New-York tribune., 1875-10-12
JUDGE KELLEY ON FINANCE.

OF LAw-uNITED STATES NOTES NOT A FULL
LEGAL TENDER-FcNCuoNs OF CIRCULATING
MEDIUM-NEITHER IMITATION NOR coNrRAC-
noN DEsRABLE-AN INCREASE NOT 10 BE
CoNrouNDED WITH INFLATIoN-REQUiREAhNls
ot A TRUE CURRENCY-PoINTs OF Mr.. KEEL
IEYs PLAN.
Tn an address on Finance delivered by the Hon.
William u. Kelley of Pennsylvania last evening, he
sxniained his scheme of 3.6J bonds, and asserted
that his views were similar TO those heid
nv Salmon T. Chase and Horace Greeley.
He gave his definition Of money and explained "lla'
he considered to be the crucial test OF IT, Inc
effects Of imitation and contraction were touche"
upon and while the alleged evils of contraction were
poiutcd out excessive initiation was declared 10 NC
very injurious. An audience of moderate size was
present. Ex-Mayor Opdyke presided, and Peter
Cooper moved vote Of tba::Ss to the speaker
TIE AUDIENCE AND THE ADDRESS.
,upsE KEILEY's VIEWS LISTENED TO WITH AIIEN-
TIoN-ABOUT EIGHT HUNDRED PERSONS PRES
ENT-MANNER OF THE sPEAKER-EN-AAfok
opnyKR PRFsIpFs AND INTRODUCES MIR. KELLEY
A refined and attentive audience OF about
500 persons including considerable number OF ades'
assembled last evening in the large hall OF the cooper
Institute TO listen TO an address on the s"'9eo' VI
"Finance by the Hon W. ID. Kelley OF pennsylvania,
delivered under the auspices OF the NeW-hork bo'"
comfortable circumstances In life Many apparently
were not committed the support of the theories OF the
speaker but had come for the purpose OF learn
ing from the lips of of the cmef ao'o
Gates Of the paper-money system MS views III
relation TO the finances OF the country 1t was evident
however that a large number were participants Ill 'he
the papermoney system was the panaoea Ior
NIL The evils under which the country has suffered
George Opdyke presided and introduced the speaker OF
the evening Mr. Kelley advanced TO the front OF INC
platform he greeted with moderate applause
He orened his address by stating that the views he pro-
posed 10 present were Of the late Salmon r. Chase
and Horace Greeley When considering the subject OF
the finances his views decided by the logic OF an
article which appeared THE TRIBUNE embracing pre-
cisey the same views those which he should express
except that in the 3.65 convertible bond system MI
Greeley desired that neress should be gaid IN goo
while he mir Kelley considered that II wouIu
be more in harmony with the rest OF tho
scheme il the interest paid in paper auhOugh he
did not consider this vital point Money ne deeaeu 'o
he n medium Of exchange and national INSTITUTION
created by law The crucial test of money Is tS pay
ment of all debts between and man within the limits
OF the country which issues ii. He gave descrlp-
Hon o the paper money the several countries narrat
ing the causes its and declaring That the reason
the paper money of the United states was at discount
was because 1t was full legal tender Great COLI
traction is bad great imitation is equally Dad nut eN
tremc initiation is far What is wanted is system
Of money which shall adjust itself to the wants ot 'he
people.
Throughout the address Mr.. Kelley unusually calm
md arcumenativc His remarks frequently inter
rptsd with applause and at their close Peter Cooper
nrose and proposed OF thanks to Mr. Kelley when
WAS unanimously given. aud followed by cheers.
ON the platform were Pliny Freeman, d. j. thompson
John J. Drew Wallace p. Groom, the Hon. Benjamin A.
Willis Miguel Embil, Sidney Myers Eugene Beebe, Max
Freund p Van Vslkenburgh F. A. POTTS. A. sturges'
Marvin T. Reed r. wasser william G. Thomas, ana
nfs ives Of he
MR. oPDYKE's OPENING ADDRESS.
Mr. Opdyke in his rks prefacng Judge keeys ad-
dress, said:
LADIES AND GENTLEMEN: THIS is the first OF series
81 meetings arranged by the Board Of Trade OF this
city 20 listen o a fn discussion the form of addresses.
on the allabsOrbing question OF the day INC GuIruS
question 1t believed that to have single address ior
an evening calmly, deliberately presented ny dis'
nghed advocates OF the various phases Gi ' Eo HI9s |
subject Board has invited dozen or more SPEAKERS
Smnet S% Smp among 1 dGr public men the familiar with
the subject who have given ~ the most anu SaV
in his turn will present his views on the various
and conflicting theories thai obtain on ms subject IL IS
believed that smea e9sG Tb osr of Trade has no op
ions OF present at this time on he subject put
for thc duty of any 10 be found public
private citizens Nothing paitisan t.hei line ~ Pol'Ga pom %
elements of instruction, from which You can adduee your
Among thesc gentlemen who have been invited the
first on the list Hon. William d. Kelley lapplausel,
veteran REPRESENTATIVE ia Congress Of the city Pha
dephia the oldest believe all existing members
of that eminent body. Mr.. Kelley you all know has
given long patient thought TO this subject and has
arrived M views clear and distinct to his mind and
can present them 10 you in an admirable form nave
the pleasure TO Introduce TO You the Hon NlIlah
d. Kelley of Philadelphia.
Mr. Kelley rs he advanced to the from Of the plat
form was received with applause. He spoke sueSan-
tally as follows:
Mr. CHARM,N AND LADIES AND GENTLEMEN: gladly
accepted the Invitation of the Board of Trade take
part in such course of discussions as has been indicated
by the Chairman II would anord me an opportunity TO
serve which believe involves the welfare OF my
eounrymen, and O show at least to few OF the people
OF New York, that if am lnnatie there is sonehns
kindred in my hnaCy to that charged by Agrppa upon
not 10 be named with me, OF something kindred 70
the unacy OF sherman when e fst tod the country ne
pare for the great exgency aud trust that IN the
course Of my remarks you may os9oTSf % M Inas a0r my
eacy Of the practical financial measures OF Salmon
p. Chase and the sturdy pronunciation OF the faith
%y m Object to ascertain if possible what is money.
~bot gre lis functions and to submit what
constant succession OF expansion ana contraction by
wnicb british and American commerce is reduced TO
mere soecies OF gambling not by the mercantile opera
tors, but by those who control the currency oil the
on tie latter point-the mode Of relie-my first duty
IL TO discaim ANY pToensions To originality; no part OF
IL il of my conception have learned II all from others
For more than 80 wears your venerable and respected
townsInaD Clinton Freeman President OF the Globe Life
insT1nre Company appa,lse has been trying TO teach
volume of the currency which would operate beneh-
secretary OF the Board of Trade that has brought
together has, through the COLUMNS OF hia ahc journal
the doctrines which shall express. had read their
papers cursOrily; my attention had not been specially
upon me lui when | took up my YORK TRIBUNE
OF Nov. 8, 1871 and read Horace Greeley's article, it
concluded my Judgment and drew me- either Tor gO0d or
IN 10 devote Hyself as Z disciple 10 those who had i'm
pardd 10 him the views embodied III that article, and
winch he commended the means of salvation 10 the
country Applause.l II is due, III making this state
men that should say, as have said on al other occa,
sions where 1 have cited Mr.. Greeley, that he and
differed on one single point lie would have had the in