, 1875-07-13


KELLEY's ABsuRpIT1Es.
The Hou. W. d. KELLEY OIL Saturday de-
tivered MI address as Youngstown, O., to
gathering of persons interested in some iron
mills, which mills ceased operations soon
after jar CookE md the other wildcat spect1-
lative jobbers closed their doors in 1873.
These gentlemen want a return Of tho specl1~
| lative times, when railroads woro built by
bonds and not with money, and whom recl-
less construction companies denling in bonus
could pay whatever prices for iron that WAS
demanded. A1r. KELLEY processes to be
statesman mud TO have broad nntional policy
which ho proposes ns remedy for all tinan-
cial evils. 1t was natural to expect tLat Ae
| would prcRcut some idens which thoughtful
| md intelligent men might consider and
! might apply to tho state Of tho country
] but Nr. KELLEY had nothing of tho kind. His
! speech was d rohash of tho perveraons OF
history, bold disregard Of Truth, and
repetition Of the prejudces Of intolorant and
into1crable ignorance. Ho made assertions as
of fact which were notoriously unfountlcd,
md drew conclusions therefrom in manner
that would havs boen disgraceful in school,
boy.
He represented that tho first dccade proceed
ing the iasue of greenbscka was one of f1ee
trade. Tho tariff of 1912 wns arranged for
protection; that of 1916 WINS one arranged
for revenue. This tariff proved successful.
Under it manufactures grew aud prospered,
mud tho revenue fur exceeded the wanta
Of the Government. So great were these
revenues TINT the whole cost OF the Mexican
war was paid without resort to my special
taxation. In 1857, eleven years later, 30
lnrgo hltl tho surplus revenue become under
tariff whose average rato Of duties WINS but
2G per cent, that there was confession made
| by Congress that tho duties should all bo re-
luced. In tho arrangement of the reduction,
Alr. SEwAnp, SCHUYLER CoLrAx, Mr.. lonn11t,
Of Vermont, DEW1rr, Of Massachusetts,, Mr..
| HENAY Wilson, now Yico-P President, HAAr1-
TON Fish, now Secretary Of Stato, and Gen.
BANKs, and other Wings md Protectionists,
took part. On the passage Of tho bill, ssyon
ct the nine New England Senators voting
voted for tho bill. The same year tho bill
| passed there was fnancia1 reyulsion, and
| imports and tic revenue fell of tho second
year thero WAS partial recovery OF business,
and in 1850 and 1860 the tariff Of 1857, which
had so greatly reduced tho rates Of the tarif
OF 1876, actually produced the amount Of
| revonuo contemplated.
| But the country was on the immediate eve
Of great war. The expenditures OF the
Government increased far beyond what had
been anticipated Tho revenue in 1860 was
insufficient and resort was had to loans
| Tho trouble was not the low rates Of tariff,
but the interruption to business caused by
tho panic OF 1857, and tho pending political
disturbances which wore to end in war. Son
ator Monau.1, of Vermont, in speech made
since tho close Of tho War. admitted that the
period Of the low tariff between 1883 and
1861 was the most prosperous In tho history
OF American manufactures. II was during
this period that they begun to export their
manufactured goods in large quantities to for.
oign nations.
Mr. KELLEY says that during this period
the people deluded themselves with tho ilcs
thkt their currency WIS based on gold, and
that this period testB the result of hard
money. The people ware not dsludcd with
any such idea. They knew 1t was quito the
reycrse. The paper currency consisted OF
the issnes OF notes under the laws Of thirty.
four different Stataa. The New York, New
England, Ohio, Louisiana, and Indiaua bank,
notes were good, and were equivalent to
coin, and these bankg remained good until
they were abolished by Congress In 1867,
The other banks wore mostly wildcat insti
tutiona; their notes wero not redeemablo
| ~ &,I -,