The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-21
Battle Raging Between Resump-
tiOnists and Inflati0nists.
ALLIANCE OF THE WEST AND SOUTH.
The Financial Poverty OF the Recon-
structed States and Its Remedy.
The Proposed Restoration OF the
Franking Privilege.

WASHINGTON, Jan. 20, 1874.
The Innatfonists Meeting the Resump.
tionisss in Fierce Array In the Senate
Granger influence ApParent i'm the
Alliance OF West and south.
The proceedings in the Senate became interest
Ing to-day by reason Of their suggestiveness. In
Ogiesbies speech during the morning hour on the
question OF cheap transportation he presented
petition for that contamination, saying the subject
was OF more Importance than france and while
he protested good republican doctrine in eluci-
dating his subject he looked kindly in the direction
Of the grangers He elaborated his argument that
the national government should take cognizance
Of the railroads. and that the constitution should
provide remedy for existing evils, by saying that
the prices Of western produce being fixed in foreign
markets. It was q question Of Importance to the
Western producer that we have cheap transporta-
zion from the point of production to the point of
consumption In his strong way he rung out chal-
lenge for the West, which was echoed by clayton
and Bogy in continuation. In an intrepid notifca-
ton to the Senate that the West was to be heard
and was not behind the advance guard from this
section. Coming with the same steady step was
the South, in the championship of Gordon, who,
With native eioquence, appealed in q granger's
philosophy legislative aid in the behalf Of the
agricultural interests. One might well say, as
he contemplated the gathering cohorts getting
ready for the boodless fray, This is indeed good
Day for the grangers.n AS the discussion OF this
financial question has touched no party lines. Of
course those In favor Of imitation as well
% their opponents, each anxious to
have o majority, were casting about
for such casual reserves as each might be able to
bring to their own standard, and yesterday the
West with fearless shout, hanging its banDers on
I'M nnto lilo coffc WITH cfro{p fho
genial elements, and as the South Hooked under
the leadership Of Gordon the cry was, "Still they
comep' in favor OF imitation. The hard moneyed
men looked to their laures, but the influence OF
Morton was at work to check them; and now,
while it has appeared heretofore that the Senate
were Tor the specie resumption or contraction
policy, it may now be safely said that the honors
Ire equally divided and that the views OF the
House will finally prevail in favor OF issuing more
currency. At all events to-day the climax was
reached, and, departing from the cautious general
ship OF Norton the contending forces from the West
have clearly drawn their lines, abandoned their
cover and ambush and stand out boldly and de.
nantly In battles magnifcently stern array. 1t
was refreshing to behold Gordon, Of Georgia, to-
DAY, when he rose on the financial question.
Gifted with native elOquence and confidence in
the mastery OF his subject, eschewing manuscript
he calamity grappled the difficulties Of his theme.
Gordon, who was late MAJOR General in the Con-
ederate army, and present at the surrender of
Appomattox, Is fine, sodicry appearing man, OF
erect mien and brstling with intelligence. He
spoke scholarly ana argumenrattvely, and at times
reached somewhat the ideal OF the grand advocate
Of his stricken and impoverished section. While
some doubts had arisen of his reconstructedness,
ne gave expression to such national loyalty and
deep feeling for the honor and dignity
Of the whole country as would war
rant the opinion that the stern school
IN which he had served during the rebellion
drought him out only the purer for it, like refined
gold. He tempered the discussion with such beau
tfu sentiment that one might have said 1t was
not case OF "hard cash" but sympathetic fealty.
In the course OF GordOns arguments which were
Eery good and mastery in 1gurative illusions, he
drew a painful vet practical view Of the present
condition of the South. 1t had become unproft-
able to plant cotton, and during the coming year
not more than One-third Of crop would be planted
The South was suffering for banking facilities and
currency. He ably reviewed the case as presented
by those who preceded him, and said the panic
was produced by the. rigidity, non-eastic-
ny and insuf1ciency Of the currency,
the system OF which had made us o
nation Of spectators and gamblers. He endorsed
the views of Logan and Morton, showing what the
III effects Of a return to specie payments would be
and what the benefits Of issuing more currency,
which would largely dow to the South and relieve
1t from the heavy interest, amounting to twenty
nve per cent, which 1t has to pay to borrow money.
He secuted the idea Of specie being preventive
against panics, and instanced the cases OF England
and France In the past. He referred to what Eng
land had done through inhation in the cult
walton Of cotton IN her Eastern colonies.
He closed with fine peroraton, saying that
It was time the agricultural interests of
GOufh CHI ooI
In the legislation OF the country. Concentrated
capital was hammering at the doors OF botn wings
Of the Capitol for hard money system; but he,
speaking for the South, was for more money with
an elasticity, convertible and interconvertible
and hoped the day would soon come when we
would issue such currency, founded on the credit
Of the whole country In conclusion he said that
the day the government issues such currency in
dollars not promises to pay, that day we would
have another Independence Day in enjoying an
independence from our own and foreign specu.
lators In gold. The effort was very fine one on
the whole, and significant in the extreme as show.
ing overly that the South joins hands with the
West and that the granger influence is
quietly but steadily asserting Its strength
and may be said now to hold the balance
of power. Chandler followed Gordon but If he
could be understood as saying anything, 1t was
that he was in favor Of more and better money,
but not in favor OF specie payments, and YET not
in favor Of infaJion It seems to be fact that he
Is in favor Of relief to the country by larger
volume OF currency; but his ofr-hand views cannot
be said to be entitled, from the enunciation made
to-day, to an abiding place in the arcana Of poht
cal economy. He spoke some wholesome truths,
and said we were too rich nation to initiate the
worn out nations OF Europe; but beyond saying
that he was opposed to increasing the volume Of
currency, no exact idea could be obtained OF how
nc stood on the question OF the hour. BrOwnlow
sent his speech to be read by the Clerk
mis- paralyzed condition not admitting his
oral delivery of 1t. He was tor infation The
specie resumptIonsts are having consultation,