The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-20
sHINc on.
The Struggle for Initiation
in the Senate.
The War Cry, THE West is
To Be Dictator"
REDUCED ARMY ESTIMATES

Details Of the Proposed Postal Banking
and Telegraph System.
WASHINGTON, Jan. le, 1873
The West Warming to the Struggle for
Innation-speech Of Mr.. Wright In the
senate-Thc War Cry Begun.
In the Senate to-day, after the morning hour
Senator Wright, of Iowa. took the moor and dis
cussed in speech an hour in length the bill under
consideration for the resumption of specie pay
ments He commenced by reading the Senate
such tart lecture as to the manner in which the
question had been previously discussed as seemed
to cause most OF them to retire in high dudgeon
from the Chamber, ana to seek the outer limits to
sneeze on the snufr Of their dissatisfaction in the
open air. He said the debate had graduated into
an artillery OF words, tire body had become grand
polemic school and the prophecies OF debate had
degenerated, and II those around him, more able
to lead than himself, would direct The course
70 Q remedy he would follow. He had been
not little embarrassed, as well as amused, at the
tebate, the arguments in which had seemed more
10 darken than throw light on the question. He
referred to the two different plans proposed to
meet the case-vZ., contraction and eXpanAlon-
IN which no one was decided, and, firing shot at
Sherman, said he did not provide any remedy. He
thought common sense better than astute theo-
Nations and that the panic had no more to do
with the currency than the balance pole OF rope
hancer, the night-blOOming cereus or last years
BIRDS nest. He thought the real cause existed In
Inc spirit which had possessed a nation to live
~ our wits and the neglect OF the mechanical
srts, driving us on, as In steepe chase, IN mad
aening race to get rich by an Oroide counterfeit
watch system, playing kind Of roulette
gambling in stocks which were watered,
Or by stealing railroad. He took quite religious
view OF the reckessness of our people, and in a
rhyming coupiet fgurativey gave weeks account
Of the progress from sudden wealth to Saturday
night penniless condition, and nnally compared
the practice Of Americans to the Mississippi River
custom OF racing and blowing up, which they
we're bound to do to be Americans. He said
neither gold nor the s0-called irredeemable cur
rency was responsible for our present condition,
but it was caused by our living too last. Warming
up with an assertion chat the past twelve years Of
our history had shown SO much progress In our
workshops and farms, he took or his cravat
heatedy and said, with emphasis this had
been achieved as never before by what
the gentlemen were pleased TO call an
irredeemable currency. He was in favor OF in
Aation. The people were satisfied with the cur
rency. he praised the greenback and cited It's
value to be as good as that OF any medium can be
made and denied that the government, as had
been alleged, had been setting in bad faith or had
broken its plghted word. This he stigmarized as
an unf0unded camor, by which it would not do 10
divorce the people from the government. He pro-
tested that the time had not yet arrived according
to the nature Of the pledge which had been made.
to return to specie payments. The currency had
stood the test OF the greatest panic we ever had.
He would have but one paper currency and that
issued by the government. He doubted II longer
necessity existed for the service OF the national
banks, which had done much good. II
he could not have one currency he would
have Tree banking, making the property Of
the stockholders responsible for all the debts OF
the corporation. The national government was
the one sovereign power. and We owe it to the
people to give them staple currency. Much
more OF it was needed, aud he thought it wise to
have it convertible. He was in favor of a three
sixty live bond. We were paying too much inter-
est. public and private, and the nation must soon
become bankrupt unless it was reduced to an
average ratio OIL two and half or three per cent.
Contraction was to be avoided, and safety existed
only in going straight ahead with the busy indus
tries and helping the mechanical agencies That
nation was most prosperous which gave the high
est price to labor. He referred to the East in ad
vOcacy of the other sections, and then rung
out the hitherto suppressed battle cry Of
this contest in these for the first time
pronounced and memorable words. ''The
West Is to be DICTATOR This comprehends
the main issue as previously referred to IN these
dispatches and then Logan, with his fiery COM
bativeness, rose to follow suit in this interest,"
which will Enthusiastically manifest Its power. He
spoke for two hours, scathingly going over the
foreign statistics of schurz and driving his spurs
m a He mn
fully deprecated Sherman's advocacy OF an imme-
date return to specie payments, which he was in
favor Of at deferred time. He dwelt on the alb
surdity OF relying on coin for safety, and adduced
some strong arguments in favor OF his position
that good currency had accomplished more in
stancing our history since 1861 and the course Of
financial matters in England and France, quoting
largely from recognized authorities on political
economy. He made vigorous speech, which will
be read with deep interest, as exhibiting the first
showing OF the plucky exactions OF the great West
for AID IN obtaining which, when 1t comes to test
vote they rely on the South The strength Of the
contest Will be pretty evenly balanced between the
specie resumptionists and the lnfationists but the
West will make desperate effort for the mastery,
and will pluck the victory If it can be done by
hard nghting.
Strength of the Opponents OF Imitation
in the House.
In the Honse. to-day, the opponents OF increased
circulation had only sufficient strength to prevent
the rules being suspended on Mr.. Wilson's PROPOSE.
ton to instruct the Committee on Ways and Means
~ report A bill increasing the volume of currency
would have passed. The record shows that nearly
every member voting against suspension OF the
rules wss animated by personal motives.
The Proposed Postal Savings and Postal
Telegraph systems-The Plan as Stated
BY the Postmaster General.
The Postmaster General Will tomorrow answer
the resolution of the House OF December II,
asking him to INFORM Congress how many en-
plOyes or all grades 1t will require TO
carry on the postal savings institutions
In the United states and Territories, as
recommended by him in his report and
that he furnish ike Information as to the postal