The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-20
mr. hunters Letter.

r. 1rsrEn's letter on the SUBJECT OF tue
.,rro,cv will attract much attention. he %
: c,,se observer, and digests always plausl !.
n,v ot,en properly and wisely, theories re'A-
an, "a what he discusses. In his currency
49, no takes what he thinks the best points
~ tho MANS of both the great parties which
are formed with reference to the currency.
The grand point in Mr.. HUNTERS plan is
his recognition of the fact that specie pay
,nen,s canno. be maintained In panic oy
nsoks. The history OF banking proves
this 60 clearly that 1t is indisputabie.
Afr. HUNTER cites the Bank of England LOT
exampIe. That bank suspended in 1927, ana
aid not resume until 1928; and although
greatly strengthened aud improved under
Psx,,s bill, i, again suspended in lS47. The
distinguished political economist Mr.. BAGE-
nor some time since asserted that specie was
unreliable when brought to the test By panic
MFR. HUNTER seeks a plan to break the force
of the rush for specie at sucha time. And thi:
is a great point in finance. If the process Of
collecting gold for bank.notes could be SUD-
iec,ed to some regulations that wou'd ac'
compIish this object our banking system
wouId be very near perfection. COLLECTIONS
OF all other kinds involve delays men can
not pay always and time brings the aDiiit5
70 do 10. n hen ruin would follow without II.
The immediate collecting power where gold
i concerned has failed when the want OF
gold was greatest, and thus by natural con.
sequence gold claims have been compelled
TO share the fate Of others which, under the
l,sapes of a free and active commerce IN q
civilized country, cannot be promptly met
under pressure.
Dir. HuS7ER's plan calls in the Govern
mcat credit-:he best in the world-and en-
ploys tho interconvertibility scheme III an
iuportant manner. He is too wise a man
not to see the immense benefits to the coun-
try of the currency based upon the public
credit: how it facilitates commerce by us
equal and recognized value all over Tue
Union, and how it insures the CITIZEN
against loss from paper money! blessing
which no people could more heartily appre-
cate than the people of this Union, VINO
have suffered the loss of so many millions by
bank swlndlers. He is too sagacious
statesman not to desire to see this system
continued and made permanent.
Mr.. HUNTER speaks of restrictions upon
the amount of paper circulation. We do
not think restrictions necessary. The de-
mand for money will regulate the amount
very well. Bankers will know how much
they need, and will be sure never to hazard
their capital upon fictitious and specula-
tive market. They can get no notes with
out depositipg to secure their payment the
bes! security in the ,c0rld. This is the
safeguard. Our people, in fearing what
they call "inflation," forget this point.
They think of the old times when
every bank had its printing-press, and was
interested in throwing out as many paper
dollars as possible. Now banker has to !
put with the Government what is gold to
him before he can get the paper money. He
knows too we'll what it is worth to pay it |
out for questionable security in period OF
riotous speculation.
Mr.. HUNTERS idea of blending gold with |
paper by paying Government officers sala-
ries bali gold half paper is impractical.
Government cannot separate itself from the |
people. Service must be paid for all over
the country in The same manner. This plan
would DO no good, would be bother to |
disbursipg officers, and undesirable to all.
llr. HUNTERS scheme has many valuable |
points, aud We hope it will in Washington
allrac, the notice it merits. ...