, 1875-07-12
He Demands a sagacious and Unainch.
ing Dilution Of Its Buy.
ing Power;
Believing that the Blood and Bones Of
tho Workingman Cry Out for a
Weaker Decoction;
And that Golden Baal Is Being Set Up
IN the Shadow cf Sinai Of
Rag-Money.

night. lie came upon the invitation Of neither
political party, but to address coterte OF iron
who arc ia distress. and looking |
for \ way out of their troubles. Tbs leaders Of
this little sci, which includes men Of both po.
lit,cal parties, are Stockholders OF the VallRy
Noiling Mill. = lArge rail mill built some years
ago. and which collapsed during the dull winter
OF 1879. T1eso iron men arc Inclined to favor
because they want, a. thor say, another
whlrl 10 enable them to sell their mill aud get
in out Of the net before anothos financial crash
comca. Judgs Kelley ia hiEh-tarir Republics
MI. tut in this speech 10 represents no o'le but
himself. Io spoke an hour and half. In sub
ssauce az follows: Ho waa not there in the
interest Of any organ Or party the question OF
finance WAS not one Of ratonzl but OF world
w1do importance. lie wonM not datain them with
the theories Of Hume, Ricardo, and other writ
era =; they could got thom from tho organ Of tho
Dullionsass, who sdhored to theory and Ignored
experience and tho facts Of current history. Our
history and tho history Of tho world either COD
tradict or corroborate his theory. He would
cali attention to three epoehs, extending over
tho majority Of those present, The htst decade,
preosding tho issue Of g.eenbaeks. was
ono OF froe trade and hard money.
Tho protective tariff Of 1872 had BEEN
repealed in 1876. Tho low rate Of revenue
then established had becn further reduced by
the tariff Of 1867. During this period lilo Gov
orumout received and paid nothing but specte.
and tho people doiudod themselves with tho ldos
that their currency was basod on gold. This
epoch would, therefore. tost tho result Of ifce
trAdo and hard mouey. Was it productive of
happy result for tile peopo7 It wAs time OF
perfect peace aud the public reyeuuo did not
equal tho public expenditures. sud, under the
administration OF ths Democratic party.
10 incurred debs Of 900. .000, 600, and
tho public credit was aunk 90 low that, whom
Secretary Cobb went into tho markets OF tho
world to borrow $5.o00, 700 on what no nov call
graonbaeks, viz, Treasury notes. ut poE cont
1,o1 month, he could obtain but half tho ruu. Il
was clearly not prosperous period for tue Gov
crnmenE, and how wRs it Tor the people7 Tho
uso Of iron per capita is said To bo the beat test
OF tue civilization Of apeople, and In one that
tho eeop'o Of the Mahoning Valley will accept
and What do stat!stics tail ua OF tho iron.ttsde
during this time7 The iron produced In 1854
waa 7l6 6674 tons; in 1866 754. l78 tons; Ia 1861.
IN increase in tue tirst and last two years to
haye been 47,oUu toua, ln tho United States
wagea decteaHol and employment pecAtne mora
ec.rcs, and 1857 tAo delns,on that tho currency
os thoOhtoTrust Company aud pennsylvsnlA
ipg instltutious .~ithin week. Not. ouly
weso vagea low aud employment soarce but It
gfauis aed from tho country by hundrods of
Thousands, and tho farms aud workshops OF tho
country wcre under mortgage, and tlo people
idle except ths shosan md the pslutcs OF Lis Nd
yerttBenluutY.
Judge kelley then called attention to tue next
decade. THIS waY characterized by tds seces.
B!on of dfteen Of tho most fertile States, many
Ut which arc rich in mineral davolopn,ent; III
tho iuost dotet1nlped civil war in history. ces-
pority. 10 obtain bullion MAS Impossible.
and tho uosernment determined, In
the language OF the day, 10 lsauo ~ lrredeemA-
isauo Of $50. .0o0, 900 wore convertible into Gov.
ernment bonds It tho option Of the holder, and
II this sysem had continued cur currency would
10 tile hAms - tho lrradosmable nouey OF
| Flauee which has mover bean q per cant dls-
count, 1t uas tho ropudiatloa Of our own paper
money that made the gold premium AsId matlo
tho War cost three to four tllneH. as
much ~ it otherwise would havo dono:
When gseeuhacks were issued thS ,. fsflns 1M
| undcr mortgage; tho working people had been
| robbed Of tIeir homes By enforced tdionesa and
| low rates Of wsges. With tho coming Of green
| backs and tho domAnds Of tho uoYeEunont thete
was work for everybody that could aud would
| workshops, aal au unpsra!lelcd tide Ut emi.
grafton sst lu. Az last ~ they came. there was
employment for all At steadily Increased ~.Eos:
vas 1as In remsrEao1o contrast With the
previous doeade. whlol! was. ~ ls1a
G3l,s63 tons in ls12, s5lo53 tous. ls71nents
Hers all cash bRnka had no paper to dlacouue !;
fArtna aud workshops wero fles from 1nortgaxe
Tie reyonue Of the Government WAS simply alf.
fcient, aud It was conntsut complaint that M sns
Secretary Of lhs Treasury would keep 4l9o oo0, :
| 010 gold living Idle In ths vaults,
Ths Judge thsn to 1amSs wa ~ no
| traction. he a4kea the workngman II thsy
wars nj smplo,ed. Thsy auswerea
No" Have ySa , snns,sa J.. Iouap.,Nn t,s at
| and many OF you are Idle, and this is the condi'
| ton OF tho working uiAases generally. hacA'neFy
| stands Idle, aud wataF-powor Iaus 10 wasee, but
/ tho interest ou mortgkges still goas on. ForKes,
furnaces rolling -oltlls ininos aud other propott1
the bhet,fYs' hands,
dap esnton aud found It in tho rapid contraction
OF the currency. At The c.oae ef ths War ths
purchaser Of supplies, but tue return
Ut 2,00u.00 OF ths s1my to evil smploy yment
would soon have rc&nItnased eAdh pfAnca oi
bua,pesa, and tho tsue policy Ut the 0oveEnmsnt
xks to sustain ex1stiug vAlues. keep shs volume
Of the currency unalta1ed, and pAy tue Interest
on tbs nas,oua! debt iu the sano money 1t tool
from tho tAz"p4yers. Iuss under crazy ue!o.
slon. II adopted tho reverse Of this policy, and
stsovs to pay IL paper obligations III gold, and
to redeem gold back BY ~ isaus Of nav oonda
Tbs xesu!t " that the tAnks OF the
country hold mora g1ssubaeks and more
deposita than aver bsfozs, sud our mil!a. fur.
nares. and faosniea Are idls, and that morf
hard 1Ahortnk men axe Irving IN want than evsl
ts1u4s ~ ku0 Uultsd HtAtea. Facts p0tat tt
pis! T., lid o.l' ,nvssii. ..d ,n = win "xrss
n1th ns, ami a-snlst4sa, AxA tntlnsts shAt " ~