New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-03
JUDGE KELLEY ON RESUMPTION.


sEKMs, BUT THAT RESUMPTION 10 ExPEDiENi'
TBY TELEGRAPH To THE rRIBUNE
WASHINGTON, Feb. 2.-The opponents OF the
Resumption act have been somewhat excited over 'e
proposed message of the President in regard TO return
TO specie payments the first OF next month"; auu III
spite OF the interest in the electoral count when over
shadows all other subjects, they have devoted
considerable attention to its discussion Judge
Kelley especiay has been looking INTO the
matter. He says he thinks that the fresiueh'
ia mistaken in his facts and conciusiohs' pu'
believes that modification Of the law so as 10 Tx Tue
time resumption the LIST OF March next vi
the LIST of sanuary 1879, would be act OF humanity
because in his opinion would be precpating the Crisis
the shadow of which has destroyed confidence and
parayzed production, and will give the people reei oh
nearly two years of suffering which Is before neh el
the act rs 1t stands. II he could be convinced vi
the impossbity Of repeating that act he would vote lor
such modification; in his opinion the tendency OF the
financial status of the country not the President
thinks toward specie payment but In an oppo-
site direction We had last year, he says an appae".
balance OF trade in favor greater than the
has claimed Mr. Kelley has received within three DAYS
from Dr. Young Chief of the Bureau OF statistics, q
statement OF the imports and exports for the calendar
wear 1876 in gold values which shows an excess
OF exports, including merchandise gold, and siVer OF
SIs5 sS5 l45 but this statement is deusve hecause
omits an important factor, to wit: the export OF our
coinbearing bonds. which has been very large Inc
10 nav 1850 900 600 annually in COIN or that which VIII
produce coin or it's equivalent, in foreign markets
before we approach the question OF commercial
exchanges as exhibited by tables OF exports ana
| imports; indeed, $25O,O0O,0O0 is moderate esu
mate of the interest United States State
municipal railroad, and other corporations, and
the sums transmitted annually to Europe from dneient
Investments in country and to the expenses or
travellers Europe IL this be true there Is an excess OF
from sos 900 $50 100000 to be provided Tor
when a balance Of trade amounting TO $1s5,OOOOOo
exists and tins has been done by the ship
bonds the mortgage OF transfer OF ntle 70 ii
proved and productive property in large cities our toa
import of and bullion from all countries during inc
calendar year Just closed $34479397 and none OF
that which came from England was In payment ior the
purchase OF commodities The business OF England
said the Judge terribly depressed gold is not worth
one per cent per annum in London the supply on hand
IL not needed even to maintain the reserve
of the Bank OF England, and 40 our AZ D.
and per cent bonds always marketable In that
country Whenever the home trade shall revive SUM-
centy give profitable employment 10 capital THESE
bonds will be sold Judge Kelley thinks that IL il worthy
OF remark that we are exporting not only by reason Of
our wealth. of poverty Ii Is many years since
the production Of manufactured goods in this country
was as small it has been during the past year
Judge Kelley thinks that the Presidents proposition
to sufficient gold by the sale OF bonds at four
per cent with 80 years to rum to fund legal tenders
wholly impracticable. Secretary Boutwell, publishcdthe
fact that when the Syndicate had sold S2loooooo OF
bonds I'm England, the Bank OF England intcrp0sed
against the removal any part of the sum in coin and
our Government compelled whether it desired to or
not to invest the money in United states bonds In Lon
don If the removal of $21oo0,Ooo OF coin threatened
commercial crisis in London, what would be the effect
OF anything like a successful attempt on our part
10 accumulate from. 100000, 900 TO S4OO,OOO,OOO
of godi But, says the Judge, President Grants own
administration has furnished recent and stronger
illustration of the asurdty OF this notion for In con-
nectlon with the foregoing statement Mr. Boutwell, en-
forced his views by calling the attention OF the Senate to
the that when the Geneva award which was but for
Sl5, 100000 10 be paid, not only the Bank OF En-
gland but the British Government interposed their i'll
huence to prevent the withdrawal OF large an amount
Of specie and in support of their position they affirmed
and convinced Government that the commercial
trously not only throughout Europe but in the
United States If the President will carefully con-
slider these facts, with which he Is familiar
he will see that sell bonds for gold To be boarded
would not only impraccble, but would increase our
interest account and if only partially successful become
OF contraction as would Cncctually dly
of revenue On winch the government II
dependent, by dcrangIng only own commerce
but that the world. However" added the Judge IN
conclusion, believe that the man who took the dogs
tail stroke OF the instrument more humane
his neighhOr who unwilling 10 lnfct 40 un pam
at once took of that OF his inch at time; and that If
we are faed 20 through the bitter experience III" En-
glsh endured under their act providing enforced re-
sumption il would be measure OF humanity TO preolp
the crisis BY adopting the Presidents suggesuon'