The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1875-06-15
Judge Kelley Thinks the Treasury
p Is ON the Verge of Bankruptcy.

lis ON the Verge Of Bankruptcy.
Washington Correspondence, June 9Th, of
=. Chicago Times.] . e.,
Judge Kelley, of Pennsylvania, arrived
in the city to-day. He has been; examin-
ing very carefully the recent workings of
the treasury department, and he is re-
ported as having expressed an opinion
that the government is on the verge of
bankruptcy, and that the only way out
of the present. trouble is the calling of a
special session of Congress. The Times
correspondent called upon Judge Kelley,
this evening, at his hotel. and found that
the Judge was very ready to talk. He
aid that he believes implicitly that the
United States treasury department can.
not meet it's engagements between now
and the next meeting Of Congress. The
Judge vigorously secuted what Bristow
calls his monthly gold Sales "Why,"
said the Judge, sit is only buying of
currency. Bristow
HAS NO GOLD TO SELL.
1t is his business to hoard up all he
can get, in view Of his proposed specie
payment The judge then gave briefly
the reasons upon which he based the as
sumption that the treasury would be soon
bankrupt. He says that there has been
decrease in the circulating medium since
September 7th, 1874, of ten million dol
lars. Since January 18th, 1875, under
the act of that date. there have been is
sued $6,867 AGO in national bank notes,
and so per cent. of this amount in green
backs has had to be cancelled. Some
100000 of greenbacks, besides, have
also been retired. This all shows
what great drain Isl constantly being
made upon the circulating medium of the
country. Judge Kelley says that it is
impossible for Bristow to go on and per-
form the requirements ofthe department.
He has to buy silver to supply the place
OF cancelled fractional currency; pay out
money for current expenditures of the
government pay the interest on the ma.
tional debt, and retire greenbacks &C.
cording to the act Of Jan. IA, 1875. He
is very positive that nothing but bank
ruptcy can follow under the present con-
dition of affairs. Next month, he says,
Bristow will be out
IN THE MARKET AGAIN,
buying more currency, and further thin.
ming his gold reserve. He says that the
specie payment bubble must burst be.
tween now and the first of next January.
He says that at the next Congress the
President will come to Congress with one
of two propositions,-cither for increas-
cd taxation, or repeal Of the contrac-
ton system Of legislation, the Times
correspondent asked the Judge if he
thought that
THE FINANCIAL QUESTION
would be the most prominent that would
come before the next Congress. 81 do,
most emphatically, said Mr. Kelley.
"But there are the dozen investigations
that are already prepared p
SWELL said the judge, slowly, ''herc
is one man who will never serve upon any
more investigating committees. I had
enough Of that in Credit Mobilier times;
so will be there to stir up the monkeys
during the intervals, at least
The judge also said that he has now the
Almighty and the sheriff: S officers of the
country on his side, and only short
time will be required to convert every one
to his financial theories.