Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1868-01-30
From the Evening Telegraph !

The Industrial Interests OF inc COuhtrys
Judge Kelley, in the House, on tho 18th,
delivered singularly able speech on the re-
quirements of The industrial interests Of the
country He commenced by a considera-
ton of the good which the war has done,
gradually came down to the present needs
Of the working classes, and the soundest
policy of the Government in the adop-
ton OF financial policy. He quoted Il
few facts which go to show that the great
masses of the people are growing poorer
under the present financial policy. He took
the annual exhibits of Savings Company,
and made comparison with the amounts
drawn out this year and last. The figures
show:-
Dae. Ehder number 9f Amount.
800, payments.
eceSSs DecemSsr, isa;,. 1896 sii ii1s ios4soas
Decem er. ls0I........112s 1896 l44205 70
Upon this exhibit the Judge well re-
marks:--
"To gentlemen used 10 large business
transactions, the movement OF the small
sums enumerated in this exhibit may not
seem important, but they tell a story of
bankruptcy as grevous to the victim whose
hours Of toll were solaced by the reflection
that he was, by his small deposits, garnering
a trifling capital for his children or shelter
| for his age, as is enc which is telegraphed
| to the press of every section of the country
by reason of the large amount involved"
All of this quiet undermining of the saw
ings of hard-tisted people of toll is imputed
by the Judge to the false and 'sdishonesi'
policy of the Secretary of the Treasury,
who seeks to contract the currency, while
| business needs demand a cessation of such
course. The word .'dishonest" may be
too strong, but when we substitute ''im-
practicable or ''stupid" we put it mildly.
There is, in all of Judge Kelley's speech
es, one quality which we heartily commend
and wish that the utterances of all our pub
| lie men would possess the same. He always
fortifies his main proposition with some un-
deniab!e fact. Sometimes it is letter re-
| ceived, which gives new views; sometimes
| extracts from official reports; and in the
present case his selection of the drafts paid
by representative s'Savings' Fund" is the
most powerful argument possible, of the
real condition of the masses. Want OF
space prevents us from reviewing the views
of the speaker at length. They have already
been expressed. He is opposed to contrac-
ton, and in favor of all attempts at specie
payment. He says:--
tBut, Mr.. Chairman, gentlemen ask, dc
you not wish to return to specie payments
/ answer, yes; but not by the way of bank
ruptcy and repHdiation and that way lead'
contraction in the midst of an increase sucl
as never existed before in the numbers o
men and fields for activity. Return IL
specie payments Are We doing it No
sir. The difference between the greenback
and gold dollar widens with each month
And while greenback dollar will buy less
gold, it will purchase much more of any
any other commodity than it would yea
|, ago. The rate of interest demanded fol
! loans in the West and South indicate tina
, it has suspended enterprise, and must ex
haust the resources of any man who at
tempts to pay it; and while the laborinl
people are idle, the capital which shoult
Furnish them employment may be borrowe,
|. from the banks of Boston or New York, il
whose vaults the bulk of our currency ha
accumulated, by those who have gold o
United States bonds to offer as security, n
four per cent. per annum. Contraction ha
destroyed confidence"
The speech is one of the ablest and mos
exhaustive that the Judge has delivered, an,
is an effort on which he may look witt
, commendablc pride.