The New York herald., 1879-12-04
FROM OUR REGULAR coRREsP oNDENT

WASHINGTON. Dec. 8. 1879.
FERNANDO WOOD ON THE FINANCIAL CUES
TIoNs-oPPosITIoN TO MR.. sHERMANs RE-
ING FUND-No RETIREMENT OF aREENBAcKs.
Fernando Wood, chairman Of the Ways and Means
Committee. found at his comfortable residence
tonight and questioned regarding the financial situ-
alton. He responded freely. The talk about like
this:-"when will your committee meetg"
Tomorrow morning at eleven, and we have some
very important matters to discuss The TACT is. and
have hesitation in telling you, that received
bill from the Secretary Of the Treasury to-day that
is much against my feelings. that went to Gen.
eral Garfield and asked him. representing the ad-
ministration. to introduce it."
"What was the bill?'
..You know there about seven hundred and
ninety millions Of tho six per cent bonds that will
mature in 1880 and 1881. In order to meet those
obligations and the demands of investors refunding
is proposed. The Secretary in his bill asks for a
four per cent bond, and he has some very objec-
tionabe details in it. l am steadfastly opposed
to any bond that will carry with it moro
than three and a half per cent interest.
1t is all very well for administrative officers
to claim the credit of general prosperity and sound
national credit, but set Of in authority
made it. Our bonds would be good If there had been
only $4,000 in the Treasury when Secretary Sherman
commenced. or had any other intelligent man been
in his place"
THREE AND HALF CENT BOND.
$50 your committee proposes 3H per cent
bond?''
'The committee, know, will not 60 beyond that.
and satisfied that neither House nor Senate
will. Congress means. am sure, to make 3 - per
cent refunding bond. and mako it available that
stances, while at the same time we propose to limit
tho Secretary's authority in some important re-
spects."
"What elasticity OF action will you give hmg"
MORE FOUR CENTS.
1--WE propose to prohibit him from selling another
four per cent bond under any circumstances. That
liberty which he now has shall perativcly stop.
Then propose that he shall take 500 900 of
his coin and hold 1t awaiting opportunities to buy
bonds His coin lies idle and should be used. We
propose also that there shall be no failure in refund
ing from lack of opportunity. 1t is our intention
to pass refunding bill as soon as DOS
sible and give the s10OOOO.0O0 OF coin to
with the bonds, but no bill can pass that gives
moro than a ga per cent bond"
Is it true. stated to-day that Secretary sherman
put up man OF straw in the proposition to retro
the greenbacks and set Fort and Ingalls, at the bus
ness of knocking him DOWN."
RETIREMENT OF GREESpAcKs.
II do not know, but should not be surprised at
anything. You may say, however, that the Com.
mttee Of Ways and Mcans--for 1 have talked with
most of the membcrs-will ncvor adopt tho sccre-
tary's recommendations to retire grecnbacks. On
the contrary. they seem to favor positive action
that will prohibit him from transacting such busi-
ness. The Supreme Court will settle the legal
tender question, but how is yet to be seen."
UNWORTHY HIGH OFFICIALS.
"what do you think of the Presidents recon-
mendation asking definite action with regard to tho
sinking fund.-
Trogardi itas unworthy fsuch high officials as him.
self and the Secretary. The law is severely worded
that it requires the Secretary pay the sinking fund
before he pays his own salary or mine. The act of
February 25. 1862, requires him to collect the Gus
toms duties In coin and apply the coin first TO the
payment Of interest on the public dsbt and second