What are the rules concerning covering up spliced electrics? I'm remodeling a bathroom in a 100 year older house. We...

I'm remodeling a bathroom in a 100 year older house. We decided to help yourself to off the elderly plaster and lathe and reinsulate. We accidentally uncovered the original elderly fuse box. It was full of spliced wires that have been connected next to those plastic screw-on connectors. Our guess was that the house be converted to circuit breakers (moved to the basement below) and of late covered with plaster due to asthetics support in the 60's. My electrician say now that he know it's there, he have to make it accessible beside a cover of some kind and that it could be a fire see to just drywall over it. I guess I can make out that but are there any other option? It's right in the middle of the wall.
Answers:    In MN,a fork box has to be accessible through a cover, not buried within the wall. If an electrician has to disturb or happen upon it, code makes him bring it up to todays standards. Don't ask him to violate any codes, he could lose his fitness to work in that state. Codes are for your own protection. Could you dangle a picture in front of it or possibly a piece of furniture?
you have to hold it acessable.your electrition is right it most defanat a fire hazzard.