The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-03-10

cost of war, the loss OF properly
forms, Including labor and the state osuhs'
etc. The intermediate process OF ie''e.n
Ting the abor thus liberated be describes
as ruinous. Although in the END II may 'u'u
out we'll, the process OF revolution mas '.sn
DISASTROUS. It was accompanied BY the u.s.
crt,i,iny of the average Individual 20 an
oxte,t never before known In the SCUM.
The State governments we're not uirecteo
end rcpu,sted bv the interests of the people,
bu, were disabled by being pat under the
p,e Of the carpetbagger " aud "ignorans
nepro.s and could not help the people by
regulating the currency. Bad Federal lesTs-
lation made things verso, and the results "
| labor were impaired by the difficulty 81 &c
cess 10 wealth. s
As swelling the amount Of natieha en-
barrassment, Mir. HuNTnR sketches the his
tory of the absorption Of millions u rail-
|rroads. corrupt subsidies, sc. Millions we're
4 withdrawn from the national industry ana
i n|aced where they could not pay sssterest on
iI5he investment, far less TeproduceEhe capltal
!, expended.
Il Mr.. HUsTEx urges the redtbsegration OF
I the institutions of credit Qheit reformation
on sound prnciples). He ssys that ne has
nothing to say of the question of more or
less money to becreated by legislation; but
he shows his disapprobation of the national
bank system, and plainly indicates his pre-
ference for the State:bank system. He thinks
the national banks have vast and valuable
franchises, and that they iElpart partial ano
g. UNEQUAL benefit. They have been established
In the HNorth and Northeast, where the
"stocks and capital Of the country are most
g." concentratcd.n circumference is plain tha'
Mr.. HUNTER thinks the productive industry
of the South Is thus seriously cut OIL from
the assistance Of the capital of the country
and that asystem of State banks would make
a more advantageous distribution of credit.
Mr.. BcszrBR, who is said to be the author
of the "intercoDvertible-b bond" scheme
he recommended it TO the late Confederate
=. Government-ea advocates it as one
:. that would prove valuable feature IN tne
:, financia, system of the country. be want:
', the United States Government to issue tn(
= necessary amount of bills convertible into
= national bonds, bearing such interest as VII
place them lat ipar with specie. He rises te
earnestness and warmth of expression IL
, praise .of this system. He contends that i
~ would be q powerful agent in regulating the
yolum ;of the currency and keeping 1t II
4 proper proportion to healthy demand.
!. These are the main features of Mr. HUNT
n Frs letter, which is elaborate and we'll rea
9 soned. He contends that nothing can be
e substitute for money-i. e., specie-and thai
the Government should deal chiefly in that
h but he enforces the necessity that exists in
o civilized commerce for the well.reguIateo
IS use OF credit in the form of paper currency
q The reader knows the opinion of this pa
!. Der on the subject of the State and national
Y banks, and that they are not in accordance
k with those of Mr.. HUNTER. We would de-
o pore the return to banks chartered by tine
4 States, to issue multifarious forms of bank
9 notes, unlimited in quantity as we'll as yarie'
d ty, to complicate trade as well as finance, and
q visit the country with immense losses and
. endless annoyances.
$ Mr.. HUNTERS views of the intercon.
d vertibility bonds are practical and wise. The
t nation would derive great advantage from
the establishment of that judicious and safe
n | svctpm.