Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-13

The succession Of Eugene Meyer to
the position Of head Of the Federal Re
serve gives q text for comment on the
low salaries paid In important Govern
ment positions. Some discussion Of
policies, all of it rather optimistic IN
tone, with plenty OF confidence IN the
new incumbent, havors the opinions
SThs si2 900 salary the Job carries is
disproportionate TO the ability It re-
uuires and responsibility it entails" &C
cording to the Newark Evening News.
"That disproportion probably win not
be remedied, however, until the coun-
try has had experience with less capable
governors than Harding and Young.
The News also says as to the record OF
that of hts predecessor, has been
marked by q panic and resulting de-
preston Of equal If not greater depth,
from which the farmer has suffered IN
common with the rest of the Nation.
No scapegoat has been sought for this
raischance, because the forces which
irnpelled 1t have been more clearly UNI
derstood by the people at large, and the
farmer has had his eyes turned by the
farm relief law in another direction.
Nevertheless, the measures taken by the
to those taken in 1920, and the only
criticism leveled at the board under Mr..
Young's guidance was that they were
not imposed as soon as they should
have BEEN"
"The board controls the greatest
Government banking system in the
world" declares the New Orleans Item.
1.-THE Job pays $4,000 a year. Mr..
Young needs more money. The chief
who will direct construction of Boulder
Dam. draws the magnificent salary OF
$500 a year." The Item continues:
"Mr. Young's resignation has an en-
couraging phase. He writes President
Hoover that he could not have quit his
post while the credit conditions Of the
country were strained or disturbed. :
New, he reports. 1t Is clearly evident
that the credit structure of the Nation
is in an exceptionally strong position :"
y 4
Gas head of the Federal Reserve
Bank Of Minneapolis, from which he
was drafted three years ago BY the
Federal Reserve Board" recalls the Erie
Dispatch Herald, "Mr. Young received
q salary of $17,500 year (the ONCE
now pays $25,0O0). AS governor Of the
Reserve Board he was called upon to
assume enormously greater responsible
ties and to assume them at subStan-
TALLY lower remuneration. Few persons
will disagree with President Hoover's
assertion that Mr.. Young has made q
great personal sacrifice and few VIII
challenge the latter's fortnight de-
cision, after three years of arduouS and
nerve-raclSing public service, TO turn
his abilities to fields where they viii be
more lttingly rewarded financially"
The change In personnel, as viewed
by the Schenectady Gazette, directs
attention again to the manner in which
we underpay many men engaged in
minor public official who derived $40, 900
income from fees, the Gazette con-
tinues: "Our methods of paying. public
offlcials is hodge-podge one. The men
of ability who are performing important
services, often are underpaid. And
mediocre men, who cannot accomplish
much, are able to make large sums.
We can regret the departure Of Gov.
Young and yet sympathize with his
position. And we should, in justice TO
ourselves If nothing else, seek to remedy
such an absurd situation"
While observing that public attention
has been directed chiefly to the salary
question. the New York Sun disagrees
with some OF the policies OF the board
in the course of the financial crisis,
stating: From Spring until September
the board at washington steadily re-
fused to approve increases in discount
rates voted by the directors of regional
Reserve banks. In the case of the New
York bank this refusal to approve was
a weekly affair. Meanwhile the BUSH
ness boom and wild and disastrous
speculation In stocks were allowed to