % I-p1sio1n, 90 Withdraw ir,m the Chambcr
On beh-f 90 a.. friend. and in some sort Is repre-
renting hrs. lite Alright Presume To say 81. frum
ne e persJrll relations which have 50 long
sln~"~ between them. he felt himself called on by
uS -ncNpected range wtiich the DISCUSSION had Ia.
Ven. 10 make a few observations Ills honorable
friend. in submitting The motion in refer the report
OF the Secretary Of the Trra-ury 10 q select cltn nit.
Tee had expressly stated that lac deemed All remark
on the merits of the particular plan W ,pscd by
uhe secretary ~. nj that tim, out OF place. rs the
paper was % go 'intO the hands of a committee. by
which rs shape might be materially ch1ng,I. AMI
The scheme be thereby freed from objections TO
winch nvds now liable. AID yet the honorable
Senator from Pennsylvania. Mr. Buchanan. has con.
fuideted u worth his while. at the very incep,iun
ofths proves OF inquiry ana deiJea,ion. TO pro-
monaco an elaborate argument az inst ia. plan
p~rnposed Ia I've referred, even 10 ITS mihutest De-
tai .; ard IN this. he has bcel followed aud susinin.
81 10y the Senator from south Carolina. Mr. Calhoun
AdmirIng. as ! ALWAYS d., said Mr.. ". the display
at ingenuity and ability which Z ia ufthese d,siin.
guished Senators have made on this Occasion.
YET cannot but think that they might have spared
themselves a good deal Of trouble, and not a lille
gaiuii"us denuncI,iIcu. e they had been content
0" await tue action uf The committee, md see in
v hat shape the measure will then DO presented for
the" conEidcruiIUn- Sure I anu that nothing will
ever De presented To them. withihe cOunicrnnce OF
my hoaoruble freud from New York. wh.ch shull
be Jlsdy obnoxious To the dcnuaciiu1n Of being a
great Government Bank. II ,lOes s.em % me. then
niui ali Difference 10 The honorable Senators. thai
~ would have been better IA every respect. bath as
regards economy OF Time. and, yet more, that TEN.
pefOt saereiy aud cancellation witch u So uccos.
'ary 10 The success Of legislation under existing
U - WHFNmngF@nn.a 90 -. -
Their remarks until a definite and practical ques-
unn shall be presented TO tiscm by the report Of the
committee IL which the plan of The Secretary i,
nov proposed 10 be referred.
Mr. RNes said that. although The Scnsfor from
SouIh Cardinal Mr. Calhoun. had very warmly er.
pressed his concurrence IN The objections taken by
the Senator from Pennsylvania. MIR Buchnnln. 10
the plan Of the Secretary olIhe Treasury. he could
not hut be struck with the remarkable inco-miiy
hetwecn The views severally expressed by those
Two Senators. The Senator from Pennsylvania. IN
drnoWucIas The scheme "a a great g:ysnmenI
Bank. seemed Ia justify the impulition cG that cha.
rhcior 10 % mainly on the ground that the proposed
Board at EEchequer rs, under certain limitations
10 be allowed 10 pass convertible paper currency To
n liked amount. But TAI. power OF issue the Scna-
tor from SJLth Carolina has just told Us u q thing
entirely distinct from The proper functions of bank-
ING. and congraiulaies hm eli and the conniry that
iiis principle. Ert luiI down ~ him. rs he seems To
'At.IlaIfs ~ lHe Ntl usesuUE ul 1871. IS now atkUDM
lodged In the Report oG1hC Sccrrgary Of the treas
suy. Tho rfEciple is 10 novelty. SIR nor was il
ln 1887, Tor u had cert iiuly hcen announced and
ably developed ny cue OF The must celebrated writ
els On poiItlhal cnon0my IA England, Mr. RccrlO.
as long cg' a,lS2I, m hs pan ola ha'i nal htuk
10 has ever si.ce b en iru,t.G;ng ia the public
min6 Of that country. aud haa Produced new and i'm
p'rtani views % lie subject Of currency among
GeT nhlesi theoretical nud pracIIral wncrs, such
as Mr. Samuel Jones Lloyd Mr. Torrens and MIR Clay
a member OF the British Parliament, who has de.
N"'cd himself with particular zeal aud success To-
his branch Of Financial science. During the past
Scnra committed was raised by the House Of Com.
mons, consisting II The thea Chancellor of lhr TX.
F.. Chequcr, Mr. Francis Bring, at the present prims
minister. SIR Rpben Peel. of Mr. Hume. OF Mr.
G,ulh0un, Of Mr. Herries. Mr. Clay. Mr. Ellie, aud
dives other. leading members Of Parliament. char
/ gcd IT, goiu;o the effect produced ON The circulation
Of the country 10y The various banking establish.
m'nis issuirg motto payable on demand Lis n re.
markah.e ilct that. out 81 the niEe vi n .sses exam
med before That committee, all Of them dist.nguIs.
81 bankers and pfIciicIl funncieu, seven express
scd The strongest convictions ri the exped:cncy and
nooesSitV of eiiectually separating in practice. a.
They were distinct IA theory. tle faculty Of issue
from the discount business or banking proper
They reason thus; To ISSUE a paper currency is 10
create money, which Is the ughtiul province Of the
state or public authority. while lhe appropriate func.
1850 +ffNah - - NV W AhNAfN NNtH
created. IN carrying on The business OF spcieiy.-
These Two functions are alleged not only TO be s.
parai5 and distinct, hut often conflicting and in
compatible in Practice. The iutere.ts Of the banker
5 10 obtain The largest profit he can by extending
h.s circulation TO he ulm - limits consistent with
tho probable security of his lua1s; while Inc duty
of The issu"r : odea 10 combat and r,sisI tho sOli-
clIaIsns Of private gain, aud TO govern The amount
Of his issues siernly by The consideration Of The
pablo safety, and The preservation Of a sound and
stable currency. Functions, Ihus distinct in their
character and opposite IN their tendencies. II is in.
sisted, should not be united IA the same hands. but
sLpu'd be kept separate and apln; AMI the arrang.
ment proposed by almost all thJ witnesses who
we're examined before The committee, for cfecting
uIis separation, Is 10 provide Or the Issue uf con-
veuable paper currency, by public authority, not,
however, through Executive agents dependent on
tFe Crswn, bll by commissioners acting under the
control OF Fari lmrnt-
refer te these prOceeaiags. said Nr Rivcs. % H.
lnsIruie and enforce Tie pOsiuonioi the Senator from
SJn'h Carolina, that issue and banking are not OILS
scparable, but intrinsic lily distinct. and 10 show
The SanaiCT from Pennsylvania that the Limited 20.
wer of issuing q paper currency which ~ proposed
10 be exercised through the Board of Exchtque Tin
he plan Of the Secretary ofIhe Treasury does not
d necessity, make a hank. ! will notundcrnke 10
say that the idea which Is rapidly gaining ground
"a England. from The imperfeciiOus and abuses Of
he banking system rs at present organised, that II
Is e~zpediant 10 effect a complete separation be-
tween the power ofNsue and The business Of bank
ing. is. In all respects, Isuiied TO The condition and
circumstances Of this country. IL has been carried
DOT with signal success, but under the essential
guard Of n constant conveHhi.iiy Of the paper 10
sued into specie. IN Prussia. Inc aouniry which. of
others 20 Europe, enjoys, al this lime, the best con
sIItuied currency. How FAR q limited application
Of the same principle, modified according ~ ih,
I~Chnractcr of our Institutions. might be ,cntureJ
upon here - a question Which. "a must be admit
Ted. alter The disastrous experience We have roceu.
y had Of The dangers aud evils Of the present sys-
ten, is at least q fair subject for enlightened euoui.
ry aud consideration.
No person. said Mr. Rives. can have a create
horror than / haze of Government paper money
properly 50 called, resting on no basis but the geu
emi credit ofrhe Coveunent. representing no roa
so.no, md issued M lihiium. O. supply 'le place O
n bonn Gieinngr5lc revenue. Such o. paper money