The policy of the new Administration is involved and indicated in the traditions of the party. In our foreign relations the United States under a Democratic President will ask nothing of Europe except a cordial maintenance of treaties, an extension of commercial relations under equitable conditions, a full recognition of the accepted rules of international law, a sedulous exemption everywhere of the persons and property of American citizens from unnecessary annoyance by arbitrary power. The State Department under President Cleveland may be expected to be administered, not in the swash-bucklering and speculative fashion which the Republican supporters of Mr. Blaine extolled during the late canvass as brilliant and enterprising, but in the self-respecting, self-contained, and dignified spirit which controlled our foreign relations under ex-Governor Marcy of New York thirty years ago, and which so honorably distinguished the administration of the same department under ex-Governor Fish of New York from that of sundry other high officers of State in the time of President Grant. Upon the Treasury Department will fall the responsibility of dealing wisely and firmly with the most important domestic issue inherent in the resumption of executive power by the party of the Constitution. This can hardly be more authoritatively stated than it was a fortnight ago by the Vice-President Elect, Mr. Hendricks, in a speech delivered by him to the people at Indianapolis after the election:— The watchword of the party in this contest, as in the contest of eight years ago, has been reform—executive, administrative, and revenue reform; an honest construction of the laws, and an honest administration of them. The revenue now collected exceeds the wants of an economical administration by $85,000,000. Because of this the Democrats say: “Let there be revenue reform; let that reform consist in part in the reduction of taxation.” Is it not patent to every man that there ought to be a reform here? The Democratic party this year came before the country with a clear and straightforward statement of the reform they intended to accomplish. In the national platform they declared that reform they would have. It was, first, that the taxation shall not exceed the wants of the Government economically administered; second, that taxation shall be for public purposes alone, and not for private gain or advantage; third, that in the adjustment care shall be taken to neither hurt labor nor harm capital; and fourth, that taxation shall be heaviest on articles of luxury and lightest on articles of necessity.