, 1874-12-31
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YTTTEY or CURRENCY.

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Kelley OH CURRENCY.
Mr.. ". D. KELLErs opiniolo on anything
Gro apt to be useful il tho sa,no wny that tic
signs of " Dangerous Oh thin leo aro. They
servo to keep people away. If the world
we're composed Of KELEEys, HEnpEnT SpEx-
GEMS 1aw, TINT every generally y-receivea opin-
ion Inns some truth in it, would scarcely hold
Its OPPOSITE would be moro nenrly right ".
.. Il. s last lucnbration is on tho subject Of
tho currency. Ho has plnn. We deem it
our duty 10 publish this plan, in orglor tint
Our readers n,ny know exactly what to avoid
when they think out their schemes for re-
sumption. Tho Rpos,lo Of pig-iron says:
II believe the road to resumption is
by increasing tho productive powers of
tile country, by pntting tile steam-engines,
which, with the machinery they should
move, are now rusting in illeness, into mo-
tion, by giving employment to hundreds Of
thousands of 1aborels who nro now pining
and suffering in enforced idlencss, aud thus
onabling them to stimulate nil branches Of
industry by again consuming tho general pro.
ducts Of tho country, MS they were wont 10
do when employed ut ren,unerativo wagcs."
All which, being interpreted, meansth that if
tho whole country is moro heavily taxed than
it is now for the benefit of the iron.,nnn1l-
facturcrs and other specinl classes whom
". D. X. represents in Congress, then specie
payments can bo resumed. There are two or
three little objections to this schomo.
In tho first place, the country won't
stand being taxed any moro in order
to enable q fow monopolists to in.
crease their wealth. In the second place,
no amount Of tariff con bring us tho por-
lnanent prosperity which Dfr. KELLEY con-
siders a sins qua non to resumption. Aud
again, If this prosperity moro than cqunlcd
his most sanguino hopes, it would not bring
resumption. During the five years before
tho panic, tho stato of things for which 1e
longs existed in this country. It was al cru
Of grcat and constantly increasing prosperity.
Yet, the month before the panic, tho green
baek was lower in value than it waA five years
before.
During five years Of manufacturing pros
perity the grocnbacks had not increased
particle in value. They had auctuatcd up
and down thousand times soyeral per cent,
but on the whole had gained nothing in
purchasing power. The theory thst il let
alone they would gradually appreciate to gold
TINT tho country woula grow up to resump~
tion-was thus disproven. Secretaries Bour~
WELL mud RICHARDSON, from 1850 till 1884,
preached the doctrine TINT, if slot Alone"
tho greonbacks would appreciate to gold
value. boutwell, now sees his error, aud
supports the Senate bill. But KELLEY still
sticks to the tlelusion, notwithstanding o1pe-
rienco has demonstrated tho fallacy Of his
theory.
The valno Of the greenbacls depends upon
tho worth Of the promise Of redemption
it bears on its face. II that promise is vio-
lated, tho paper benring it suffers in value
whether the country is prosperous or not.
If man refuses to pay draft drawn on him,
md there is no method Of making him pay,
tho draft is at discount, whether the draweo
is rich OF poor.
It will 10 noticed that KELLEY speaks Of
resumption as q thing to bo desired. 1Is hns
hitherto taken tho side of the mad inhntion-
lists who wish to hare gold demonetized for
over. It is gratifying to sec that ho has ut
last mastered the first letter in the alphabet
Of financial sense. Flo closed his published
views with the cheering statoment that le
would leave the Republican party as soon as
its Nationnl Convention resolved in favor Of
contracting the paper currency. The Repub-
Gcan Senate has already done this Now lot
the Convention of 1876 do its dutyi And
than-good-byo to KELLEY,