The New York herald., 1875-11-26
Interview With the Acting Vice. PreSi-
dent at Washington.
He DENIES BEING AN INFLATI0NIST.
Government Should Accept
It's Own Currency.
An Advocate of an Indefinite Date
for Resumption.
WASHINGTON. Nov. 25. 1875.


United States upon whom in the event Of any fatality
President the chief magstracy Of the
would devove arrived in Washington to-day after
protracted journey from Michigan He to take
part the funeral ceremonies In the Senate Chamber
tomorrow and occupies quarters temporarily at the
National Hotel, where, in difference to his office Of
President of the Senate he visited by the several
delegations and committees having charge of the In
tended obsequiee of the late Vice President
The importance Mr. Ferry has suddenly assumed in
the government of the country has very naturally d
rected large share Of public attention to his political
sentiments, and particularly to his views on the
vexed questions Of finance and currency. At a time
like the present, when every lawmaker is so keenIy
watched for the slightest ntmaton OF opinion these
vital questions, Senator Ferry's record has been
recalled for public consideration, more es
pecialy as he is the tocim tencns of the office
made vacant by the death of Vice President Wilson
and correspondingy powerful Tor good or
evil According to the popular recollection of this
record the accession of Mr. Ferry, who among the
advocates of the Imitation bill which was vetoed and
killed by President Grant two years ago. has been
hailed with less alarm by the hard money elc
ment of both the democratic ami republican parties
But that agtated early in the imitation
movement that the relative position OF its friends
and opponents is not clear matter Of history as
q
ter interesting so many the people the country
the position Of Mr. Ferry the financial question was
regarded as a subject of direct explanation on his
part and as he had time brush the dust of
travel from his garments he asked to give his
views for the benefit of the readers Of tho HERALD
INTERVIEW FERRY.
At the interview which thereupon took place Mr..
Ferry expressed the greatest surprise that the papers
had been preciptate in denouncing him ultra
infationist when in Of the word could he be
described.
CoRRKsroNDENr-Ho did tho press come to term
you inlationist Mr. Ferryp
Mr. FERRY-0h some of them even called me a wild
inhationst, but they msrepresent altogether. My
views what they in the first session OF
the Fortythrd Congress, and If you will look up my
speeches and my work in committee you will fnd that,
instead OF being in favor of imitation Of the currency
was in favor of limiting and fixing the circulation.
Let me explain When the bill authorize increase
of $44 600 of greenbacks under discussion ad-
vocated making the paper currency OF the country uni
form in its nature instead of dstractng financial
system with several kinds of paper money.
/.
CoRREsPoNDEsr-Tha is you wanted to abolish the
national bank currency and substitute greonbacks
for it,
Mr. FERRY-That my idea; but wished at the
same to limit the circulation forever to maximum
of eight hundred millions and let the country grow up
to specie payments.
CoRKEsPoNDEST-You theory of resumption was
quito popular few years ago
Mr. PERRY-Yes, and it would have saved US from
the depression of values and the stagnation trado
the country has suffered 1t is my theory now
but accept the law made by tho majority in Con-
gress and win do nothing disturb the present
oft he demand
change
CoREEsroNDEST-But you acquiesced, your friends
say, in
RESUMPTION YEAR.
Mr. FERRY-I did. II the best thing under the
circumstances and at the time that could do II was
in certain features triumph for my opinions. AS
have said, advocated limitation OF tho currency
which would fix the maximum Of its volume definitely.
The currency would have given the people would have
had the quality of receivablity by the government
well by the people It would have been legal
der to the United States Treasury well among
the people at large Had the government refused
to discredt its paper, its paper would not have
deprecated Had done France did, taken
paper the Custom House and for all debts aud pay
ments to the government, we should have seen our
greenbacks good the notes of the Bank of France
all through the recent financial distress OF that
country When the question up in committee
advocated giving the greenback the quality OF
UNIVERSAL RECETvABTLTry,
but was met by the objection that the exception in
case OF customs duties and the like was
the result of the necessity OF the government
of satisfying tho foreign subscribers to
our loans that had definite source of gold from
which to supply the interest on bonds; but now
our bonds at par at premium in gold and the
necessity referred to has passed Then why not do
Itch ha
made with greenbacksS
CoRREsPoSpENr-where would the gold come from to
pay the interest bonds?
Mr.. FERRY--where other governments get it when
they want it-from the market by purchase.
CORRESPONDENT unterrupting)-Your proposition TO
do away with
GOLD PAYMENTS AT THE CUSTOM HOUSE
would be very popular with the merchants OF New
York.
Mr. FERRY (continung)-If the government wants
gold pay it's debts let go and buy it, just the
merchant does Then the loss in the premium would
be distributed all OF big rich country instead Of
falling unjustly upon one class of men.
CoRREsroNpENr-You were going to explain that the
Resumption bin Of last year triumph Of your
ideas.
Mr.. TERRY-The Resumption bill Of last year
compromise measure the full of the EXPIRES
sion was appointed chairman OF the special com
mittce OF the Senate which empowered TO frame
bill embracing the views Of the republican, majority
of the Senate and the Resumption BILL the result Of
our deliberations tho compromise measure which
passed OF Congress In that bill there
provision allowing
PREE BANKING,
of which was an original advocate.
CoRREsPoSDEST-But the bill directs contraction oc
tho grcenbacks down to a minimum Of $500, 600
Mr.. FERRY-Yes; but the contraction is dependent
upon the demand FOR more national currency; that
contraction OF grcenbacks only follows upon in
crease OF national bank notes Some Of the members
Of the committee wanted to fix definite amount OF
contraction per month year, but was opposed to
doing So AS the law stands the responsibility OF
contracting the greenbacks lies with the people them
selves | was in favor or
PUTTING orr A DATE FOR RESUMPTION
c..LL a.Il