Evening star. [volume] (Washington, D.C.) 1854-1972, 1869-03-10
THE CABINET ouEsrION.

THE CABINET QUESTION:.
secretary Stewarts Prspssitiea - Trans.
Ter His Private Business-ais Letter 81
kesisnation-The President Accepts Il.
Yesterday morning, according to the pre-
viously expressed purpose OF Mr.. Stewart, hs
prepared and executed the folio wing transfer
OF his entire interests in the profits of the bust
ness Of A. T. Stewart & Go. during his o0cial
term, to be applied TO charitable purposes y
This agreement, made and entered into this orb
Cay of March, 1869, between Alexander T. Stew
of the first part, and william II. Astor, James
Brown, William E. Dodge, James ]. Roose.
welt, and Henry Hilton, also of said city,
parties OF the second part
day of March, 1869, duly nominated by the
President Of the United states to the once OF
Secretary Of the Treasury, which nomination
was on the same day duly confirmed by the
Senate Of the United States; And whereas the
said Stewart IL about to accept and enter upon
tie duties OF said ON ce; And whereas he has
been and now is a member of the firm Of Alex
ander I. Stewart d Co., is concerned and in
terested In carrying on the bust ness Of trade
and commerce both in the United States and
foreign countries, therefore it is deemed to be
requisite under the provisions OF the laws Of
the United States that he, the said Ste war,,
before accepting tie appointment and entering
upon the duties of said Office, should cease To
De directly or indirectly concerned or inter.
tsted in carrying on the business of trade OF
commerce, and to which provisions and re-
quirements OF law he is DESTROYS IN all respects
conform.
Now, therefore, this agreement witnesseth
that the said party of the first part for and in
consideration Of the premises, and of the sum
of one dollar to him paid by the parties of the
-econd part, the receipt whereof Is hereby ac-
knowledgeo, does hereby sell, assign, transfer,
and set over unto the said parties OF the second
part, and to the survivors Of them, all gains
and profits which said party of the first part
q hp lad nkroR
firm of Alexander 7. Stewart & Co and arising
from the said firm carrying on its trade or
business for and during the period OF time said
party of the first part shall occupy said ON Ice
of Secretary Of the Treasury, vestiug in the
said parties Of the second part and the sur.
vivors or survivor Of them full and absolut to
right and title to said gains and profits and the
disposition thereof
Requesting and desiring, however, that they
will faithfully apply and devote the same to
fuch public or private charities or charitable
but it being distinctly understood that this re-
quest shall in no wise effect the force and effect
of the transfer hereby made.
Finally, the said party Of the irst part does
hereby covenant and agree to make, execute,
and deliver such further assurance and writ
Ings as may be advised or devised by the par
ties OF the second part to more fully or satisfac.
torily enectuate the objects or purposes herein
expressed.
In witness thereof the parties hereto have
hersunto set their hands and seals, the day and
isKAL.l ALEXANDER T. STEWART.
Sealed and delivered In presence of
NOAH DAVIS.
We the undersigned parties of the second
part Of the foregoing instrument HEREBY accept
he trsusfer therein made, and do declare that
all monies which We may derive or receive
thereIrom we will devote and faithfully apply
10 charitable uses and purposes.
Witness our hands. HENRY Hutton
This document was drawn up Judge Hilton
and Judge DavIs-the latter a member Of the
House from New York-in connection with
other legal gentleman, and, upon its being ex-
ecuted, was delivered in the presence of Judge
DAVIS, who witnessed it. After this was done,
MIR. Stewart and Judge Hilton, by appoint
ment, visited President Grant at the Execu.
tive Mansion. This proposition has led to
many expressions of opinion, some holding
that the letter Of the law was satisfied by the
proposed assignment, others being clearly of
the opinion that this was not the case. Under
these circumstances, MIR. Ste wart determined
- leave the question to the result of a confer
ence with the President. The conference was
held yesterday afternoon, and the result Of it
was that Mr.. Stewart placed in the hands of
President Grant the following letter of decli-
nation, which was accepted
WASHINGTON, March 9, 1870 the Presi-
deRt:-Sr: Approaching the high honor con.
ferred by your nomination, AMI the unanimous
confirmation by the Senate OF myself 10 the
office of Secretary of the Treasury, regret that
circumstances beyond our control compel me
10 decline. Could the difficulties pre- entea by
the provisions OF the act OF 11s9, which. in or.
ganizng the Department OF the Treasury, pro.
hIbit the Secretary from being .'directIy or in.
directly concerned or interested in carrying on
the business Of trade or commerce." be over
come by any reasonable sacrifice personal to
myself, / would willingly make II. l would
promptly transfer to the hands Of gentlemen in
whom the public have felt confidence, every
interest in the gains and profits that could pos.
sibly accrue to myself in the business of my
touse during my Official term, to be applied to
such public charities as their Judgment should
dietate-and have proposed and sought by the
execution OF appropriate instruments to accom-
plish that end; put serious differences of opia-
ion have bsen expressed to whether that
course would satisfy the requirements of the
law.
provided it would enable me to
accept the Office and thus unite my eff Jrts with
your own and those Of other members of your
Cabinet in restoring economy, honesty, and
strict frugality In the administration Of the
Government, and lift as rapidly as practicable
tor the people the great burdens OF taxation,
debt, and extrdvaRance resting upon them; yet,
the business relations OF my firm, In its connec.
tons with others largely interested in their
are such that they cannot be
severed summariiy; nor can my interest in il
be wholly and absolutely disposed Of without
producing fresh embarrassment and loss to
those with whom l have been so long con-
nected.
i cannot consent to enter upon the admins.
Il atom of laws by any act or course that may
De construed INTO a disregard or violation Of
law; and while, therefore, regret that the plan
proposed is deemed inadeq uaLe to relieve me
from legal, and, II seems to me, technical dIsa.
bIhties, yield 10 the better judgment Of others
rather than seem TO be willing TO accept the
position in disrespect of law.
In finally renewing the declination which
was rendered at the outset Of these objections,
l repeat to you, Mr.. President, my thanks for
the honor done me in Offering this high posi-.
ton, and assure you that you will have my
arrest efforts TO sustain your administrator
in carrying out the wise and salutary measures
indicated by you on entering upon your office.
Sincerely your friend,
ALEXANDER T. STEWART.
4 AIDES, 0EHTLEMEN, and OHILDBlNu
i xSECOED-HANn CIOTHIE TndapcIofhiuS