The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-14

money tnaE r00ue tNc SEVfd tnVtn'u..''
made tbe-warv cost three To- ,iour tunes Us
'muchsas IL other wise would have oone.
Wbenereenbaeks were issued fhe farms OF 'ne
country were neatly all under mortgage {.
The working people had been ropoeu y.
homes by ttleeulorced idleness OF 10" ia.es
Of wages. With the coming OF eItenua .,.ss
and demands of the Goyernment tneIe VIZ WI,
work for everybody that couia or s W1 o"r
rrortsbons md an UNPARALLELED tide OF eEsl-
ors,ion sas in.~As-fast as they came there
was employment for all at steadily lncreassu
wages The development of the iron trade
ras IN remarkable contrast with the previous
decade. which was in 1862, GS' ,6G2 tons' I'D
1879 954 55s tons. Payments were AL Gasp ;
hanks had no PAPER TO discount; farms anu
workshops were free from mortgage the re-
vanne of the Government was amply SUM
cient and it was constant complaint tnaI
the Secretary of the Treasury "ouio heep
500 600 900 of gold lying idle in the 'au''s'
pEsr;yrT1oS By CONTRACTION FARCE.
Judge Kelley then proceeded 10 eSam.le
W bat he termed "the tragic farce VI iesu
lion by contraction" lie asked the WORK
;non,en if they were all employed, and they
onswcred Ono" "Have you suffered re-
ducrion of wages! "Yes." From one
third to ope-ba!f, and macy of you are lale,
and this il the condition of the working
classes generally. Machinery stands IDLE ano
wnter.nower runs to waste, but the interest,"
ON mortgages still goes on. FORCES, iur'
naces. rojlisg.mills, mines, and other pro.
perry are destined, before apo'nei 'e"'' ~
pass into the sherl1's bands.
CONTRACTION THE CAUSE OF THE DEPRESSION
Hc then considered the cause Of the de.
nress;on- and found it in the "rapid conirac.
lion Of the currency" At the close OF the
war the Government could no longer be SO
rreat a purchaser Of supplies, but the re,
turn of the 100000 Of the army to civil
EMPLOYMENT would soon have reanimated
each branch of business, and the true policy
of the Government was 10 sustain existing
values, keep the volume of the currency TN.
altered, and pay the interest on the national
debt in the same money it took from the tax
rayer. But under crazy delusion it adopted
the reverse of this policy, and strove to pay
all paper Obligations in gold and to redeem
gold back by an issue Of new bonds
| The result is that the banks OF The
country bold more Greenback5 AND
more deposits than ever before, and our mills
furnaces, and factories are idle; and that
| more hard-!aboring men are living III want
| than ever before in the United states. PEG
ple point to those deposits and say that
money is plenty, and call myself and those
who agree with me sans QUOTES, and mt
mate that we are capable OF the most afro
cious crimes that characterized the Frenct
| Revolution. Some may ask why our con-
traction has affected England, Germany, and
| Austria, and say that their condition Is a
bad as ours. True, and from the same
cause.-the worship of the gold dollar
! Those countries have contracted their cur
rency By dcmonetizng silver"
THE ACT FIXIEG THE TIME OF RESUMPTION MUST
BE REPEALED.
Judge Kelley then spoke in regard to as
simdtS and Continental and Confederate
money, and showed that it bad no base, while
creenbacks were bJSed on the credit oil Inc
most prosperous Government III the world
and are held by the most enterprislngandi IN
! telligent people on the globe, who are, 10
fact, the Government, and will see that II l,
not rcpudiatcd lie said that the time fixed
for the resumption must be repealed
and then gave his theory, at length
of issuing grcenbacks aud having them
converted al our option INTO 800
! bonds, which W0u'u DTlnS Stlu lnlO
| he Treasury with which the Secretary could
buy bonds, and would then bring about TT.
ion of specie payments. He told the
bullionIst what he might expect if times con-
tinued as they were: that labor would take
capital by the throat, and that the scenes OF
the French revolution would be reenacted.
His speech was listened TO aitentirely, and
was repeatedly applauded. Many working
men were in the audience. He talked to the
men ut the VALLEY Mi IN the afternoon.