The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-05
Financial Policy OF tho New Adj
minfstrntfOn.

| Tar engrOSSed both his own attention ana
that of the public, is in a fair way toward
an early and satisfactory settlement. The
really great question on which the success
or failure of this administration is staked
remains to be grappled with. The Southern
problem would have been in any event
transient. 1t would have solved itself If
the President had not wisely solved it, 1t
was not in the nature of things that the local
governments Of the Southern States should
continue to be controlled by military inter-
ference from Washington. General Grant
did all that any President could do in that
direction. In spite of his persistent efforts
every State government in the South, with
only two doubtful exceptions, passed out OF
republican control during his administra-
tion 1t is so obvious that South Carolina
and Louisiana would have followed suit,
even if President Grant had remained in
power, that he explicitly gave them
up before his retirement from office.
1t is to his credit that, instructed
by his own unfortunate experience, he
tried to smooth the path of his successor
by publishing to the country his impression
that the policy of military interference in
the South is disapproved by the people and
played out. President Hayes has wisely
decided to keep himself out Of the Southern
entanglements which gave his predecessor
SO much trouble and annoyance. 1t was
| inevitable that South Carolina and Louis
lana would have slipped the moose OF
| Hayes as all tho other Southern States
slipped the military moose OF Grant. The
new President has prudently spared him
self the modification of his prede-
cessor by voluntary REIMBURSEMENT
Of what it was impossible for him to hold.
But he has done nothing which General
| Grant would not have done had he remained
| in Office for another four years. 1t would
have been absurd and suicidal for the new
President to have persisted in policy
which his predecessor on retiring from
Office was constrained to acknowledge as a
| mistake.
| The Southern question having been vir-
tually disposed of before Mr.. Hayes has
been o month in Office, his attention and
the attention of the country will henceforth
be directed to paramount question Of
financial condition of the country is simply
deplorable. All our business interests have
languished since the great panic of Septem-
Der, 1873. 1t is the chief duty Of the govern
ment to redeem the country from this de-
pressing stagnation. This is the one great
problem to which Mr.. Hayes and his advisers
should direct all their sagacity and energy
r. IL. r~:1 30 al CO. ion,
despite secondary merits, will be deplor-
able failure To rectify the finances and
revive business is the formidable and mighty
task laid upon this administration. If it
fails in this Mr.. Hayes is failure. If it
succeeds in this Mr.. Hayes will rank rs one
of the most important benefactors Of his
country.
| In any just estimate the Southern ques-
ton and the civil service question are in
significant in presence of the overshadowing
financial question, which comes home to
the pecuniary interest of every citizen.
The great object of hope is o revival Of
business prosperity. If the administration
of President Hayes does nothing to promote
this it will be condemned for the greatest
fault with which q government can be charge
able-failure to understand its epoch"
The one paramount need of the country is
a revival of business. If the new admins
tration cannot contribute to this it will
prove an utter failure. We would fain hope
that the financial question may be pressed
upon the attention of Congress at the ap-
preaching extra session, with an urgent rec
ommendation by the President for imme-
diate action.
On this important class of subjects the
Secretary Of the Treasury has a responsible
ity almost as great as that Of the President
himself The Presidents attention is neces-
sarily distributed through the whole
wide range of administrative questions. He
cannot be expected to have the same
vigorous grasp of foreign affairs as the Secre-
tary of State, the same minute knowledge
of the army and navy as the heads of those
departments, nor the same complete mas
terry Of financial questions which is justly
expected of the Secretary of the Treasury.
All that we can ask of the President is that
he put competent experts at the head of each
department. In forming his Cabinet there
is no selection which should have given him
SO much solicitude as that of the Secretary
of the Treasury. With the exception Of tho
Secretary of State the other heads OF de-
partments perform routine duties. In the
present state Of our foreign relations
the Secretary Of State is not an important
officer. The exigencies of the government
are very different now from what they were
during the civil war, when the Secretary of
State and the Secretary of tho Treasury
were the two main pillars Of the govern
ment. In that dark period we were in con-
slant danger Of foreign war, which would