The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-03-04
JUDGE KELLEY'C REPLY TO
BLAINE.

argument before the puOnc on the money
question Mr. Kelley begins by denying
that the Republican party is unit on this
important subject He then draws vivid
picture Of the distress which he found in
his own district when be returned home
at The close Of the last session Of Con
gress The Chicago Tribune, when replying
70 this, says that il is the protective tariff
which has caused all this suffering. The
corn law discussion in England was carried
on by the same system of deliberate lying
A terrible condition Of affairs undoubtedly
existed in England after the passage Of
Peefs resumption law, Just as a terrible
condition of affairs exists in our country
now in consequence Of the passage OF the
resumption law. In England they said
the suffering was caused by protection,
and already that stale lie has been re-
peated in this country by many papers.
After protesting against Mr.. Blaine's
assumption III speaking for the whole Re
publican party, Judge Kelley takes the
ground that the constitutional right Of
Congress TO issue paper money has been
settled beyond all controversy by decis-
ION Of the Supreme Court. The Chicago
Times objects to this, because Chief JUS
tice Chase, when he had the Presidential
fever so bad he could not sit still, once de-
cided a similar question exactly the other
way. If the constitutional decision was
rendered by packed court, as the Times
says, the unconstitutional decision was
rendered by one man who was over-an1
ious to secure the support of the money
power to foist him into the White House
To a certain extent, il is true that both de
cisions were rendered by packed court.
The language OF the Constitution is SO
plain, however, that no one can mistake
the meaning who is not gold blind. The
Constitution gives Congress power " to
coin money and regulate the value there
Of, and no amount Of petifogging can
evade OF modify this provision OF the Con-
stitution. Judge Kelley supports his po-
sition that Congress has the pc wer to issue
paper money by many citations Of facts,
by the opinions Of Hon. Sydney Fisher,
Alexander Hamilton and others, and
brings strong array of testimony to sup
port his position.
lie then considers the point raised by
Blaine, that the government gave solemn
promise that the ejaculation should never
exceed $500, 900, 900, and shows that
Blaine $ statement is mixture Of truth
and error. He reminds the Maine bullion
leader that greenbacks were originally
rsdeemable IN . per cent. 800 bonds,
and that the Wall street lobby had pro
cured the repeal of this funding clause
which made greenbacks irredeenable
Judge Kelley also shows that this pledge
Of which We have heard 80 much, was
never made. 1t is rather strange that the
the language, but. have never told rs
where it could be found on The record
Judge Kelley then shows that the fluctu-
atoms Of gold had no appreciable effect
upon the the price Of real estate or mer
chandise, and even quotes passage from
Blaine to show that Blaine himself knew
that the gold fluctuations did not 60 be
yond the precincts Of the New York Gold
Exchange ; and to prove that the price Of
gold was not governed by the amount Of
currency III circulation, the Judge gives
the circulation and the daily premium on
gold for the year 1864, 1865 and 1866
We have repeatedly raised these points in
this paper. No bullionist has ever at
tempted to answer them, and they never
will.
Judge Kelley next reminds the bullion
lists that the national banks were the first
to suspend greenback redemption when
the panic Of 1873 came on Instead Of
paying out their legal tenders this stump
tail banks issued certificates of deposit,
which at once went to discount, whereas
greenbacks could readily have been ex-
changed for ). 20 bonds with accrued in
tsrest at par The O. 20 bonds we're then.
as now, above the par Of gold Theoret-
cally, greenbacks were worth, during the
panic week, from l6 to % per cent more
than gold, for that was the value Of 20
bonds, and plenty Of people we're only too
willing to give 80 bonds for greenbacks.
The bullionists do not like to remember
these facts they are facts nevertheless,
and Judge Kelley will receive the thanks
OF the people for bringing them to the
notice of the public.
The Judge next points out the fact that
when contraction commenced, the infla-
ton OF bank credits at once began. The
Chicago Tribune, in reply to this part of
the speech attempted to show there had
been no contraction. We have met this
point two or three times before, but as
the Tribune seems determened to
VIC SHtl demonstrate
very clearly that its article was a deliber-
ate falsehood throughout. The Tribune
states that the currency outstanding June
80, 1868, was S565, 900, 900, with a pur.
chasing power Of 1884, 200, 900 in gold.
On the Both of June, 1873, 1t was 1921, J
100000, with a purchasing power Of
1920, OOO, 900 in gold. Let us see how the
Tribune's figures agree with the official
figures. On page 800 of the Finance Re-
port for 1874 will be found table Of the
comparative circulation outstanding on
the 3Oth Of June Of each year from 1862
to 1874 inclusive, from which we learn
that the circulation outstanding in 1865
was s698, Gl8, 500 25, and in 1873 it was
4ADl 521 267 Oh NJ -. L /,