The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-10-16

THE VIRGINIA SENATOR AND CONFEDK.
RATE STATESMAN ON THE REPUBLICAN
FINANCIAL SYsrEM.-In reply to letter
from Mr.. Augustus Schell, Chairman of
the National Democratic Committee,
Mr.. Il. M. r. Hunter, OF Virginia, has
written long letter on the financial in
terests Of the country. He reviews the
course of the Administration and of the
Republican Congress on these points
with certain breadth of view acoepta-
bic to great many who do not wish to
see the present financial system of the
country continue in operation, and who
believe that this will best be achieved by
n change of rulers. The letter bears
date of October s, but was not published
before tue Pennsylvania election. He
challenges, in opening, the Republican
argument, that 1t would be pru dent 20
retain that party i'll power for tinanciai
reasons. In trenting his contradiction
of this argument, ho first takes up .ho
question of the payment Of the public
debt, ut our present rate. He says:
The very use of public credit is to Gu.
nble nation to raise what unexpected
emergencies may require by loan; anl,
when the sum is too large TO be met by
immediate taxation, to divide the pay
ment with posterity, who share in the
benefits. TO impose tue whole burden,
or any considerable portion OF the wholu
burden, upon the present generation,
seems never to have been thought of ex-
cept by our Radical legislators.
Following this up, he attacks the great
taxation necessary to meet this yearly
outlay, and quotes from Com mmissioner
Wells to sustain him. He denouncos
the high taxes op whiskey and tobacco
as part of this system. On the shipping
question he lays all the blnme Of our
national falling off in this respect to tho
tariff, giving, of course, the Confederate
cruisers share in the credit for this de-
crease originally. The tax upon wool he
declares fatal to American sheep as if
'the rot" appeared among them, und
argues outward that the present cum.
brous system keeps the American manu-
factures out Of tue markets of the world,
while preventing our ships from bring
ing return cargoes. He next treats of
the currency question. It forms one of
his objections to the tariff that it affords
q constant cause of apprehension to the
country. if this sum be- large and in the
hands of either an unskillful or corrupt
Secretary of the Treasury. What mis-
chief can be done by mistaken use of
this power in the hands of reckless and
unskillful Secretary can still be estimated
by those in New York who rem mber tho
celebrated black Friday, 80 memorable
in the annals of this Administration. A
reduction of this tariff, by safe degrees,
to the revenue standard, would diminish
this amount and the capacity of the
Secretary of the Treasury for mischief
to very great extent.
On the various modes of rolief from
this vital question, he says:
The Secretary of the Treasury has
we'll said that there arc two modes of
"relief," (meaning q return to specie
payments;) zone is to reduce the volume
of currency, as was recommended by mo
in my annual report, submitted to Con-
gress in December, 1869; the other
mode is to await the growth of tho coun-
try and the increasing demands of bust
ness. which in time will produce the
desired result" OF the two, the lust
seems to mo to be decidedly the best aud
the safest. Nor should we havo long to
wait for it. He states that the average
premium on gold in 1868 was 80. 81 per
cont; in 1869. 80. sc per cent; for the
yenr 1870, it was IA SO per cent, and for
the first eleven months of the yenr 49,: /
IL WbS q. per cout. ne properly aCCrl-
butes this decline in the premium on
gold to the increased demand for paper,
in the increased business of the country.
This increase of business in this country
is 80 rapid that the day cannot be dis
tant when the demand for paper will
raise it to par with specie. The quantity
of paper is fixed, but the demand for it
i'll variable and constantly increasing.
Suppose this were helped, us it might be-,
by freeing the South from the system OF
oppression under which it is suffering.
and by permitting it to develop it's re-
sources through the agency Of its best
and most efficient material. Suppose,
in other words, its annual export of cot
ton should be raised, rs might easily be
done, from little more than 5000, ,00O,-
900 to $500. 100000 or S35U, 600, 900;
suppose, too, the tariff should be SO
modified as to let uo other great produc,
ing interests of the country, how long
would it be before specie payments
would be resumed by the operations oi
trade itself? This is the true way to re.
store specie payments to the benefit oi
oil and without injury to any. Men who