The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-08-12

NhN
INpIANArOLls, August ll.-Hon. W
u. Kelly addressed large audience Al
Exchange Hall, in this city, tonight, on
the question Of finance and currency, in
response To an invitation OF large num-
Der OF citizens, irrespective Of party lie
began by referring to the prevailing dis.
trcss and commercial arrangement in
England, for which that rapid little lei
low BrannOn Price could give no salts
factory reason when intcrrOgatcd there
ior by an indianapolis editor, lie
charged Mr.. Price with dOdging the qucs-
tion by asserting in vague terms that it
was produced by reckless trading and
extravagant and unproductivc invest.
ments, and charged the whole response
bility upon the inflated bank credits oi
hard.moncy England, where the people
were compelled to Use credits based upon
bank discounts in lieu OF a sufficient vol
umc OF the current money Of the realm,
HE ASALY2ED THE ENGLISH SYSTEM
Of currency, showing that its primary
basis was upon practically irrcdcemable
government obligations to the amount Of
seventy millions OF dollars, and only the
amount Of notes in excess Of that sum
were required to be- redeemed in coin.
Judge Kelly charged that even with such
n limited specie basis England was COM
PEELED to periodically suspend payments,
and suffered continual perturbation, from
the varying rates Of discount when not in
actual suspension, which produced ever
recurring crisis and commercial ruin.
Our government in denying the pco-
pie a sufficient volume ui legal tender
money was forcing this nation into the
practice Of more abomnablc system,
whereby all industrious enterprises were
laid under tribute to the issues 0l inferior
bank credits, and uhjccling them To the
continual draw Of uSuriOus interest,
WITH INEVITABLE ENNRRrTCY IN THE
END.
lie dcnominaicd Governor Hays the
bullion candidate for Governor in Ohio,
and endorsed his recent description Oi the
effects Of alternate imitation and cOntrac.
tion, but vchcmcntly charged the RESPONSE
bility upon those who would contract the
legal tender currency and substitute bank
notes and bank credits upon the ignis IA
tnucs OF specie basis. lie then review
ed at great length the experience Of this
country with specie basis bank, cN-
hibiting q ten pound volume ui Thomp-
sous bank note reporter, from which he
quoted copiuusly To exhibit the beauties
of the system. lie passed in review the
financial history oi the country from lSON
to 1873 To prove the utter
INADEQuAcY OF A SPECIE nNsI1 system.
lie depicted in glowing terms the suffer
ingS ol the English people under the in
sane policy ui specie resumption in lS22,
as warning to the people Of this country,
and as what might he expected il the law
Oi last January was carried out. lie dr
mandcd the repeal Of that law, which he
denounced ns an net Of less refined cruelty
than the English measure Of historic in.
fanny. In this he stated his anlagOnism Ia
the vicws Of lndianas distinguished Scna.
tor (Gov. M0rtOn). lie rNtullcd the
grccnhark ~ the hest form of credit
COP on ANY HUMAN GOVERNMENT uAnI
EVER YET DEVISED
or made possible aud such credit is the
proper foundation fur u currency Re-.
lerring lo the tramps 81 viciou.ly tie.
nnunccd by the pnhlicprcss he pronounc.
ed them 10 be largely composed Of indus.
triOus and well meaning mechanics, rob.
he'd Of their employment by vicious leg.
islatiOn and forced from shame to bvg
bread among strangers. lie closed with
am eloquent culogy Of the grccnback and
iuconvrrtable bond system currency.
Judge Kelly was loudly applaudcd in
many passages of his speech and made Il
profound impression. lie goes from here
10 Chicago to clcctriiy the inllalioni~ts
Of the northwest,