The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-10

VIEWS OF THE HON. r. NJ. t. HUNTER, OF
vIReINA-LEoAL TENDER NOTES TO BE MADE
INSTRUMENTATION WITH GOVERNMENT
sToCK-CUsToM DUES TO BE PAID IN GREEN
BACKS.
RICHMOND, Va, Jan. O. 1876.
The financial problem continues to be- one of the
greatest public interest II will absorb the atten-
ton of the people, the politicians, the national egs
lators our leading statesmen and nnanciers until
solution arrived at whereby the business interests of
the entire country can best be subscrved Here
in the South, where the people are chiefly producers
ahd consumers, and where untold agricultural,
mineral ana other resources, and great internal
provements remain undeveloped the question OF the
finances possesses a vital interest There Is lack OF
capital in this section and which annually seems to
diminish, that great anxiety, parayzes enter
prise and retards every effort toward recuperation
and prosperity. On this account the action Of
Congress on the subject Of the finances will be
eagerly looked for upon il depends in great meas
ure the long expected revival OF business and the
cess of the country agricultural manufacturing
and commercial nation in all its integral parts. In
order therefore, lay before the readers Of the HER
AID the wisdom accumulated by years OF experience
as statesman and fnancier called recently the
Hon r. NJ. T. Hunter, x-United States Senator,
who for long period chairman Of the Finance
Committee Of the Senate, and requested his views
the much discussed question OF the national finances
Mr. Hunter. with considerable detail laid down his
views OF political economy IN relation to prices and
then made the following suggestions to specie
SUMPTION
We have actual circulation OF about $3.50 600 900
of federal currency, Of which about 1873 700 900
ssts OF legal tenders the rest grcenbacks and frac
tional currency. The whole sum, as shown by actual
wants Of the country for currency The legal tender
notes | would make interconvertible with govern
ment stock bearing a rate OF interest which would
make it equal to par in specie The greenbacks
would gradually call and cancel and supply their place
with legal tenders, that the amount of cur
rency-S750 600 OO0-should continue to be a1oat To
call in the greenbacks would provide that one-half
the custom dues should be payable either In legal ten
des greenbacks the greenbacks taken in 10 be con-
vered into United States stock now deposited 70 re-
deem II at their market value To the extent that
these greenbacks we're called In and cancelled would
allow the government 10 issue legal tenders intercon
verble as before described with United States stock
bearing sufficient interest IL par specie
receivable as heretofore on public dues and for one
half the custom duties. That this entire amount Is not
too great for currency in the United states has been
proven think by actual experience; and If occasion
Tor more should may safely leave IL TO
that future day TO decide for itself Let this be done
and the restoration TO prosperity will no longer be de-
layed for the want OF proper adjustment OF the cur
rency. Domestic debt and exchanges may readily be
arranged on this basis and more specie will be left for
our TO maintain credit In foreign trade. Do
nestle will be relieved Of its most sectional
aspects and parties will settle their disputes upon
other issues than differences about currency. Will not
this DO great gain the of union and harmony2
n the Northeast will insist upon payment In cash Tor
debts contracted upon credit standard and for less
values than claimed In return, she can only
accomplish her purpose the expense Of these great
Il may be we'll for that rich and great section
TO take these things 70 heart and remember that II Is
not only with the poor, despoed and despised South
she has now TO deal but with the great West, i'm
peria not only power, but IN aspiration also know
giving this advice to the disgust OF those who have
been reaplng long where they have not to
have almost 10 the point Of regarding that pro-
cess prescriptive right But she no longer !
enforce this right II be either by the ballot the
sword Let u not be supposed that have any other
purpose in all this than TO maintain justice aud pre-
peace. Governments which practise on the pre-
scrbed rule will always enjoy the last It's consequent
blessings. With how little cost will all this be accom-
pishedl The grecnback currency can be gradually |
called In, redeemed and cancelled, and nearly |
$500 600 900 OF notes be issued 70 supply the wants
which will scarcely be felt But II may be said that
the legal tenders in time Of peace and without some |
manifest necessity cannot be issued without violation
OF the constitution. Ifso the good which might be |
effected by such power through the currency would
justify, In my opinion, an amendment OF the consttu
This might be accomplished by giving Congress either
power 70 issue unlimited amount OF legal tender
notes or power IN proportion TO The population Of tho
country the before the But should
this be deemed inadmissible the greenbacks might be
cancelled, and equivalent amount Of United States
bonus deposited 10 them could be redeemed
and equal amount Of notes reissued the said notes
TO be ntcrconvertbe with United States stock al rate
Of interest payable IN specie, which would make that
worth par In specie The whole currency Of the
country would then be at par with specie, and its
amount would be regulated not by human hopes and
fears or mere arbitrary discretion, but BY the actual
wants or trade or course the currency would be
valuable " consisting wholly Of legal tenders but this
is not Indispensable lfequvalent intrinsic value TO
specie such would be hs current value, and IL would
meet the wants offha eonntrE