"We are in a period when old questions are settled and the new are not yet brought forward. Extreme party action, if continued in such a time, would ruin the party. Moderation is its only chance. The party out of power gains by all partisan conduct of those in power"

This quote by Rutherford B. Hayes is a cautioning to those in power to practice moderation in their political conduct. He is suggesting that in a duration of shift, when old concerns are being settled and brand-new ones are yet to be brought forward, extreme celebration action could be destructive to the celebration in power. Hayes is recommending that the celebration out of power would take advantage of the partisan conduct of those in power, which small amounts is the only opportunity for the party in power to remain effective. He is cautioning those in power to be mindful of their actions and to practice small amounts in order to make sure the success of their party.