Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-08-18
JUDGE KEILYS SPEECH on
IMITATION.


1t is done in nch short, practical
manner that W. cannot help laying il
before our readers, because Of its COM
mon sense character. The practical
point the write makes on iron will
apply to our lumber trade. The story
is precisely the same-orer production
caused by speculation and under con-
sumption, caused by high rates of in
terest, and loss OF public confidence
because of ovcikiting business habits.
Too many promises to pay, and no re-
decmcr. The speculator settled too
many accounts by giving his note, and
pay day came around. The writer
says
"Hon. VIM. ID. Kelly, of Philadel-
phia, now thcacknowledged leader OF
the infationiss, has lately been vcnti-
lating his thcohcs Of finance at Youngs-
town. Youngstown being IN a great
ron-producingrcgion, Mr.. Kelly seems
to have thought it a good place TO air
his 1866 convertible bond views, now
quite famous throughout the country.
He endeavorcl to work upon the local
feelings Of bis audience by telling
them that owing to the increase Of
currency in ths country the produc-
tion of pig.iroi increased from 6S7,-
662 tons in 1852 to 2,s54,5 ,55s tons in
1872. The more intelligent of his
hearers should and would sec in this
statement an argument against anoth-
cr era of imitation, whilc the ignorant
among them would like to see the
thing repeated, if such thing was
possible. Taking Mr. Kelly's state
ment to be true that the initiation that
occurred from 1862 up TO and after
the close of tie war, brought about
the overprodlction of pig-iron, then
II is now very manifest that great in
jury was done thereby to the best in
terest of the iroI trade. The country
is full of iron-poducing facilities to-
day, so much so that competition
hangs over the tiade like a pail, for
bidding anybody TO make money. We
have, for instance, 600 blast furnaces
now, where we mly had 300 IN 1870
An increase Of 100 per cent. in four
years in facilities while there is de-
crease OF one-hali or more in the CON
sumption. And al, or principally, ow-
ing, according to Mr.. Kelly, to the
great increase in the currency. p
Now look how this unnatural stim-
ulation has worked. II set everybody
wild on the subject Of iron. People
could not build blast furnaces and iron
mills fast enough in 1S72-73. They
built them so hst--with such n per-
feet Juror, as it wsrc-that IL was said
at the time that one cause of pig-met-
al going TO s55 pr ton, was the extra
ordinary demand for il TO build iron
works of various kinds. Rccollect
that these furnaces and mills were not
built with iron as now at 81 0 per ton.
They were built with iron at $40, s45
and $50 per ton. And this is what is
the matter now. Dead capital locked
up in high priced enterprises Look
at the loss of capital to begin WITH
Look az the loss Of interest still going
on. There is no chance to produce
anything; nor will there be for an in
definite time to come.
There are many places where fur
naces and mills were built, and where
skilled and unskillcd laborers put their
savings of ycarsinto houses, and where
now there is no work, nor no prospect
Of any, and where, worst of all, the
investments Of these laborers in houses
and other property have become al
most worthless. Iron work were built
on tops of hills and down in valleys,
and in all sorts OF out of the way
places, where they are and must ever
be unproductivc on close market.
Now, what is Mr. Kclly's remedy
Tor all this 2 Why, initiate the currcn.
cy again. Let on steam once more.--
Set more Northern Pacific Railroads
in operation. Get up IN cxtraordina-
ry demand for iron. Start the six
hundred furnaces, start the railroads,
and generate = momentum that will
not stop short Of two or three hun
drcd more furnaces and as many more
iron mills. And then WHAT Why
just keep on--onward and upward. II
was not the going up of the balloon
that killed the man, but the coming
down. Therefore, keep the balloon
up. Or, changing the figure, never
la .t.... -. a l...s al =. AZ. 4. q