The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1875-07-20
Extract from Judge keliey'S
Speech at Youngstown, Ohio. =
The Prosperity Of a Greenback
Decade.

The night of the 10th inst, Judge W.
D. KELLEY, prominent Republican of
Pennsylvania. addressed the iron manu-
fac!urers of Youngstown, Ohio, who are
in distress, and looking for way out of
their troubles. We extract his remarks
concerning the last decade:
"Judge Kelley called attention to the
last decade. This was characterized by
the secession of Is Of the most fertile
States, many of which are rich in mine
raj development. In the most determin
ed civil war of history, certainly not a
promising outlook for prosperity, to OBJ
tain bullion was impossible,and the Gov
ernment determined, in the language Of
the day, to issue an irredeemable cur
rency, to be known as greenbacks. The
issue of $50,000,0 was convertible into
Government bonds at the option OF hold
ers, and if this system had continued
our currency would be the same as the
irredeemable money of France, which
has never been at 2 per cent discount
1t was the reputation of our own paper
money that made the gold premium, and
made the war cost three to four times as
much as it would otherwise have done
When greenbacks were issued the farms
of the country were nearly all under
mortgage. The working people had
been robbed of their homes by forced
idleness end low rates of wages, With
the coming Of greenbacks and demand
of the Government, there was work for
everybody that would work. Our own
country could not Gil our workshops, and
an unparalleled tide of emigration set in.
As fast as they came there was employ
ment for all at steadily increased wages.
The development of the iron trade was
in remarkable contrast with the previous
decade. which was, in 1852, 6S7, 1858 tons
In 1872, S74.55S tons. Payments were
all cash. Banks had no paper to dis:
count. Farms and workshops were free
from mortgage. The revenue of the
Government was amply sufficient, and il
was constant complaint that the Secre
tary OF the Treasury would keep one
hundred millions of gold lying idle in the
vaults. The Judge then proceeded to
examine what he called the tragic farce
of resumption by contraction. He asked
the workingmen il they were all EN-
ployed. They answered, mo- Have
you suffered reduction of wages
Yes From one-third to one-half, and
many of you are idle, and this is the con
dition of the working classes generally
Machinery stands idle, and water-powel
runs to waste, but the interest on mort
cages still goes on. Forges, furnaces
rolling mills, mines, and other property
are destined before another year to pass
into the Sheriff's hands. sy9E
"The Judge then considered the oause
of the depression, and found il in the
rapid contraction of the currency. A
the close of the war the Government
could no longer be so great purchase
Of supplies; but the return of two mil
lions of the army to civil empioymen
would soon have terminated each brancl
of business, and the true policy of th'
Government was to sustain existing val
ues, keep the volume Of the currency un
altered, and pay the interest on the ma
ttional debt in the same money it tool
from the tax. payer. But under crazy
delusion it adopted the reverse of thi
policy, and strove to pay all paper obi
| gait ons in gold,and to redeem gold bacl
by an issue Of new bonds. The result 4
that the banks Of the country hold NOR
greenbacks and more deposits than eve
before, and our mills, furnaces and facto
ries are idle; and that more hard labor
ing men are living in want than ever be
fore in the United States. Facts poin
to these deposits, and say that money i
plenty. and call myself, and those VIII
agree with me, sans culottes, and init
mate that we are capable of the mos
atrocious crimes that characterized tn
French revolution. Some may ask VIII
our contraction has affected England
Germany and Austria, and say that thei
condition is as bad as ours. True, an,
from the same cause, the worship of tn
gold dollar. These countries have cor
tracted the currency by demoralizin
silver f @.4f
"Judge Kelley then spoke in regard t
assignats ard Continental and Confede