The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-12
INITIATION TALK.
Mr.. WILLIAM D. KELLEY's LECTURE AT THE
COOPER INSTITUTE.

Mr.. WILLIAM d. KELLEY's LECTURE AT THE
COOPER INSTITUTE.
fair audience assembled in the Cooper Institute last
evening to hear Mr. William D. Keeys lecture
FINANCE under the auspices Of the New York Board
Of Trade On the platform Mossrs Peter Cooper
Plny Freeman, Theodore Tomlinson, Frederick A.
Potts William H. Morrell, Congressman Willis Eugene
Beebe Andrew Gilsey, Robert McCanerty, Richard
Schell and other officers Of the Board Of Trade The
speaker was introduced to the audience by Mr. George
opdyke, President Of the Board OF Trade.
He began by saying that the occasion afforded him
opportunity Of serving cause which he believed
involved the welfare Of his countrymen If there
were anything in the lunacy with which he charged
he had extensive kindred. His object
tain what money and TO show how British and
American commerce had been reduced TO
species of gambling He disclaimed any
claim to originality. All he had to tell them
learned from Others To Horace Greeley he greatly
indebted for many of the suggestions he might Offer
Gold is not money, silver paper but all have
been used as the material Of money. They have been
used by nations but they have been frequently changed
without interfering with the value of the coin No
fixed amount of gold or silver embodied In a coin is
money Money is the creature of law In different
countries II is variously expressed Its crucial
where II is declared payment of all debts within the
limits of the country where II ordained AS an Illus
tration, for nearly 500 years the paper of the
Bank of Venice commanded premium over gold and
silver, and when 1t thirty per cent over gold
law was passed prohibiting the paper from going higher
than twenty per cent above par In commercial crisis
what men went Is legal tender. In Calcutta in the
year 1854 silver the legal tender and gold dis
regarded In Germany to-day you can pay debts in
silver but after January cannot 1t silver STILL
and why IS you cannot pay debts IN silver Because
that money the creation Of law Paper and gold will
not circulate coinCidently IN the country The
notes OF the BanG of France full legal tender The
government compes all its people their notes
as legal tender and the result is that gold silver
and paper circulate coincdently there-circuate
on the same level The circulation in France to-day is
S469 000 600 legal tender silver and ST. $50 900 gold
The trouble with this country to-day Is that green
backs are not full legal tender The Senate OF the
United States listening TO the voice Of the charmer-
the creditor OF the country abroadamended the House
bill and compelled the interest of the bonds and the
dues at tho Custom House to be paid IN gold He
could never forget the bitter tears Thaddeus Stevens
shed when he saw the disposition OF the Senate 70
favor the bank monopoies and to compel the who
fought for the existence Of the Union TO be content
with greenbacks while the foreigner gets his interest
In gold. IL was this policy that has made the gold
room of Wall street the vampire Of the country and
made such people as Jay Gould and jim Fisk possible
FUNCTIONS
The speaker asked what The functions of money!
1t was the tool by which values transferred from
person to person IL was circulating medium that
might be compared TO the life blood OF the nation.
There should be enough OF money in nicely adjusted
find it their interest contract the coin of the
realm that their rates OF credit may be advanced Ho
did not favor either extreme imitation
traction, and he thought extreme imitation the worst
evil of the two. He was no indationist, but what
he wanted was system OF money that
would meet the varying demands of the
times. What needed currency that
would contract and expand to meet the wants of trade
To call demand for more currency to move the crops
imitation entirely unfair. He referred TO the opening
of the and insisted that only Tor paper converted
into money decreed legal the North could never have
carried on the contest Here the speaker launched out
into brilliant picture of the prosperity that reigned
throughout the country after the introduction Of legal
tenders during the first year Of the The sketch
attractive TO provoke enthusiastic applause
from audience that no doubt found the money
ket extremely tight
Mr.. Kelley went into history of the greenback
movement, Of Mr.. Chase's calling for $50, 900 00o
quoting his expression that ''the Treasury OF the
government made the savings bank of the people
Here the speaker, referring again to Horace Greeley
went into long statement to refute the arguments
against him made by the paper which has ceased to be
conducted by Mr.. Greeley. He concluded his speech
m