Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-12
FINANCIAL.
4 Letter from Hon. " ID. Kelly, An
fnsr OF ths Present BtH Ia CsA-
Eress, Explaining Bis Views
on the Question Of
Finance.

INDIANAPOLIS, Decem Der Il.-H0n.
W. % Keliy's letter Of December 5Lh,
% 7. B. Buchsnsn, Esq, secretary Of
lie national executive committee OF the
independent party, viii be published IN
tie Ind suaU0lis Sun to morrow. 10
that letter ". D. Kelly says: "for the
present owe 2 d1ty 10 the Republican
rar-v. and VIII perform IL so FAR as l can
c1usg. eutilusIv. If, however, toe de-
mauds Of the party shall intrench upon
the t0msin Of conscience or self respect,
] lL 1e found, al least in so far, in
opposition to il. A few days VIII en-
tighten me on this subject II the mes
eave af the President and the report Of
ahe secretary Of the treasury are 70 con-
tain such propositions S. we are told
they will with reference to the speedy
fasumptiOn Of specie payments, and the
Republican party accept them, l shall
n so far cooperate with those who op-
pose them, let sucR opposition lead me
into what ffiicii0u il may. 1 have
carefully considered your proposed basis
Of UniOu, and may ssy That
have long believed, and for some years
enforced be doctrine that it is the duty
% she government 10 issue the money
81 The country and pro rata the cireula-
riou Of the notes Of corporations, whether
State OF national, sud tbst the money
- issued should be q ieEsl-tender for all
ieb-s, public and private, including du-
tias on imports. In these views l agreed
with nv late distinguished colleague,
frhadeus Stevens, 80 early as 1862, but
having been instructed by the results Of
the issue OF GssigHGts. based upon prop
ertv 70 which the government had no
Hz.rH a Of
for the funding Of which no provision
was made, 1 have held that eoineident-
ally with the issue Of government paper
means should be provided for its fund-
ing On Understanding bonds, SO that
tSs government might be able to borrow
FROM its own people, and distribute the
tax collected from them among them
when paying tire interest on its funded
debt. Two classes Of bonds should be
ssuej by the government fJr the ab-
-0rpfiou Of any excess OF p9per money
that Ii ignt be issued -Oue, long bonds,
with affixed rate Of interest, payable,
principal and interest, ia paper, and,
therefore. not likely 10 be favored by
foreign investors; another, convertible
al the opliou Of the holder, at lower
rate Of Interest, say 3b5 per
,sut. With these two classes OF
Iosrs open 20 the people, there Deed be
40 apprehension as to the emission OF
au excessive volume Of currency by
converting the present bonded deot into
bonds bearing a lower rate Of interest
10 paper sud placing i, on the hands o.
our own people," He says that IN this
way We may turn the balance Of trade
DID our favor and retain the bullion pro
ducei from our own mines, and come
naturally b the use Of gold and silver
AS part Of QUc currency, without the
terrible sUh-ti8g that forced contraction
- s. means Of resumption is now i'm
p-SiDg on tEe men Of enterprise aud the
uelf 81 toll aud small economies in
every part Of our country for the benefit
0f TIE com pcrstiyely few who are 10
the enjoyment Of realized capital. The
eject OF this system would uuqQsstiOn-
ably be to reduce the rate OF interest
and ln so far remove the necessity FOR
certain percentage Of protection now
demanded by those who are engaged in
developing the resources Of the country
sud providing diversified employment
f1r is men, women and youth.