New-York tribune., 1875-11-17
IT, D. KELLEY ON THE CURRENCY.

EXTRACT FROM A LETTER 10 HIS CONSTITUENTS.
The Hon. W. ID. Kelley has addressed letter CON
cerning the currency question TO his constituents Oi
the lNth Congressional District of Penh-s wanna
The following are extracts from this letter:
When asked, as l frequently was during the recent
why refused 10 take part IN IT, my answer "s
that could not consistently or eonsclentlousl 90 SO
and avail myself " tins method ot announcing ~
nv constituents the facts which, in my Judgment re
qlired me tO abstain from participating IN he e'hPds
have abated no jot or title OF my Rep1ollc'iiSin
Lcr therefore, without further preface hHllo our our
attention TO the following touchhg my coIr>e on nc
of Treasury under Andrew Johnson ahhou.ceu ino p ~
pose Mr. JohnsOn's administration TO Dlng ABOUT he
resumption OF specie PAYNE py means o ~ 6 , I
tion OF tho currency. Urging ms measure III niS ahai
report he also recommended the continuance OF lnecA
Gcsiye and annoying taxes thtn PVeu o 6 Go HAT ,e h
debt incurred during the WAT might be para ny tne gen
GRAFTON thal had coHtIdctu IL, ,InIls a.. ui ~ ~
widows, orphans ana maneu s3iuieS ie & o pU,d d a.
| that this policy was raught with rum anu az your
representative opposed il with all my power
December 1867 approved the effort Of M McCnloch 10
Represepiatives on the 18th of January 1865. and en-
dcaNOTad show that contraction O inc currency "dr
the road 10 bankruptcy, ana not 10 FcSunl luuh' -
Congress did prohibit the Secretary from making any
further contraction III the volume OF Seenbdcks conn
deuce restored, business Immediately revived, ana
tie unemployed iabOieI9 0i lie CouS 1taii , ~
work and earned But there were other i"llhs O
notes bearing 73io interest IN pauer both OF wlCh Were
nayahle three years from date, certificates OF deposit
they were payable demand; ana other forms "t ln
dchtedn,.s the interest ON which was payable IN
and PURPOSES currency, inasmuch ban .
could hold Ioseivc, aud, oeng the eGulsehto o
rernbacks the, IL. sed i'm commercial transactions ny
delivery inbaprily for the country tho law prohibit
ing further cont action OF the volume OF gIeehb'cks
did not embrace those other forms Of currency inc
amount ol which aboGt three tunes as great ~ to
outstanding volume OF sre'noacks hr. Mcsulioo.,u,
Though prohibited by Congress from fthCr contracting
W. k or bonds to foreign markets and make
a6p
banking house Awaiting himself OF the OMISSION 10
%hjS have referred he proceeded issue long bonds
means 10 absorb every form 0f indebtedness, the Interest
on which was payable in paper and which could he used
a.. e1,riEncy Tic result was contraction OF cur
rency 10 extent Of nearly 81 900 IhiSn itte
must have been disastrous Othe enterishg ana lan"ns
classes OF onr country and especially so to the holders oI
mnYtgaged property, and such as were using cohedei
aDc percentage o! credit in their business Inc eneets
OF tnis action mad NOT other Governments conSrcd 10
them, would not have been restricted 20 ms
country, iOr the JUsAcss OF the cOhiefca' haIohs
large had adjusted itself TO the enlarged volume OF
money in use by the American people, anu 30 su.e.n
and enormous a contraction would nave pecn ict lhc
dcuaily but seriously by most of them mad been uac
comanitd by the circumstances to which am about TO
Atthe close of August 1865, when our legal tender
paper money was at its maximum silver was tie Iegai
lender money of Germany, Holland, Sweden, Denmark
sud Japan but in the interim silver iaA pCen denone
uztdby all Of these nations kept
they have instituted golt coinage III tne uolC % e"'su
tung that metal for silver as thcr legal teIdci' ID!
these concurrent piOceedhss tle va S",onc - W ~ tic
which the productive Industries ana colnl.Ieo ., tn[
World had adjusted themselves has been contracted nOt
reduction ui the volume OI Our le5i thT
paper, nut by the deIn0neulal0h OF DuuIeus ol
of dollars OF silver This has created an immense de-
rTiinCs fhe Value ana price OF gold rs docs OF other
commodities IL has enhanced its value. while the con
traction Of the world money has deprecated tne feia
tive value OF every Otner cumody, ~ tu'. w ~ w
our goldhCanng bonds can now ouy from TWO 10 Iour
times as much with each dollar OF their nterst ~ they
could before TINS "9iId-NIne cOntldcoi i ~ ~,
but on other hand he whose property Is sud ny me
foreclosure mortgage finds that the principal OF t
mortgage, which was possibly bh' u Antll W
ma bic value Oi the property Mheh the cpt was
incurred, is than ii Will now bring when eSgo7ed
for sale Those who have suffered most, are suffering
most and to suffer even more intensely Dy tms Tam
i've countries are the toilng muil"ns-the pro
ducers OF the wealth Of The w0rld-thosc Wdose
estate consists Of their skill and ygor as labDres Iney
are everywhere idle and are wasting in enforced Idle
ness the earnings and savings OF past years ana SINKING
NY convictions were arrived at by patient study,
not merely of theories enuncatcd by teachers Dut 0i me
facts of history and current life. When, therefore, Pres1
dent Grant abandoned the doctrines he h.d promulgated
in his message Of Dee 1873 and which 4d sufn good
reason TO believe you cherished, did not follow HIM
could not. owed duty 10 you AMI To my sen; eo'h
not have said, change my convictions at WI" anu a.
he iue of the resumption OF specie paynensDy the
contraction o the currency was Dade tle smDpoytn .,
the party at It's ratification mcellhg az ioiuGi'pHSi mH a.
engaged in il by sacrificing not only c9nssl'hSy icy
aud seliIeSpect put me TespSct % ereIy E 49,, % , ~,
g0gue the currency question Tor nnc years OF was
pl1yiug II when endCavOring 10 persuade y follower IL
ZeI,s TO vote in opposition 10 ali had prosssed TO bes
Teve could not now, when events are verifying my
Sddcst nredctious 20 upon the stand and ask you by
yor votes 90 induTsc pOlcy which lad so often tOd
you If persisted in, must Work almost universal rum
among the producing classes Of the country
/ will srIivo by ali honorable means TO SO
cure the repeal OF Tie resumption act dut,
Ing the coming session of Congress, and VIII
moi accept any votes yo may have east to-day as me e1
preston OF wish for its Enforcement A. however, You
have fallen in love with ruin aud mscry. hope you VIII
petition Congress to maintain The ACT, notwithstanding
ho efforts of your representative 10 cnec s repeal re
gardng tz question paramount 10 9ll others, You
viii pardon me for requesting you 10 make known -
Congress 10y petitions your wishes whether they DC o
The nainena the cal Of the act providing Tor
tie resumption Of specie payments the inst oi Janu-
ary. 1879.