Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-08-13
KELLY ON CURRENCY.
An Answer 10 Morioa by 3 Republican
who Knows what He IL TsIkiBK
AbOut-Bad fer B0lIIO lists
Everywhere.
EEgIf Price and HIS Lecture The Re-
EumpIiOnfsIs Responsible for Hard
Times-Ue Must Have More
Greenbacks.

INDIANAPOLIS, August l2.-HOn. w.
d. Kelley addressed a large audience at
ExcnGnge hall ia this city last night, on
The question OF finance and currency, in
response TO an Invitation from large
number of citizens, irrespective OF party
He began by referring to the prevailing
distress and commercial arrangement IN
England, ior which the rapid little fsl-
low, Bransm Price, could give DO salts
factory reason when Intercepted there
for by an Indianapolis editor. He
charged Price with doGging the ques-
ton by asserting, in a vague term,
that it was produced by the reckless
trading, extrRvsgant and unproductive
investments, anu charged the whole re-
spOnsIDllity upon the inflated bank
credits OF haTd-money England, where
the people were compelled TO use credits,
based on bank discounts, in lieu OF d
sufficient volume of the current money
OF the realm. He snalyzsd the English
system OF currency, showing that its
primary basis was on practically ire
deemable government obligations to the
amount OF seventy million dollars, and
only the amount Of notes in excess OF
that sum were required to be redeemed
in cola. Judge Kelley charged that
basis, England was compelled
to periodically suspend payments,
aud sufTered continual perturt atoms
from the varying rates Of discount when
not il actual suspension, which pro-
duced ever-recurring crises and CONNER
cal ruin. Our government, in deny
ing the people a sufficient volume OF
iegal-tender money, was forcing this
nation into the prac ice of still more
sbOmInaOle system, whereby ali indus
triOus enterprises was laid under tribute
to the issues Of inferior bank credits,
and suhjectiug them to the continual
drain Of usuriOus interest, with ineyita-
bic bankruptcy in the end. He denOm-
mated Governor Hays as the bullion
candidate for governor IN Ohio, and in
dOr5ed his recent description Of the
effects of alternate mutations and con-
fractions, but yehemently charged the
responsibility on those who would cur
tail the leg8l-tendeT currency and substi-
tute bank-nOtes and bank-credits upon
the ignus fdtuS OF a specie basis He
then reviewed at great length the eXpe-
Tience OF this country with the specie
basis banks Exhibiting ten.pOund
volume OF IhOmpsOn'S Bdak-NOte Re
porter, he quoted cOpiOusly to exhibit
Il e beauties Of the system. He passed in
review the financial history of our cOun-
try from 1903 to 1874 to prove the utter
inadequateness of a specie basis system
He replied In glowing terms to the suf-
terings OF The English people under an
insane policy Of specie resumption in
1922 as warning to the people of this
country of what they might expect if the
act Of last January was carried out. He
demanded the repeal Of that act, which
he denounced as an act of less refined
and more absolute cruelty than the
English measure of historic infamy. In
this he stated his clear antagOnism to
the views OF Indisna's distinguished
senator, Governor Morton. He eXtOiled
the greenhack as the best form of credit
that God or any human government
had ever yet devised or made possible,
and such credit is the proper foundation
for currency. Referring to the tramps
so viciOusly denounced by the public
press, he pronounced them to be largely
composed of industrious and ygell-mean-
ing mechanics robbed Of their employ
ment by vicious legislation, and forced
from shame to beg bread among
strangers. He closed with an eloquent
euiosy Of the gTeenback and inter-cOn-
vertible bonds system of currency. Judge
Kelley was loudly applauded in many
passages of his speech, and made pro-
found impression. He goes from here
to Chicsgo to electrify the infiStiOnists
Of the northwest.