The daily gazette., 1875-11-27
The Pjce Presjdent TaiEinG.
Ferry a7sd lie FInaHcidl Quc,tiol-He
Ldeds and Optaiods.

In an interview with Vice President
Ferry at Washington, Thursday ,hc ex.
pressed the greatest surprise that the
papers had been so prccipatite in dc
| nounclnS him as an ultra inflationist,
when in no sense of the word could he
be so described.
CORRESPONDENT How did the press
come to term you an inflationist9
Mr.. FERRY oh, some of them even
called me wild intlationist, but they
misrcpresent me altogether. My views
are now what they were in the first
session Of the Forty.third Congress,
ana If you will look up my speeches
anu my work in committee you will
lind that instead OF being in favor of
an imitation of the currency, | was in
favor of limiting and fixing the circu-
latlon. Let me explain: When the
bill to aEthorize an increase Of $44,-
OUO,OO OF Sreenbachs was under dis
cussion, | advocated making the paper
currency of the country uniform in It's
nature, Instead of distracting our finan-
cial system with several kinds Of paper
money
C.-That is, you wanted to abolish
the national bank currency and substi-
tulc gr"cnDtCkS for 1t.
Mir. F.-That was my idea: but
wished at the same time to limit the
circulation forever to maximum of
eight hundred millions and let the
country grow up to specie payments.
C.-Iour theory of resumption was
quite popular few years ago.
Mr.. F,-Yes, and it would have
saved US from the depression of values
and the stagnation Of trade the coun-
try has since suffered. 1t is my theory
now, but accept the law as made by
the majority in Congress and | will do
nothing to disturb the present status
OF the currency question unless the
| people shall demand "a change.
C.-But you acquiesced, your friends
say, in the resumption billof last year.
Mr.. FL did. 1t was the best thing
| under the circumstances and at the
time that | could do. Il was in GER
tain features 4 triumph for my own
opinions. AS have said, advocated
a limitation of the currency which
would fix the maximum of its volume
| definitely. The currency | would have
| given the people would have had the
quality of recivability by the govern.
ment as well as by the people. 1t
would have been legal tender to the
nited States Treasury as well rs
among the people at large Had the
government refused to discredit its
| own paper, its paper would not have
deprecated. Had We done as France
did, taken our paper at the Custom
House and for all debts and payments
TO the government, VIC should have
hao 81 a.a
notes OF the Bank of France were all
through the recent financial distress
OF that country. When the question
was up IL committee | advocated Civ
ing the greenback the quality of uni
versal receivability, but | was met by
the objection that the exception in
case OF custom duties and the like was
the result of the necessity of the gov.
ernment of satisfying the foreign sub
scribers TO our loans, that we had
definite source of gold from which to
supply the interest on our bonds, but
now our bonds are at par or at pre-
MUM in gold and the necessity refer
red to has passed. Then why nct do
away with the law which forblds such ,
payments to be made with .reenbacksy
C.-Where would the gold come
from to pay the interest on our bonds.
Mr.. F.-Whsre other governments got
It when they want ic--trou the market
by purchase.
t:-1ou proposition 10 do away with |
gold payments at the Custom House |
would be very popular with the mer-
chants of NV York
Mr. + If tue government wants |
gold to nay is debts let it go and buy it. |
just as the merchant does. Then the |
loss in TIE premium would be distributed |
over all Of a big rich country instead of |
falling unJustly upon one class of men.
C.-lo on were going to explain that the |
Resumption bill of last year was a tri- |
umph Of your ideas.
NJ F.-The Resumption bill Of last |
year was compromise measure, in the |
tull sense or the expression. | was APP |
pointed chairman of the special COM |
mlttee of the Senate which was enpow-
cred to frame bill embracing the views |
OF the Republican majority of the SEN
ate ana the Resumption bill, the result |
OF our deliberations, was tne compro-
mise measure which passed both Houses
of Congress. In that bill there is a pro-
vision allowing free banking, of which |
was an original advocate.
But the bill directs contraction OF the |
greenbacks down TO minimum of |
$500, 900 900
Mr.. F.-Yes, but the contraction is de- |
pendent upon the demand for more ma
tional currency; so that a contraction of |
sreenbaeks only follow upon an increase
of national bank notes. Some of the
members of the committee wanted 20 fix
a definite amount of contraction per
month or year, but | was opposed to do
ing 50. As the law now stands the re-
sponsibility OF contracting the green
backs lies with the people themselves.
| was in favor of putting off date for
as long as possible. In fact
| opposed any date at all. | bellevedre
would be arrived ut NOR
easily by the natural growth of trade
and by encouraging the prosperity of the
| opposed the date, 1876,
strsnuously, and only accepted 1879 as a
to facilitate legislation and
quiet the agitation of the country.
worked to harmonize the many conflict
ing opinions of the committee. | was
its chairman. | conceded some points
and gained others.
CIV hich were those