The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-10-29
Saturday Morning, Oct. 30. 1854.
The Secretary of the Treasury.

We have just had gratifying proof of busi-
ness wisdom on the part of Mr.. Fessenden
that will exert wholesome influence on our
financial future. He has published proposals
Tor new loan, without allowing the market
to be disturbed previously by thousand and
one reports OF what he was going to do. The
cliques In Wall street, who generally corner
the public by predicting changes in stocks con-
sequent on the government coming into the
market Tor two or three hundred millions of
dollars, and keep up an excitement for weeks.
to the general injury of stable investments, by
all sorts OF apprehensive reports-these cliques
will henceforth lose their vocation. 1t has
been one OF the regular terrors of the money
market, heretofore, to ask, or suggest, or
guess, or lie about what the government SIS
going to do" At one time foreign loan was
announced as in contemplation. At another,
oVertures had been made for an immense sum
by great German banker. After some DAYS
or weeks an official telegram would deny the
Whole batch OF rumors. Outsiders had been
copiously bled meanwhile but though often
bled, the people are still duped by these
tricks. They do not keep in mind that the
whole business of stock-dealing depends on
the waves of the market, which are lashed up
or quleted down by the process described. So
far as the intentions of Mr.. Fessenden may be
referred to hereafter to help the speculations
of the street, it will be sheer fabrication and
nothing else.
Another good result will spring from this
direct and commercially proper method of
transacting the business of the Treasury De-
partment. It.shuts off the opportunity of fa-
voritism on the part of subordinates, who in
every country have been charged with COM
municating knowledge in advance, by which
their friends have realized large fortunes out
OF the government or the people. Allega-
tions of this kind have been made from time
to time in connection with loans negotiated
in Wall street, but without any further evi-
dence Of truth than the chagrin of some dis
appointed operators"
We are pleased to learn that the report
which was current sometime since, that Mr..
Fessenden contemplates relinquishing his po-
sition at the head of the Treasury Depart
ment, is incorrect We do not doubt that he
finds its cares oppressive, and that he would
consult his own ease and health by a prefer
ence of his old place in the Senate. But there
are 500 many and most perilous considera
tions, as we may call them, to permit him to.
take such a step. In the short period for
which he has administered the office, he has
SO fully justified the wisdom OF the appoint
ment, that the nation would feel iostled out of
Its orbit if he should leave it. We know not
where another man could be found who
necessary to the double functions reqnired by
the place, those of the financial minister and
the accomplished statesman.
1t is notorious that the Cabinet has not been
unit (" on those primary points of policy
which characterize the period. With eminent
personal ability, they lacked intellectual and
moral harmony. The President had been zen
PRISE" as the chess players say, for many
months. Committees and deputations wait
ed on him to urge changes in his Cabinet.
The country wanted union there as well as
among the states. The President heard pa
tiently, and did not, as the more ardent of the
appellants supposed, turn deaf ear to them.
He waited, patiently watching for the oppor-
tunity and when it came, he announced it in
a kind note to Mr.. Blrir. We believe that the
Cabinet is now more united than it ever was
before. 1t wanted such man as Mr.. Fessen-
den, who brought to it the independence of
the Senate, and the experience of practical
businessgained in its working committees.
In ordinary times the functions of a flnan-
cial minister are simple. He has little more
to do than to cast an eye of general intelli-
gence over clerical details. But in time of
war he is the maine pillar of the state. 1t be-
comes his province then to deal with the most
serious and pregnant matters which affect the
common life. The government can do moth
ing without him. Every other minister may
be accomplished in his particular duties, the
President or ruler may be wise above all, the
generals in the field may be indomitable; but
all will fail if the head ofthe finances be not
equal to his place. This is the high praise
due to Mr.. Fessenden. He is where he is by
the providence of the time, and, we consider
has no more right to retire than has the gen.
eral of an army in the most critical period Of
campaign. N. Y. Evening Post.