The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-14
Mr.. Kelley Oh InfiaiIOn-Thc EVIL OF
Gold Dollar Worship.

SPEECH OF MR. KELLEY TO TIE IRON MANU-
FACTuRERs or YOUNGSTOWN, OHIO, SATUR-
DAY NIGHT.
1Spccial dispatch TO the New York Times.l
CLKvLLaHp, ONO. July 11.-Jud"e William
u. Kelley, Of Pennsylvania, delivered 4 long
speech ON the finances at Youngstown on
Saturday night. He came upon the inyith'
lion of neither political party, but to address
co,erie of iron manufacturers who are in
distress and looking tor way oui Of their
troubles. The leaders of this little set,
which includes men OF both political parties,
Observation-Disclosures Of the VALLEY Rolling MIL Il
laI &c rail mill built some yea, sago, and which
collapsed during the dull winter OF 1874
Tbcse lrOn.mcn are inclined To favor intll-
lion because they want, rs they say, another
Hhirl 10 enable them to sell their mill and
"t in out OF the wet before another financial
crash comes. Judge Kelley is Il hign-lar'tl
Republican,, but in this speech he represents
no one but himself. He spoke an hour and
half, IN substance Us follows:
TIE ARGUMENT, HISTORICAL AND STATISTICAL.
He said that he was not there III The inter
est Of any organ or purity; that the question
of finance was not one of n.tioral but Of
world. wide importance. He would not de-
tain hem with the theories Of Hume, Ricar-
do, and other writers. They could get them
from the organ Of the bullioni>tS. who adj
hrrcd to theory and ignored experience and
the fac's Of current history. Our history
aud the history OF the world either contra
dict or corroboraie his theory. He would
call attention 10 three epochs extending over
the last thirty years and within the memory
of the majority of those present. The first
decade preceding the issue Of grecnbackS
was one OF free trade and hard-money. The
protective tariff Of 1912 had been repeated
in 1916. The low rate of revenue then
established had been further reduced by
the tariff OF 1857. During this period the
Government r, crivcd and paid nothing but
specie, and people deluded them elves with
the idea that their currency was based on
gold. This epoch would, therefore, test the
result. of free trade and hard-money. Was
it productive of happy result for tue peo-
pie: 1t was time OF perfect peace, aud the
public revenue did not equal public eXpend-
iture; and under the administration Of the
Democratic party we incurred u debt OF $780,
100000. and the public credit was sunk so
low that when Secretary Cobb went into
the markets Of the word to borrow S5 ,000,-
900 on what we now call "green backs y
VIZ, Treasury notes, ut one per ceut. per
month, he could obtain but half The sum.
1t was clearly not prosperous period for the
Government. How was 1t for the people !!
The use of iron per capita is said
10 be the best test OF the civilization
OF Il people, and is one that the peOpIe
OF the MahoniDg Valley will accept. What
do statistics tell us Of The irDn trade during
this time? The iron prodnced in 1854 was
ZIG GA tons; in 1865 754 lis tons in 1861,
73l, 500 tom; in 1862, IS1 ,6G2, showing an
nrrea.e in the first and last Two years to have
been At, 600 tons in the United States. Wages
decreased, and employ ment became more
scarce. In 1857 the delu,lOu that the cur.
rency was based on specie was exploded by
The failure Of the OHIO Trust Company and
the PENNSYLVANIA banks, followed by the rest
of The banking institutions Within Il week.
Not only were wages low and employment
scarce, but it became impossible 10 obtain It.
Emigrants fled from tie country by hun.
dreds OF thousands, and the farms and work.
shops of the country were under mortgage
aud people idle. except the sheriff and the
printer OF his advertisement.
THE BLESSING OF TIE GREESBAcK.
Judge Kelley then called attention to the
next decade. This was characterized by the
secession of fifteen Of the most fertile States,
munv Of which are rich in mineral develop
ment. In the mos determined civil war In
history certainly not promising outlook
for p!osperty-to obtain bullion was impos-
shle, and the Government determined, in
the language Of the day, to issue an "irre-
deemahle currency ITO be kuownas "green-
backs" The issue OF s50, 000.0 was con.
yeIted into Government bonds at the option
of the holder, and il this system had con.
unued our currency would be The same as
the irredeemable money OF France, which
has never be at two per cent. discount.
1t was Tho Reputation Of our oWn paper