When fortnight ago Roy Archibald Young resigned as governor of the Federal Reserve Board (salary: $12,000 per year) to become governor of the Federal Reserve Bank of Boston (salary: $30,000 per year), President Hoover courteously wrote him: "I shall find it difficult to replace you." But the replacement of Mr. Young was not so difficult as the President had anticipated, for last week he made up his mind to appoint Eugene Meyer Jr., potent onetime New York financier and longtime Treasury officeholder.*
But the President's decision did not instantly clear away all his...
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