New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-06
A VIGOROUS FINANCIAL POLICY.

The Presidents settlement of the Southern
question is now clearly defined. Already the
course of events in the different departments
has thrown much light upon the policy OF the
Administration in respect to the civil service
But as vet there has been no time to make
known. and perhaps no time to consider, q
policy in regard to the money question. The
selection of Mr.. Hayes as candidate was due,
in a large degree, to his courage and fidelity
on this issue in the sharp contest of 1875. 1t
is safe to say that the anxiety OF Intelligent
men to see sound financial policy adopted
was the turning influence i'll the campaign.
The nomination of Secretary Sherman was
received with general favor as an evidence
that the Resumption act, for which Senator
Sherman was largely responsible, would be
carried out in good faith and with the help of
his experience and ability. No other question
affects more directly the general prosperity
of the country. For these reasons We trust
that the Administration will soon be prepared
to act, in financial matters, upon definite
and vigorous policy. The administration of
President Grant, in many respects great sue
cess financially. was nevertheless severely and
Justly criticised because ample opportunities to
Administration made excellent recommends
tons, but to Congress which it knew would
not adopt them. The large powers which 1T
possessed it never venturcd to exert. The
new Administration has the same powers, and
better opportunities, for time has diminished
the obstacles to resumption. We trust that it
will not follow the example of its predeces-
sor IN turning over the responsibility to
Congress known to be hostile to resumption.
If President Hayes and Secretary Sherman
wait for Congress to confer new powers or to
provide new methods we apprchend that they
NAV wait four years. Partisanship will seize
upon the question. Local and business inter-
ests will be aroused to prevent the adoption
of any policy. The confidence now felt that
resumption will in some way be reached VIII
fade as soon as the Administration asks for
new provisions. That confidence itself is even
now doing much to make resumption possible ;
to destroy it by submitting the whole matter
to the decision of Congress presumed to be
hostile to all effective measures would greatly
increase the difficulties TO be overcome.
Ii is important, too that the policy adopted
should not be such as to cause unreasonable
alarm. Craftsmanship deals with human ma
ture as it is-with all its ignorance and preju-
dice-and it will recognize the fact that there
are great many men in this country who
will be frightened out of their wits if the Ad-
nhnistration publicly avows its purpose to con-
tact the currency with fixed degree of
rapidity or to certain amount, who would
never be alarmed or inconveDienced in the
slightest degree if precisely the same contrac-
ton should be quietly and steadily effected.
When these people supposed that Secretary
McCulOch was contracting the currency at
the rate of four millions per month they be-
came frantic with fright and wrath, and yet,
as he subsequently disclosed, there was not at
that time any actual contraction whatever.