, 1875-08-14
INITIATION.
Speech Of the Hon. W. D. Kol-
Icy, at Mccormick Hall.
He H Listened to by Three
Hundred CllfcagoaIls.
The English Banking System
and Its Results.
Onr Currency Reduced Thirty"three
Per Cent---Tho Consequences.
Speoie-Payment System Failure
Glories Of the Greenback.
"reminiscences Of Marco Palo--The Real
Bond Of tho Union.
The Three-Sixty-tive Bond Remedy, and
How 1t Will Work.
Ruinous, Results to Flow from Redemp-
tion---The Act Must Be Repealed.
How the Poor People AFRO to Get
Money.

How the Poor People AFRO to Get
Money.
Tho Hon. ". y. Kelley addressed an audience
IT botwecn 25Q and 800 people At McCor1nlck'B
[lall lust night on tue financial systen of Tho
,nuntry Col. JamoB II. Bowen called tho 1neot-
M to order. and said that iu Tho absence Of tho
lion. John Wentworth, who bad accepted tho
,i1lcn Of Chairman, but who had been delayed
md would not bo present until later. In order
not to postpone tho rnooting they would omit
lilo regular organization until ho should como.
I1o would, however, submit the following
LIFT or oYrIcEns: -,
ftestdent-Tho iIon. JoDn Wentworth.
l'tc<. <.irtndsnts--Jchn q. Dorc, Juhu '. Lo Moync,
d. @. c4uinclt. Sydney Myers, q. ". Potter, 4. y.
b1ooker Irving earcc, bamuel Ia1c N. y. bonton.
l. 5? I.1 R.no D. ,F h1a. n;aa Mss
tS1srstsr,s.-J. l. 6. Forrest, H. Q. Cameron, J. r.
Loot.
COL nowEx
said that Aouio of the above wore not able to be
present on account Of engagements. IIo In
yitcd these present to co.ne up on tho plat
form, but nobody came, 10 ho pro-
coeded to Introduce to tho audience the
Hon. n. D, Kelley, whoeo patouai fame, bo
H&lQ& IE1AllG4 W AIQQAo1AADNt Ht LIN AAANs*
Arr. Kelley WAS received With applause, and BE-
gan his address. speaking from brief notea. Dir.
Kelley has fiuo, sonoroua voice and good ora-
torical manner, and In earnest defamation be-
comes somos y hat theatric, rolling Ills RS aud
atretching his "my's" into long " moe's." He
became very warn, a. he went ou. aud began to
draw the horrible plcture OF tho diat1eeses CON-
ins on tho country from tho resumption OF spo-
- 1rna &3,m I'm
impression that ho Was thoroughly In earnest.
MR. KELLEY
said that on tue 18TH OF Au9ust, 1873, precisely
ouc month boforo tho failure Of JAY Cooke d
Co., be came to this city, accompanied ~ Houry
c. Caroy, aud became guoas OF ono OF our
palaiial hotels. Ihoy made IN excursion through
tho County. aud saw tho evidence Of prosperity
in tic splcudid crops. Still they woro pAiued to
observe that tho,o was Intent thundor
III tho sty that would burst upon aud almost paralyze
tho prosperity Of tho country. Es raw beforn him
many gentlemen With whom they lad then converssd+
and wo, perhaps, hsd locked upon thnin ~ pfophesa
of evil md who did not Observe tho clouds ttst were
gathering In tho horizon. aome forty years pEsfDus
h!h venerable fHund had msde tour Of the country
uudet soMunhat ni1at Clfcntnstailcas, 1nl, After
season OF prosperity thoro cAo ruin and almost des-
pair. And why Na4 thi47 txAs IN
TIE EVIL OF Gun BANKING nIHrEN
In common with that Of EnGIAnd banking OH lndiTd-
natu,. Ilo rs4l from statetnsMt Of Henry G. Carey
N account Of tho huancal standing Of the shitooa
great banks Of England. exclusive Of the Hank ot
England ttself. It sLowsd tool Of El3.ia3.n5a. OF
which SUM rla so o6a ~ invested II public % seeu5 =.
whole dopoatta amounted 10 s3o3 0o0 0oo. aud Wills
they wore lkey 10 10 called upon for this amount It
TGs showed how matters stood regarded tnat SIS
ten.
THE BUSINESS or ESd1AnD
wsa not dono With money. 8tr John Bullock, In sn-
a1ysinx tbs Of h!s bank, dis>oyorsd that Of the
deposits " per ront in securities, AZ per cent
otcrwl's s aud only gss ssat II t!s
enabled EugsAd to lenl her credit to cyery paying
enterprise Ia tbs wora-r.l,o vork' snd 70 f9s!h .
iii allure a'esf q oola., ssMoo hsa ai.srpe.rs il
tt not know Whist amount w = sxaliowea rp " ths
wllosa failure WAS now before The country had en.
| gufel ouy siu0ouo, and, while thu money III ti,t
ees va
system = thas; Yet tlis VIA the sysse which they
Mr. Kelsy read ; comparative statement Of ths
amount In tho banks aud OUT on 1oans, etc.. In tht
IN is7a. It va ~ follows: 1861 amount q lce4ten
der In the tanks, $a9aplB,soo: IN ls7! t399 o.
Taus In those asrsa years, Tho current money u A
REDUCED 80 PEn CENT.
Tbst anouut If money waa cut nf and m i tho bn.l
uess men had dopentcd for tbs paysueus Of 'he1 ebt
"
in lsss ats acpo.!ts ss49 as. and tho 1o.n
Ihs toan. YET ~ mfn H. 1as aa sa u
hy Government Of tbs United st.tos, nut TO FrlsAs
Individual. to businessmen. There re, atned r.
g S hs dspas s
svi 4s011s and thu reserve Asd shtank to $ll3
lN.dd3 Ihis w4s how tho nAttes stood ia tho gtes
THUS WA ,nsle, what invariably oeprraa in specie
| paJtu8 tlnes.
An INVERTED PYRAMID.
Credit should not ba tha baalA OF credit, Indivtdta
credit should not 10 tho basis of u currency Of ii
country. tApplause.l Ths inveFted pyramid toppls
70 ouc si4e Or tas other, crushing lilo commua,tJ
nseta 10 earry noss 10 banks. lntsfsst W.. oon~f.
hs'd Tue .s' rsr can. eestiae:;s. a % q iae o.,
=: ss s.:y e., 81 sa I'D sy ~ Va.
v,thdE.wo, and ley hid to 90 . tAe h.ats .a4 p,
TO- sud u PEI cant 1n aol taber. 1a's, they eoal
uIsw H. tti u, M % q aso.
yent ths isaue Of Irredernablo currency. Did !mps
asacs sser u farther than thAs1 Ill. kelsy went
| to Aleak OF
tue EXPANSION or BANK CREDITS.
1t memorable that TIN nota Ut no broken oahx oe
eAsIousd so&s. In sycsy csAe hefote When tha eAa
OF lb7a no man ioss lnoney en bsnk,nose, BECAUSE u
bank Es4tod On ~h4s xss not e1portAhls, ths
CREDIT or THE uStrkp aTATEs,
to peopis ds.ss IL .ise Il e1lsis Ie bss. 4 Il
suit. Is spote Of how b4nt. lid fsllsd Ia eye.
.s.a IL e oaea 9asa
wsA found IN the Btats of New H4inEshlrs tnae thc
| waa not snough specte to Fe1eeh tue outstahdiG
uotes- That WA tho mueh.ssantsA ai.ste-ply'.
aya ell. LII fesd statetnnnea of tue Discount
bxnk .noses In 1alg, whsn tho b4nk'hotes weta oo
sestibls tnto notu ~ thai yeAe ths NFtiah Fsfame
whsa spsois payment shoala H. resumed; !
had not unne 70 sAll tho sudeftngs Of