River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1875-08-20
keIley's speech "a indianapolis On
the Currency Question.

The Hon. w. d. Kelley Of Pennsylva-
MIA had large audience at indianapolis,
and begi by referring to the prevailing
distress and commercial arrangement in
England, for which the rabd little fellow,
Bonamy Price, could give no satisfactory
reason. When Intercepted, therefore,
by an indianapolis editor, he charged Mr..
Price with lodging the question by assert
ing in vague terms that it was produced
by reckless trading extravagant and UNI
productive investments, and charged the
whole responsibility on the inflated bank
credit Of hard money England, where the
people were compelled TO use credits
based on bank discounts,in lieu Of a suffi
ciont volume Of their currency Of the
realm. He analysed the English system
Of currency, showing that Its primary
bass was upon practically irredeemable
government obligations to the amount Of
seventy million dollars. and only the
amount Of notes in excess Of the sum
were required 10 be redeemed in coin.
Judge Kelley charged that even with
such a specie basis, England was com
PEELED to periodically suspend payment
suffered continual perturbation from
varying rates of discount, when not in
actual suspension which produces ever
occurring crises and commercial ruin.
Our government, in denying the people a
sufficient volume Of legal tender money,
was forcing this nation into the practice
Of a still more abominable system, where
by allindu>trious enterprise was laid un.
der tribute TO issues Of inferior bank
credits, and Sublectng them to the con.
tiuual drain of usurious interest, with in
"yltabe bankruptcy in the end. lie then
reviewed at great length the experience
oi this country with specie banks, cXhib.
ting tcn.pound volume Of Thompson s
Bank Note Reporter, from which he
quoted copiously, TO exhibit the beauties
Of the system. He passed in review the
financial history Of the country from
liss to 1873, 90 prove the inter made
quatrne>S Of specie basis system. lie
depicted IN glowing terms the suffer
lngs Of the English people under an
insane policy Of specie resumption in
ls22, as a warning 10 the people of this
country Of what might be expected il the
act Of last January was carried out. lie
demanded the repeal Of that act. which
he denounced rs an act ofless refined and
more absolute cruelty than the English
measure of history iniamy. This, he
stated, was in clear antagonism TO the
views Of lndiana's distinguished gentle.
man. lie cVtolled The crcenback as the
best form Of credit-aS good aS any I'M.
man government had ever devised and
made possible, and such credit was the
proper foundation or currency. Refer.
ring to the tramps so yiciously denounced
by the public press, lac pronounced them
To he largely compoSedof industrious and
wellmcauing mechanics, robbed OF their
employment 10y vicious legislation. forced
~ shame 90 beg from strangers. lie
closed with an eloquent culogy of the
greeuback and mtercouyertble bond sys.
tenn of currency.
Judge Kelley was loudly appaulcd in
many parts of his speech. and made \
profound impression IIc goes from In.
dpuapolis 90 Chicago 10 clcsuy the in.
h9tonlsts OF the Northwest.