The New York herald., 1869-03-09
FINANCIAL AID COMMERCIAL,

MONDAY. March s--e p N.
Wall street was in fever to-day over the tee
rrams from Washington relative 10 the formation OF
President Grants Cabinet. The earliest dispatches
announced the resignation Of Mr.. Stewart These
were succeeded by the statement that Mr.. Boutwell,.
OF Massachusetts, had been appointed by the Pfesi-
dent, while still another report TO the eeci that
Nr. Stewart had recommended Mr.. d. A. Weis,
Revenue Commissioner Whatever viii be the result
Of the present complications it is evident from the
Indications to-day thar nerce quarrel has broken
out or rather the Old feud has been renewed, be-
tween the free trade ami the protective tarilf mem
bers OF the dominant party in the Senate In the
first nusn OF the new order Of things Mr.. Stewarrs
nomination was confirmed without any refer
ence to his antecedents on these topics Of
national policy But II the President accepts
his resignation there viii be moro discrimination
made In The ratification OF bis successors appoint
ment. According to the latest advices President
Grant still refused 10 act upon the resignation. He
has now a twofold reason for insisting upon the
confirmation Of his choice by the oblteraton OF the
Objectionable law. The repeal OF this measure Is
the only preliminary TO the immediate working Of
the new Cabinet. But the acceptance Of the resig-
nation and the sending Of new name to the Senate
would provoke q long and bitter quarrel between
the two factions, which might result in an inter-
Treasury vacant at time when the finances OF
the country demand that it's duties should
be zealously and studiously administered. The
statement made on the street that Albert Gala
tin was merchant when ne oilclated as secretary
OF the Treasury 1t proves, roweyer, TO be an erro
neous impression. SO far as we can ascertain there
has been no infringement OF the law. One merchant
VINO appointed TO 1t gave UP his business in order
to accept Theaw Is perfectly futile as to the object
which 1t SEEKS and the remark was made on 'Change
to-day that the Secretary OF the Treasury. however
free OF business engagements or alliances, has 1t In
his power to aid any friend Arm in whose business
he chooses to interest himself Theobection to mer
chant Is therefore as applicable to private citizen
The latter might have sympathtes which would be
stronger than the formers interests.
The eject of all this indecsion and uncertainty
was particularly reflected in the gold market.
The earliest sales In the morning before the opening
Of the BOARD were made at 1921, 1927 and 132. The
latter was the opening figure at the board, much to
the CONSERVATION OF the .shortsn who were forced
pay higher rates for loans make their deliveries
1t is certainly compliment to Mr.. Stewart that the
announcement of his inability to take the portfolio
OF the Treasuryshp and his resignation OF the ap-
pointment should make gold two per cent more valu
able. The great "masses are always right" says
some philosopher, ana the barometer OF the Ameri-
can public at this important period in their finances
is gold. 1t went down TO the lowest figure 1t has
touched in nearly three years when his
appointment was announced. 1t goes up
again when the prestige Of his administration
seems about 70 be rejected. Early IN the afternoon
the rumor reached the street tnat Mr.. Boutwell,
chairman OF the Finance Committee, had been
selected and confirmed. Its erect was to depress
the price to 13lH 1917, that gentleman being re-
gardcd the exponent OF the protective tariff faction
and also advocate OF selling the surplus Treasury
gold. Later, again. there was rise to 1917, based
upon the report that Mr.. D. A. Wells. gentleman Of
free trade views, was the happy incumbent. The
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