The answer to your question is: "What used to seem to" = "What once seemed to" = "What once appeared to".
The length and complexity of this sentence's many clauses require too much patience from listeners. Whether or not it is grammatical hardly matters because people will not put in the necessary effort to understand it.
To simplify analysis of this sentence, let us make these substitutions:
X = "the right of society to retribution is this world with prospect of life in another"
Y= "to the great majority of civilized humanity" (a parenthetical thought that plays no essential role)
Z= "the assurance of another life beyond the grave"
W= "A feeling for THE value of human life has become deeper and more widespread."
Since Y is a parentetical thought, it ought to be isolated by commas or omitted completely
W is a complete sentence. As such, it needs to be connected to the previous sentence by a conjunction like "because", "hence", etc. Lacking such a conjunction it MUST be a new sentence. You are not allowed to separate two complete sentences with merely a comma.
Now, making minor grammatical corrections, the sentence becomes:
The only arguable plea for capital punishment is X, but since what used to seem [,Y,] (to be) Z, (the validity of that plea) has become less certain. [New Sentence] W.