Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1869-03-17

To avoid the legal disabilities which prevented
his acceptance of the Sccetaryship Of the Treasu-
ry-and which seemed 50 numerous and so inn
portant in the estimation of many leading Con
grcssmen MS to render their removal inexpodient
MIR. Stewart yesterday executed transfer Of
his entire interest in the profits Of his business
during his official term, TO be applied TO chnrita-
bic purposes by five trustees by him chosen. This
proceeding satisfied many leading congressman,
but not all, many insisting that nothing short Of
an absolute withdrawal from business would meet
the case. Mr.. Stewart determined, in this diem
ma, to leave the question 10 the result of a con-
ference with the President. In this spirit they
met yesterday afternoon, and the conclusion at
which they arrived was, that it would be less em-
borrassing to President Grant for Mr. Stewart 10
formally decline the Secretaryship The inter
view was long, and marked by the utmost cordi-
atty.
The following is Mr. Stewards letter Of resig-
nation.
WASHINGTON, March o.
To The President Sin Approaching the high
honor conferred by your nomination and the unan-
imous confirmation by the Senate, Of myself to
| the office Of Secretary of the Treasury, / regret
t. decline. Gould the difficulties presented by
the provisions of the act OF 1889 which in organ
i2iug the Department of the Treasury prohibits
the Secretary from being directly or indirectly
concerned or interested in carrying on the bust
ness Of trade or commerce, be overcome by any
reasonable sacrifice personal 20 myself | would
willingly make IT, | would promptly transfer TO
the hands Of gentlemen in whom the public have
full confidence, every interest in the gains and
profits that could possibly occur to myself in the
business Of my house during my official term, to
he applied TO such public charities as their iudg-
ment should dictate and have proposed and sought
by the execution OF appropriate instruments, to
accomplish that end But serious differences Of
opinion have been expressed as to whether that
course would satisfy the requirements of the law
Although would not hesitate to make this APP
preparation, provided it would enable me 10 hc-
copt the Office, and thus unite my Efforts with
your Cabinet in restoring economy, honesty and
strict irugnlity in the administration Of the Gov
eminent, and lit as rapidly as practicable from
the people, the great burdens Of taxation. debt
and extravaganza resting upon them vet the
business relations OF my firm in its connection
with Others largely interested in their continu-
ance, are such that they cannot be severed sum
mlrily, nor can my interest in 1t he wholly and
absolutely disposed Of without producing great
embarrassment and loss to those with whom |
have boon connected.
| cannot consent to enter upon the admnistra-
uoh VI mWh ny any ACT or course that may De
construed into a disregard or violation Of laws ;
aud while, therefore, regret that the plan pro-
posed is deemed inadequate TO relieve me from
legal, and as 1t seems 10 technical disabilities
yield to the better judgment of others rather
than to seem TO be willing 10 accept position in
disrespect of law. In finally renewing the de-
clination which was rendered at the outset of
these objections, repeat to you, Mr. President,
my thanks for the honor done me in offering me
this high position, and assure you that YOU will
have my earnest efforts to sustain your admins
| tration in carrying cut the wise and salutary
measures indicated by you on entering upon your
| office.
Sincerely, your friend,
(Signed) ALEXANDER T. STEWART