The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-14
Mr.. Hunters Proposition.

On Tuesday morning we called attention
to proposition introduced into the Senate
by the Senator from Washington to estab-
Iish bank "based atpo7a the credit of the
iState.'' This proposition Mr.. HUNTER
claimed rs his own. We criticised it as a
measure offered at time when the credit
Of the State was impaired, and a currency
based upon it could not maintain itself in
the field along with the best currency we
ever before had. We said that such a cur
reney must fail. and that Mr.. HUNTER might
Justly say that his scheme rested upoa the
public credit, and that If that was bad it
was not the fault OF the scheme but the
fault OF the bad credit OF the State.
Mr.. HUNTER, in a long article in yester-
days Wing, defends his scheme, and the
gist OF the defence is that he proposes an
issue OF s. Treasury notes receivable, in pub
lie dues fnndable in a bond Of the State
90 at such rate Of interest rs would raise
that bond to par with SPECIE" Exactly!
And, pray, whereas the difference between
these provisions and those OF the funding
act in the features here named? The State
bound herself to receive the coupons Of the
funded bonds in payment for ta1es. And
what do we see? Those coupons have
fallen to thirty per cent. below par. II the
pledge OF Virginia to receive those coupons
cannot keep them at par with specie, how
can it be possible that Mr.. HUNTERS Trea-
sury notes, resting upon the p]ighted faith
and honor Of Virginia, can stand in better
credit?
The fact is conclusive, and admits OF no
debate. The proposition is the funding act
over again, and what earthly guarantee
would there be in the character of the
Gland Bank" that would commend its
notes to higher consideration than is given
to the coupons now receivable for taxes?
Mr.. HUNTER makes alusion to an interest
that would keep State bonds at par with
specie. Suppose that interest not paid, as
in the present case OF Virginia, would the
nominal unpaid interest keep the bonds at
par with specie? 1t would sink them to the
bottom of the well.
Again, can State credit be kept up while
q majority Of the Legislature declare that
one Legislature cannot bind another? Last
SUMucx SJuls 11OStch PtthtS0 5o1iC SoS0y
which squinted towards this opinion. What
chance would currency based on State
credit stand in q community where the doc
trine that the State Legislature cannot make
q contract which its successors are bound to
respect was, popular? Before Mr.. HUNTER
or anybody else could begin to exploit a
Land Bank, with a currency g based on
public credit, y. there must be a great reform.
No State can have good credit with such
mad leaders in politics as those in Virginia,
whose efforts constantly tend to impair the
public credit.
Mr.HUNTER assumes that currency based
on the State credit would be good and SER
yieeable. We point to the coupons--we
point to the bonds OF the State. The an
swer is complete, aud we contend that to
present such measure as one OF public.re-
lief, while the State credit is degraded
through the commercial world, is mock
ery-a mockery OF the public creditor-a
mockery OF the people who have been in
duced to hope for relief. They ask Tor
bread and they, are rendered a stone.
There is really no grounds for debate.
Whatever Mr.. HUsTER's scheme may be
under other conditions than now exist, es-
pecially the impaired condition OF public
credit, its discussion is not OF practical
use now. AT this time, IL it were put into,
operation, il would prove to be as dead as
the. deadest OF things. (.
Before MIR. HUNTER or the Senator from
Washington can with the slightest pro-
priety speak Of putting forth paper cur
rency based upon Virginia credit, that
credit must be elevated above reproach and
above suspicion. That cannot be while
legislators are taxing their ingenuity to
avoid compliance With the most solemn
pledges OF the Commonwealth.
Mr.. HUNTER surprises us somewhat by q
trace OF sarcasm ut one or two points, and
very uniusti fable sarcasm IT is. He speaks |
ironically of our fairness = towards the
g farming community e This h very wrong
In DIR. HUsysR, because there Is no fonnda-
tioa for III. It IS bad 10 purchase Dit Of |
sarcasra sGi th injustice. No MN liz Virginia I
has been more sarnestly devoted TO the great
Interest Heb ts at the 4Dnnd aticn 81 aI. /