New-York tribune., 1875-07-12
JUDGE KELLEYS VIEWS ON IN
FLATION.


EFFECTS OF GOLD DOLLAR WORSHIP.
AN AnD,rss TO IRON MANUFACTURERs-THE Ills
ou SPECIE DECADE AND THE PROSPERITY OF
A cpHryBACK DECADE CoMPARED-THE COUNTRY
To RE RESTORED TO WEALTH THROUGH PAPER
CURRENCY.
lBY TELEGRAPH TO TIE TRBUSE1
CLEVELAND, Ohio, July 11.-Judgc William
d. Kelley of Pennsvvana del7ercd long speech Oh 'he
finances at Youngstown. Ohio Saturday night lie came
upon the invitation OF neither political party Dat 70 aa
dress cotere manufacurers who are IN ostress'
and looking fer way out Of their troubles The leaders
o tb;s it'll. SET which includes men OF both pohtica
nartes are stockholders Of tie Valley Rolling MIL,
large rail mill built some years ago, WINCH
colapsed durug the dull winter OF 1878 These iron
mon re inclined to favor inaton because they want as
thew saw another whrl enable them to sci! Their mll
and escape Of the wet before annthcr inanc crash m
t see6 he no but himself lie spoke
an hour llf before large audience a' 'ne opef"
He said that he was not there in the interest OF any
organ or party That the question OF nance ws NOT 0ne @
deta the audience with the theories OF Hume Reiuo
and other writers They could get tne O Od ne
perence and the facts Of current history our history
and the history Of the world esT asa ea attention Sr
three eposs extending over the the mat sory sy
Seenbacks Of ee trade and hard money hs The
low rates Of revenue then established had been further
reduced BY the Tariff OF 1857. During this period the
and te people dcaGod Themselves the idea that
nsT & ssd S free % fead Tade ani ana %
Was it poduce ola happy result for the peoplei was
time psc tho "iG %ndsr asTfh%e he mnis
tration of e Democratic party we incurred uep. & OF
when secretary Cobb into the markets Of the world
10 borrow % 100000 on what we now call greehpacks
v1 TreSsiy npe, at one per cent per month he could
lin huf
period .or at and how wasi for the people
The use per capita is sad to I've the bst test OF
the civil laton % people, and is one that the people OF
the Mahonius valley Will acec ana what 90 statsues
i,op tr ~ IN vas fG GA os In 1855 IT 554l7s
tons; in 1901, 7ol,5C3 tons in 1862 7s7 G62 tons
Ia,c ne r. 80 i~ns in the United States. Wages de
crease ana en?i9yrnt became 3re scarce 1 e. ana sn ~
WIS expo1ed Ivy the failure OF tho Oiio Trust Company
ara snnTan@ san Gowed week sy the Not 5t't oniy ~
were wages and employment scarce but " became
impossible oaia workn \ E; ants tn ed idr%s tr0 anS nd
workshops VI the country wsre Under mortgage ana tnc
people idle except the che; anl the printer of Ills ad
JUDGE Kelley tbeu called attention to the next decade
ost us srie %pn sia" many Of viii arc rich de
veopment. In the most doierihed ciSi war o,
to obtain bullion was s and a the the GSy Goy
Hnawn as rrecnbacks The issue OF S5OCoooOo was
INTO bon rs az r c p,ccy DU Vl w"I
be- be- the the " same as the irredeemabIe money Of
France lsa.0 has nsssr %ss the been reputation
Of our own paper money that made the eoia premium ~ -
o,her%ise would have done. When greenbaeks were
the farms OF The country Were nearly rnbed az Of % tnS
BONES by forced idoness and low rates of o,
wages. With the coming OF greehpaess nas nt am
for evoryhoiy that would work. our own country
could not nh workshops and an unaraeled tide OF
noynicnt for all at steadily increased wages.
U, The development OF the iron trade was .o.d in
which was. in IoG2. Gs7,Gc3 tons N is72' s54'55s
ESrG and a." c Bss were ee s FROM
NOR; gage The revenue ef tie Government was amply
-uincicnt. and 1t was constant eoinp, ,d t i"n nI
OF gold lying idle in the vaults; The Judge then pro
sumption by contraction. He asked the worknsnen u
they were all emio!ed !,od Tney aHs%esed waSes "Yesp
From OnethiId TO onehaf, and many of you are ldr'
and this is condition of the working classes eener-
waste but the interest mortgages still on Fogts,
furnaces rolng-nills. mnes and other property are
Inc Judge thea considered Tie cause Of the depression
and found the rapid contraction OF the currency
At close of the the Government could no longer
wo s 30 millions ot the army to cy employ would soon
have rennated each branch Of business, and the true
policy OF the Government was to sustain existhg
values keep the volume Of the currency ualtered ana
pay interest the national debt III tne same money
Il look the taxpayer But under crazy delusion 4
adopted the reverse OF this policy and srove to pay all
paper obligations gold, and TO redeem gold back by an
ssne OF new bonds The resut is that the banks OF the
country hold more grecnbacks and more deposits than
ever before mills furnaces and factories are idle
and that more hard laboring men living In want
than ever before in tho United States Facts point TO
these deposits ana people that money IL plenty and
and intimate that capable OF the most atroclos
crimes that characterized the French revolution some
may ask why contraction has affected England Ger
many Austria and that their condition If as Dau
as ours True and from the same cause the worship OF
the gold dollar Those countries have contracted tLeu
currency by demoralizing silver
Judge Kelley then spoke In regard to assignats and
Continental and Confederate money, and showed that
base while gIcenbacks were based on the credit
government In the world ana are
held by most enterprising and Intelligent people on
the globe, who are, in fact the Government and the
Government will that II not reIudiated IL is said
the country fixed for resumption. The law must be
repealed he said and he then his theory ut length
of issuing greenbas and having them converted ut our
option to 1865 bonds which would bring gold into
the Treasury, with which the Secretary could buy bonds
It would bring about resumption Of specie payments
He told the bullioniss what he might expect II times
continued a. they Labor would take capital by the
throat and the scenes OF the French Revolution be re-
enacted.
His speech was listened to attentively and was re-
peatedly appauded Many workingmen were In the
audience lie talked TO the at the Valley Mill in the
afternoon