The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-16
Hon. w. d. Kelley Discusses the Fanan-
Ea- cfnl Question.
1western Associated Press telesram.l

1Western Associated PreSS tete1ram,l
INDIANAPOLIS, August l1.-Hon. w. D.
Kelley addressed a large audience at Elk
change Hall, ia this city, tonight, on the
onestion Of tioarce aud currency, in response
20 an invitation from large number OF citl-
zers, irrespective Ct plrly. He began By re.
erring to the prevailing distress and com.
mcrcial arrangement in England, for which
the rabid little fellow, Bonamy Price, could
give no satisfactory reason when INTERCEPTED
therefor by an indianapolis editor. liz
charged Mr. Price with do!gipg the question
by asserting in vague terms that it was pro.
duced by reckless trading, eXtravagant and
reproductive investments, and charges the
whole responsibility upon the irfi ted-bank
credits OF hard money in England, where The
neople were compelled TO use credits based
upon bank discounts in lieu Of sufficient
volume Of the current money OF The realm.
lie analy zed the English system OF currency,
showing that its primary basis was upon
practically i!redeemablc Government obi!ga-
iious TO the amount Ct $4,000 900, and only
the amount OF notes in excess OF that sum
were required 10 be redeemed in coin.
Judge Kelley charged that even with such
limited specie ta>is Engllnd was compelled
10 periodically suspend payments, aud SUI
tered continual perturballonS from varying
rates OF discount when not in actual suSpen-
Sou, which produced eYer-recurring crisis
and commercial ruin. Our Government, IN
denying the people sufficient volume OF
lcgal.tender money, was forcing THIS nation
into a practice Of q still more abomlnabie
>yslem, whereby all industrious enterprises
were laid under tribute TO issues Of interior
bank credits, and suhjectipg them to the
continual drain Of usuriOus interest, with
inevitable bankruptcy in the end.
He deromiDated Governor Hayes as the
bullion candidate for Governor in Ohio, and
endorsed his recent description Of the effects
Of alternate mutations and coDtractlops, but
vehemeutly charged the responsibility upon
those who would curtail the legal-tender
currency and substitute bank notes and bank
credits upon the agnts tatuuS OF specie
basis.
He then reviewed at great length the ex-
perience of this country with specie-basis
bonds, exhibiting ten-pound volume Of
Thompson's Bank.Note Reporter, from
which be quoted copou:ly to exhibit The
beauties OF the S! stem.
He passed in review the financial history
Of The country from 1908 10 1873 to prove
the utter iuadcquateness of specie.bass
system. He depicted in glowing Terms the
suf1rrinos OF the English people under all iu-
| sane policy Of specie resumption in 1922 as
warning 10 the people o! this country.
What might We expect If tie act of last Janu.
airy was carried out? He demanded the re.
peal of that act, which be denounced as an
act Of less eiDed and more absolute cruelty
than the English measure of historic infamy.
| In this be stated his clear antogonsm to the
views of Indilna's distinguished senator,
Governor Morton. He extolled the green.
back as the bsst form OF credit God or any
human government had ever yet devised or
made possible, and such credit the proper
foundation for & currency. ..... ..-
Referring TO the tramps so yiciously de-
nounced by the public press, he pronounced
Them to be largely composed OF industrious
and we'll meaning mechanics, robbed OF their
employment by vicious legislation, forced
from shame TO beg bread among strangers
lie closed with an eloquent eulosy OF the
greenback and interconyerlible-bond system
of currency. s..,
Judge Kelley was loudly applauded ia
many passages Of his speech, and made q
profound impression. lie goes from here to
Chicago, TO eIectrify the irfiationists of tht
Northwest.