, 1875-09-07

When KELLEY ani his crowd gathered t,
hold m int1atiou convention in Detroit, will
n very contracted audience, they adopted tn
following. among other resolutions
Ihss We arc neither reFnliaslonsts ner tnationsts
hnt tho friends Of aafo aunnd, anl reliable currency
that We propose to re1con the grrenback ci.cul.o,
| q! tho rnod Staten at the pleasure Of tho ho]ler
thefcof In honda Of tbs United States bearing lou
| rate nj Interest," convertible at thn pleasure or th
holder into Rreenbacks, thu, 5td<tnn9 ths ortouo
pro"*s At the Government ~heu 1t rss tssuett green
bucks to fund them when Iesscd Into
bontis.
That VIC aro In favor Of tho Issue Of UuItcd Blatc
certificates or bnus bearing interest mol TO exeeed
3f5rer cent ter annunl, to amount eq,,al to tht
whole Government debit said bonds or certificates 10
Ing chanGeabe and interchangeable with grfenb,ck,
at rar on demand.
Tho man who drew ,,p these two reso1u-
tions was either deceived himself or trying to
deceive other people. Tho aim of tho mis-.
lending words is to convince the ignorant TINT
Observation-Disclosures bond scheme, it carried
iuto effect, would fulfill tho original promise
of tho Government, made when the green.
hacks were first issued, to fund thom, at tho
option OF the holder, iuto M interest-b -bcarinQ
bond. There is MI Infinite difference between
this promise and tho plan proposed BIZ the
Detroit resolutions.
Tho Government engaged to redeem the
gEeenbacks in guild when it could and in
bonds ut my time. These bonds were to
yield per cent, gold interest. nnd wcro to DO
redeemablo in real money any Time aftcr fro
years aud before twenty ycars from tue date
OF their issue, at tho option Of tho Govern
snent. The revocation Of this promise was
ono of the great flnancial and moral blunders
of the War.
Tho helloyitcs propose to formally cancel
tho engagement to redeem the greenbacks in
gold at any t;1no. This il, in itself. an ol1.
important difference. They then propose to
redeem them III bonds, but these bonds aro
to bear less thnn two.tlirds tho interest orig
inally promised, and tho interest is to be
paid, not in money, but in irredec1nable
l'ronists to payf The bonds, moreover are
never to DO redeemed at all, unless giving
other irrcdcemablo paper certificates in OK.
Change for them is called redemption.
Here, then, is distinction with o difcr-
ence. We schedule tho points Of nnlikeness,
marking the original pian TO-. and the dis
.onest-that is, the KE11nT-plan (K.):
TO- The grcenback is finally to bo re-
1eemed in money,-that is, spccie:
(K.) The g.eenback Ii mover to be re-
leen'ed in money;
to- The greenback was to be funded in
,o1d interest;
(k.) Tho greonhack ia 10 be funded in scrip
(o.) Thu bonds ara to bear por cent inter-
st. payable in gold;
(K.) The scrip certificates aro to bear o. G5
Ter cent interest, payable not in money, but
n scrip, which is never to be redeemed in
money;
(O.) Tho bonds arc to be paid in real
aoney, within twcnty years at the farthest;
(K.) The certificates arc mover to be mid in
aoney.
Tic original promise is bnsod upon coin
no mock fulfllment rests upon credit, which
ests on hope, which rests on nothing. The
no il fair and honest, md should bo ro-en-
cted. Tho other is fraud, supported ut
'etroit by whiting or unwittine lio,