The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-11-11
QhsQntA.tIIilQe'tIr Ilj!l!
. EaiAA6Srt islna9 Il 81
THE FINANCIAL SITUATION,
Can Il Crash be Prevented
Can we get to specie Pay
ments Now? 80 q.
If Not, when and HowP
The Views Of Judge Kelley, Of
Philadelphia, Member OF

Isome days ago the washington cor.
respondent Of the Philadelphia Pres sent
the following document as special, dis
patch to that paper. We did not how
ever meet with Il at the time and are in
deb,ed to Dir. J. N. Vance, Esq, Of this
city, for the copy herewith submitted to
our readers INTEL. ~ N.5f' e
The Hon. William d. Kelley, Repre-
sentative in Congress from the Fourth
district Of Pennsylvania, has been here
several days in consultation with the
President, the Secretary Of the Treasury,
General Spinner, and other prominent
officials on the financial situation. Since
The beginning Of the panic Judge Kelley
has given special attention to this subject
and no is as familiar with it, in all It's
phases, as he Is with the other great ques.
ton Of revenue. He came here with Ger.
tain fixed views with regard 10 the re.
sumption Of specie payments, and the
remedy for the monetary troubles that
have overtaken the country. These arc
the result oil careful inquiry and mature
reflection. In addition to the Govern
ment officials, Judge Kelley has compar-
cd opinions with leading official men, and
while he absolutely refuses to detail his
interview with President Grant, he has no
hesitation in saying, as already stated In
these dispatches, that he "ands the Presi'
dents views much more accordant with
bis own than be had expected" Your
correspondent called upon Judge Kelley
today and requested him TO state his
viewsat length. Without interruption he
proceeded 10 say; .. .. r.
WIDE SPREAD DISASTER SURE TO FOLLOW
SPECIE PAYMENTS IF ATTEMPTED ARBI.
TRAnILY.
find that return to specie payments
ippears TO DO regarded as the paramount
object Of those meet here. For my own
part, ! am Indifferent TO 1t unless itshould
come about naturally, and by the presence
Of gold coin enough 10 serve as the basis
Of convertible currency establish the fact
that the balance Of trade isin.our favor.
When'specie payments sahallsbe, thus:in-
augufateil they may be nsintained, but
should such pss nelta pc n tenplsd nr |,
irarilyithey cannot DO coniipued. and, The
attempt will result In panic and wide
spread disaster, Whatever difference ol
detail there may b. IIhear buttWo gen
etal plans OF resumption suggested. One
Is the contraction Of the Ecurrencyy Aand
the other Is the imparti6gto our currency
Of aexibility or elasticity, involving o Ger.
tain or probable expansion 1.-THE national
currency sttimesa I'M my judgement NO
measure Of contraction, whether great OF
small, gradual or abrupt, would bring US
oSpeCie payments. On the contrary,
vigorous contraction would produce al.
most universal individual and corporate
bankruptcy, would check indignation and
cause an immense emigration Of recently
arrived skilled workers, and would, in all
probability, disable the Government fol
time from paying with regularity the
flOOOOO,000 Of gold interest ANNUALLY due
upon our bonds Wejseem 10 the super
tcial observer to be- nearer specie pays
ments than we were seven years sgo, bnl
such Is not the case, except that the ultl
mate day when specie payments will
come about Ii seven years nearer than II
was What mean 70 say d that we have
made no progress by the Applicant ZION u
appropriate means, and are now furthel
OF than VIC should have been had there
not been great mistakea In our legiSlatior
and the administration Of the Treasury
10 20 far aS our resources are more largely
developed, ind we are producing o largel
share Of the iron, cotton, woollen, silk anc
other goods we consume, we are In bet
ter condition than we then were. But II
% tar as our gold; bearing indebtedness
has been transferred from Americans 4
foreigners, and Il has been done very
largely, the resumption Of specie payment
has been postponed.l ssao i's!l s1Ls-r 'ss
now OUR BONDS HAVE BEEN DRIVE
.. uH btcABRoAp. dssld TGEt 4.
Let me Illustrate by showing you ,hoy
our currency has been contracted, and h
American holders Of our bonds have thu
been compelled 10 sell them TO Foreigners
When the war closed there were man
millions Of compound inteTest notes out
Standing, also u the seven .thirties, an
the three per cent certificates Of indebted
ness, which together amounted, thlnl
70 over two hundred millions ot dollar
There were four hundredT millions (
greenbacks and three hundred millions {
national bank notes, making altogethe
over nine hundred millions Of currency
You say the compound interest note
seyen-thirtieg, and three per cent? weE