New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-02-21

| least Of equal value with confederate money Tn.,.
of sysn TS are in
commercial failures on record for 1873, and co22
number ~V fsr exceeds that tor Of aif ss lsae
| period OF last year. The gentleman from Psnass
SyvaDa attributes these disasters In large mea.rs~
to the contraction OF the currency under the resimns
bill OF last year. But he s greatly mistaken lie m,S
TO the amnesty bill Of his colleague not yet and ,
VIII undertake. To prove that called upon to eitser az
the committees having in charge the phiosophica cur
Icnoy vi the gentleman.
A few words more and / have done. On the 18th a,
December, 1865. the House OF Representatives Of ~
XXXVIith Congress voted, LA to Ga very Significant
yoteto its everlasting hon +. 10 hdraw legal tend,
hot intend to say anything extravasaDt Or sensational
here but when that law Tor contraction Repealed
500 | believed the act repeating it would cosi ne
country than tho for the Union cost nm "a
that time am now that was right In that opinion
MR.. KELLYs SPEECH FOR PAPER MONEY.
Mr.. KELLY tsep Penn.) addressed the House on thu
opposite side OF the question He spoke at greater length
than Mr. Cnlttenden and during his speech quoted freely
from Sidney. George Fisher and Alexander Hamilton also
from Dir. Blanes late speech, which he answered and
cited several long tables showing the premium gold
during 1864 1865 and 1866 The following extracu
from lis speech:
The sad condition of my constituents. who mostly
skilled woIklncn, in establishments involving hundre,s
millions o. capital invested in land, buildings. maehia-
cry, and materials, wnen returned To my district
at the close OF tine XLiIId Congicss alarmed me. It
seemed TO imperi the welfare OF my country and the
continued supremacy 0f that party which hd boughtn
stcy through the great piOtlacted liid Dy Datte
WHOM Was nnaly To determine that the United stats
constitute nation 10 which American citizens owe
primary allegiance la the presence OF TINS grave appre
lcnsOn 1 devoted time IL cnccIOfWaId tIIl the
assembling of this Congress 10 the promotion,
sentiment as would rescue the Republican party nom
responsibility Tor "a financial policy WHICH was inaug
Hugh McCuocb, and which has parayzcd the energies
OF mo American people deprived enterprise of Held
ior me- eTer pe 81 Sl 1.Si :' r st I 1s
value every species OF property save unaxed Govern
mont loans, thus DanArupung solvent Manufacturers
MERCHANTS, DiiheIs sa'lh?s Dis ana otts COT pOIs
tiJs which has ROBBED Od lncn OF IN" stfncd IcsuIts
OF long lives OF industry, Thrill ana probity, ana
pursuits in manhood by booming T. to enforced
ing mechanics to poverty, and Industrious .aOor
ers 10 paupensm; has added iearniy 70 tie iist u
eisAr patients. anu opened as tciI only refuge statOn
houses and houses 81 correction ~ thousands oi men and
primal could tney ne permitted u earn Their
bread IN sweat Of their brow between the gentle
and self there be cooperation ON this sub
Jcot, ma here and now. IN The name OF more than nl
Lon of republicans Who asciiDe all these terrible cose
queno To the attempt VI the Government VI doctor
naiiOr, Who's debt largely held citizens of foreign
countries effect the resumption Of specie PAY nents by
stlicted iOr the demands Of our traaeiD their
1 protest against his right 10 speak in Ibis be-
hall for the Rel uDcan party anil 10 exclude irUm lie
folds whatsoever may dissent rom the plausible vu I'm
Practicable dognas formulated ~ scnooIIcn aud aDsa
tOusfs which ensaye his quick and powerful Intellect
AMI against his right, when assuming 30 TO speak, 70
which the dcbtor and laboring cls ss are bcn. ruin.
lessly destroyed with demanding the perpotuatn OF
irrr'ieen.bc paper currency, and with AGING tho
honor Of tAo Government and the PROSPERITY Oi Tie
American people.
Is tuele any doubt u the constitutional power Of Con-
establish pa money and make IL legal teDder
THe supreme Court OF the Uu.te1 stats sOtod this
IA stiOn ~ COnI ming the oIlIlisy lie Aes
reirrIcd 10 by The gentleman ana in dUig 50 left no
such eloquent but Irrelevant suggestions IN
gnoiing language imputed TO John Milton NCt only
GOes tie Constitution empower Congress To emit suen
money but lays upon 1t tine duty Ia 40 II when the ext
Scn"luo al the people ar Government require, as IL had
leaGy tw,c done III time ~ peace ami may be com
iCcd ~ OF several causes To do and rom time
Ia lm,. Mr.. Kelley goes FROM ms point 10 make .
iog al guont Oh the power OF the Government TO Issue
paper money aud make il legal tender. quoting
GUS authorizes. He Gheu siid
Tie law limiting the volume Of legal tenders to $3.50,
100000 SJOOOO,OOO VI which be- held in
ior eieIg,he'os was approved March g. 1868 aud tho
volume 81 l,sal-snIer notes steadily increased gnl
abou Aux 81 500 and stood FOR year tEere Ter above
e4OOOOJvvV Iho volume outstanding on the oOth OF
June u eae, OF he yoals was o..
Juns % lo6i.... tiJOJlO15
Now, iii, 1T Bang 10 the test OF experience tns
Theory hat 'ne price OF all commodities including gold
WAS TO ulAtcd 10y the volume 81 lesa.ners IN err ua-
liOu. IL viii mol bc dilct 10 Apply tie test Ia ofdr
that gen rmcn may suy these facts VIII hand To tne
reporters u!sc ton an exhibit Slowing the premium
- gold IN New-lork for tho months OF june, ~,
August ssp;enibcr .rd Ocobrr OF te years 1864. 1850.
ami lsUO. During jay, 1864. the premium RANGED nc
l6O4 TO $50; ~ Jn,y 1oCo' lyh 70 1's, WINE u
ne same month o $500 IL Reached - on put ole Gay
daring tie hrst twentysx days Of August. In 1854 II
never san 80 low as 10 dniia% INC entire month OF
iO aud liz general RANCE was from a. Is Ia 5-ai Durns
o. August, lNDD Niith, a. LdNo SAIL tuo
lc-ah-tridcr money oi n country was al Us MAXIMUM
u bat once, ana Tor ow minutes Only SOFA up u 41s
vi IA no ot.e, sale that was not below ID.
Passing on then. to propose his own hnalell scheme.
he dcyotes fuy onohaf his speech to That The follow
ing extracts cxhibit MS position:
TIL pan and my col horers suggest could produce no
shock, aud conld not miaio tbs currency II tL.s;
The Untrd States Treasury Is !ho redemption agency for
tie banks, aud would have IL retain All banA nOies
ihat come in until those of any bank should zach the
amount 0i 5000. when, instead O return is rs nnts9
bank, the Treasurer should carry 10 ,hc books AMI
vaults Of tnr Treasury $500 IN leg'"ndcr noes Of IKE
denoninat!' n WIN the bank noes cinecirl "hi dc
siruyrI. and return 10 the bank igst al OF 800 a
Us SD ~ III lls D1hls depJt' % 'ci tue pay
idrni or lis notes Thus would the Govern n"lt a'sdne
IL rOeaNc q! Issuing the money ~ he codty VIII
ou disturbing tie business OF any bank, b.lS p.
chant IN tie country The operation wonii neither ln'
nac 10 contract he currency, but woud withhold from
itch enough 10 own and depos bonis ts
special wi,e-e Of dividing with 'be Government us
highest prrngaiiye, tha Of coming money AID IeaiF
hating tie value iner 0i, aud the s@OOOOOOO IN gold now
paid them for exercising tn privilege.
In the remarks mai the honor - make 10 the House
ol illustrated tie myaiable law that the eNpini1p
private cciii ways en,es upon con isicton OF the
banks ~ Now-YOrk from 1855 % 1913 elusive. Pc a
m 20 invite your attention - part al what q std
msi isiacant on Ills rort ii tail 81 tho io,rs ard
Lon he CAP TAI IN surplus the na, nal ,.,ss and
Qcohr Ia each year. from Ociohr loo 20 sept ~ loi1
galrendrr slS,OO .OJ0 IN 1873. lie : g..
mi tS rcrye hal shrank irom - o. 100 g. S5So@G
lus Is shown dat az yog contract he money you nsas
iucr~ bnil ing. said. inverted pyramid Which, se'a
1921 H. diving all 3t lot The
Los,s AUDI capital and Individual do Legalt ndcr
7Sso DO s. 5 i'lts "a slSs
S06. 80 .l47.5O3 46s,o3o2to - 20 1913 . looil
rs Gu9G7A,2li i~G, q ,uy2 5GS 2l2,37 H. $4,000
Dos. 5i,6cSSi7 4a~,62!,2f2 d g. $3.50 li6W1-Oi
lsHJ 6S2 - LOO 5O1,J54,ls5 52O29 .9l l2g.5Oi.-yJ
I,!O rs J9a O,O ga 400, 20 81 7o,.7JS l22.o6,1U
IoTl s3l, 5J9.abS307 CO ,.TsU2l l5l,L .5j
ST2 52nlOi bs9.s coo O2l7Or,3OT 1881 los
$50 94.2-UlI IL A, S1,ll5 O220s5,J63 lls, 1851
utn,I,Avii wsl do Vel ~ examine otter itatles of
TIL, aD.o tI.n those 10 which tA,n referred. Ihey
NIL uv. .co Lit ia 1858 the condition OF the business