Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-08-12
INDIANAPOLIS.
Hon. W. D. KelIey ON the currency.

i
Hon. W. ID. Kelley on the Currency
LNDIASAPOLIs, Aug. 11-HOn. w. d.
Kelley addressed a large audience at Ex-
change Hall in this city tonight, on the
| question of finance and currency, in re-
| sponSe 10 an invitation from large num-
Der Of citizens, irrespective of party. He
began by referring to the prevailing distress
and commercial arrangement in England
for which the rapid little fellow, Branam
Price, could give no satisfactory
reason when interrogated therefor
by an indianapolis editor. He
charged Mr.. Price with lodging the
question, by asserting in vague terms that
1t was produced by reckless trading, extraY-
agsnt and unproductiye investments, and
charged the whole responsibility upon the
inflated bank credits of hard money Eng
land, where the people were compelled to
use credits, based upon bank dis
counts, in lieu of a sufficient volume
of the current money of the realm.
He analyzed the English system of currency,
showing that its primary basis was upon
practically irredeemable government obli-
cations to the amount of $4,000, 600,
and only the amount of notes in excess of
that sun were required to be redeemed in
coin. Judge Kelly charged that even with
such limited specie basis England was
compelled to periodically suspend pay
ments, and suffered continual peTtuTbations
from varying rates of discount when not
in actual suspension, which produced ever
recurring crises and commercial ruin.
Our government, in denying the people
sufficient volume of legal tenders, was
forcing this nation into the practice of q
still more abominable system, whereby ali
industrial enterprises were laid under
tribute to inferior bank credit, and subject
ing them to the continual drain of
usurious interest, with inevitable bankrupt
cy in tie end. He denOm-
mated Gov. Hays the bullion
candidate for Governor in Ohio, and in
dorsed his recent description Of the effects
of alternate infatiOns and cOntractiOns, but
vehemently charged the responsibility upon
those who would curtail the legal tenCeT
currency and substitute bank notes aud
bank credits upon the
Ignis Fatuus
Of specie basis. lie then reviewed at great
length the experience of this country with
specie basis banks, exhibiting a ten pound
volume of ThOmpsOn's Bank Note Re
hiblt the beauties of the system. He passed
in review the financial history Of the coun-
try from 1901 to 1873, to prove the utter
inadeqUateDess of q specie basis system.
He depicted in glowing terms the suffer
ings Of the English people under |
an insane policy of specie resumption in |
1872, as a warning to the people of this |
country what they might expect if the act |
of last January was carried out. He de- |
manded the repeal of that act, which he de- |
nOUnced as less refined cruelty than the |
English measure of historic intamy.
In this he stated his clear antagOnism to |
the views of Indiana's distinguished Sena- |
tor, Governor Morton. He extolled the |
greenback as
The Best Form OF Credit,
God or any human government had ever yet |
devised or made possible, aud such credit is
the proper foundation for a currency. !
Referring 10 the tramps so viciOusly de-
nounced by the public press, be pronounced |
them TO be largely composed OF industrious
and well-meaning mechanics, robbed Of
their employment by vicious legislation,
forced from shame to beg bread among
strangers.
He closed with an eloquent eulcgy Of the
Teenback and lnter-conyertible bond sys-
.em of currency.
Judge Kelly was loudly applauded in
many passages of his speech, aud made a
impression. BE goes from here
% Chicago to electrify the inhationists Of
he northwest