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Sign up freeThe Wheeling Daily Intelligencer
Wheeling, Ohio County, West Virginia
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Virginia State Treasurer R. M. T. Hunter published financial views in the New York Herald, advocating revival of industries via State banks and U.S. notes convertible to interest-bearing bonds. The Washington Chronicle warns this signals Democratic return to unstable currency if they gain power.
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Mr. Hunter has recently published in the New York Herald his views on financial affairs, including suggestions as to the manner in which they may be improved. He thinks the first step should be a revival of the industries of the country, which he would bring about by the creation of credits in the form of paper money within the reach of the people, through the restoration of the old State banks.
Another, and his chief remedy proposed is the issue of United States notes as a circulating medium, convertible at the option of the holder into an interest bearing bond, and the re-conversion of said bonds into notes as required by the business of the country.
Commenting on Mr. Hunter's financial suggestions, the Washington Chronicle says: If Mr. Hunter is speaking for the Democracy as their financial leader we know what to expect of that party should it unfortunately obtain the absolute control of both branches of Congress and the executive departments of the Government. In that event we may count on the substitution of State securities in the place of United States banks on the basis of United States bonds, and a return to the "wild cat" and "red dog" currency which carried the country to financial ruin during Mr. Buchanan's administration, supplemented by such expansions and contractions as the holders of United States bonds may find it to be their interest to inaugurate.
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Virginia
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R. M. T. Hunter, Virginia's State Treasurer and former Senate Finance committee chairman, published views in the New York Herald suggesting revival of industries through restored State banks and issuance of convertible U.S. notes. The Washington Chronicle comments that this indicates Democratic plans for unstable currency if they gain control.