The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-07-07
Our New Minister Of Pinancs,

all shades OF politics, seem to hail The appoint
ment of Mr.. FEssENDEN. TO the Treasury
Department, as favorable omen. Mr.. Chase,
with all his confessed talents, had incurred the
opposition of bankers and capitalists, and
his evident. design TO load down the State
banks with enormous taxation before the
National Banking system had been fully and
fairly tested, was not well calculated to beget
or strengthen confidence in the financial sta
bility OF the Government. In addition to
these considerations, it is not to be forgotten
that the policy 10 raise a loan at a less rate of
interest than six per cent, has not proved
very successful, and instead Of depicting the
paper in circulation, has in one form and an
other, actually increased it, aud thus raised
the premium on gold, or more properly, de-
precated paper. When the war is once over
there can be but little doubt that money will
be obtainable at low rates, so that the public
debt may be gradually funded at much less
than six per cent. interest.
The appointment of Mr.. Fessender is for
tunate, inasmuch as, while he is contessedly
well posted, and particularly at home in all
financial matters, he has not incurred the OPP
position, but rather shares largely in the con-
ildence Of the capitalists, the bankers, and the
money LENDERS, as well as the business men of
the nation.
The New York Tribune - particularly
friendly to Mr.. Chase, says of Mr.. Fessenden:
He has for some years been the Chairman
of its Finance Committee, which is the first po-
sition in rank and Importance. His discharge
of the duties of that post has rendered him
thoroughly familiar with every question re-
lating to the National Finances; and there is
probably no other man in America who could
step at once into Gov. Chase's shoes and sue
&C ed him in his arduous aud trying labors with
SO little hesitation or misgiving. Mr. Fessen-
den is one of the ablest lawyers in America,
aud has no superior as ready, forcible de-
batter. We expect TO hear soon, through the
Copperhead organs, that he is thief and
swindler; but, up to this hour, no man has
ever questioned his integrity.
The New York World, Democratic, and in
the interest of Wall Street, says;
Mr.. Fessenden, If he accepts, will aim to
act but Que pant, instead of the two by which
his predecessor was undone. He is neither
presidential aspirant, nor the political roue
into which disappointed and dishonest presi
dental aspirant Is pretty sure to be trans
formed. lie has no part to act, aud no tempt
alton to act any, except that OF a statesman
and fnancier. He ID a man of quick observa-
ton and practiced Judgment, whose personal
pride is not interested in persisting ia such OF
Mr.. Chase's crochets and quackeries as expe-
rience has exploded. But we hope
that the unanimity which attended his con.
firmation, and the equally unanimous desire
OF intelligent and patriotic men everywhere
that he will accept, will overcome his hesta-
ton. He is unquestlonably the ittest man in
his party for that high trust; and SO far as we
have the means of judging, he can rely upon
fair, considerable, and courteous treatment,
from those who have been constrained by
sense of public duty to expose the errors and
predict the end of Mr.. Chase.
The Boston Courier, nondescript, says:
The new Secretary is well known as a gen.
tleman of distinguished ability. and we believe
OF unimpeaehable integrity. Besides. he is no
fanatic. We have no doubt he will act in cor
respondence with the views of intelligent
business men in the affairs of the Department.
What he can really do to make things better
remains TO be seen; but we are sure he will
honestly try to do the best in his power.
The Journal of Commerce, Mcclellan,
says:
The name of Senator Fessenden has been
often on the lips of thoughtful people here
during the last twenty-four hours as a suitable
candidate for the seat vacated by Mr.. Chase,
and when his nomination was announced this
morning there was a general reclamation
which confirmed the appointment before the
vote was taken in the Senate.
The New York Express, which goes ever
lastingly for Number One" and James
Brooks, says:
We are among those who see in Mr. Fessen-
den's education, in the school OF Clay and
Webster, and in his experience and business
like addresses, much TO hope for. Certainly
he is far more conservative than Mr.. Chase.
The above are fair specimens of the way in
which this appointment has been received by
the press.
Col. Forney, in letter to the Philadelphia
Press, after speaking of the Heads OF the De-
partments, thus alludes to the industrious
habits and untiring exertions of our new
Cabinet Minister, in his recent situation as
Chairman of the Senate Finance Committee:
Take the chairmen OF the Committee of
Finance and Ways and Means, William Pitt
Fessenden in the Senate and Thaddeus Stew
ems in the House. Look at the stupendous
questions laid before the Finance Committees,
involving the most important and reaching
the most obscure interests. The tax bill is a
volume in itself, and every line of it requires
reflection and revision. The tariff bill is only
next 10 it in Importance Then We have the
bank bill aud the loan bill and all these are
TO be followed by the yarions appropriation
bills. Somebody must do this i'm
mense labor. You will tell me there are plenty
of men willing to do 1t. But are they able?
And will they bring TO it that patience and re-
search, and utter abnegation of self, without
which nothing lasting can be consummated?
And this, if they are all the while TO be sub
jected 10 attack in Congress and abuse out of
it? Take Senator Fessenden, at the head OF
the Senate Finance Committee. think that
quiet gentleman has toiled for three months
past, in and out of the Senate, sixteen hours
day. He Is always ut his post He Is not
only faithful to his special trust in his CON-
mitee, but keen and vigilant in his attendance
to debates in the body of which he is = mem
Der. Nothing seems to escape his attention;
and often wonder how that apparently fra
gile form can bear up under such perpetual
attrition aud exercise of brain. With Stevens
In the House, his coadiutor at the head of the
Ways and Means, the case is the same, or still
stronger: for Stevens is an Older man than
FeSsenden. But he never seems 70 be asleep,
and certainly he never is in the working
hours of Congress. Hour after hour. even
until the Speakers hammer falls at midnight,
he Is on tue watch In his committee or In the
House, leading in the discussions, and impress
ing friend and foe by the dignity of his elo-
quence and the copiousness ofhis information
will not ask how such men are compensated
for all this perseyering industry genius and
patriotism. Let us believe that their reward
is in themselves. But those they benefit and
serve would not be doing a dstasteful thing
II that which they do for them and the coun-
try were remembered without suspicion and
recorded without abuse.