Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-03-13
STEWART.
His Efforts to Get into Grants
Cabinet.
Text OF the Proposition for a
Transfer TO Trustees.


Yesterday morning, according to the
previously expressed purpose of Mr.
Stewart, he prepared and executed g
transfer in the following form Of bis entire
interest in the profits Of the business o.
A. 7. Stewart & Co. during his official
term, to be applied to charitable pur-
poses. This course met the general ap'
prevail of some Senators and members Of
the House, but did not satisfy others,
who insisted that Mr.. Stewart could not
qualify himself short of an absolute sale
and disposition of all the property he
owns connected with his business.
This agreement, made and entered into
this 9th day of March, 1869, between
Alexander t. Stewart, of the city and
State of New York, merchant, OF the first
part, and William B. Astor, James Brown,
William E. Dodge, James j. Roosevelt,
and Henry Hilton, also Of said city, par
ties of the second part.
Whereas the said Stewart was, on the
5th day of March, 1869, duly nominated
by the President of the United States to
the office 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 is about
to accept and enter upon the duties Of
the said office;
And whereas he has been and now is
a member Of the firm Of Alexander L.
Stewart 8, Co., is concerned and inter
ested in carrying on the business Of trade
and commerce both in the United States
and in foreign countries, therefore it is
deemed to be requisite under the provis-
ions of the laws of the United States that
he, the said Stewart, before accepting the
said appointment and entering upon the
duties Of said Office, should cease to be
directly or indirectly concerned or inter
ested In carrying on the business of trade
or commerce, and to which provisions
and requirements of law he is DESTROYS
in all respects to conform.
Now, therefore, this agreement wit
nesseth that the said party of the first
part for and in consideration of the pre-
misses, and of the sum of one dollar to
him paid by the parties of the second
part, the receipt whereof is hereby ac-
knowledged, does hereby sell, assign,
transfer and set over unto the said par
ties of the second part, and to the sur
viyors Of them, all gains and profits which
said party of the first part shall or may
be entitled TO as a member OF the 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 oc-
cupy said Office Of Seer etary of the Treas
ury, yesting in the said parties of the
second part and the survivors or sur
vivor Of them full and absolute 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 such public or private charities
or charitable objects and purposes as to
them may seem best; but it being dis
tinctly understood that this request shall
in nowise affect the force and effect Of
the transfer hereby made.
Finally, the said party of the first part
does hereby covenant and agree to make,
execute, and deliver such further assur-
ance and writings as may be advised OF
devised by the parties of the second part
to more fully or satisfactorily effectuate
the objects or purposes herein expressed
In witness thereof the parties hereto
have hereunto set their hands and seals
the day and year above written.
[Seal. 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 the transfer therein made
and do declare that all moneys which We
may receive therefrOm we will devote
and faithfully apply to charitable use'
and purposes.
Witness our hands. HENRY HILTON.
This document was drawn up by
Judge Hilton and Judge Davis-the lattel
a member Of the House Of Representa-
tives from New York-in connection
with other legal gentlemen, and, upor
its being executed, was delivered in thu
presence of Judge Davis, who witnessed
it. After this was done, Mr.. Stswar
and Judge Hilton, by appointment, visit
| ed President Grant at the Executiv
Mansion. This proposition had led t
many expressions of opinion, some hold
| ing that the letter Of the law was salts
fed by the proposed assignment but tn
majority being clearly of the opinion tina
| this was not the case. Under these Gil
cumstance, Mr.. Stewart determined t
leave the question to the result OF con
ference with the President. This con
ference was held yesterday afternoon
and the result Of it was that Mr.. Slewa
placed in the hands of President Graz
the following letter OF declination
| WASHINGTON, March 9, 18G9.-To th
President Sir: Approaching the hig
honor conferred by your nomination, an
the unanimous confirmation by the Ser
ate. of myself to the office Of Secretary {
the Treasury, | regret that circumstance
beyond our control compel me to declin
Could the difficulties presented by tn
provisions of the act of 1889, which,
organizing the Department of the Treas
ury, prohibit the Secretary from bei1
directly or indirectly concerned or int
ested in carrying on the business of trad
or commerce." be overcome by any re-
sonable sacrifice personal to myself,
would willingly make it. / wouI
promptly transfer to the hands OF gentl
men in whom the public have full conl
dence every interest in the gains al
profits that could possibly accrue to my
self in the business of my house duriI
my official term, to be applied to SUI
public charities as their judgment shou
dictate, and have proposed and sougt
by the execution Of appropriate instr
ments, to accomplish that end; but s
, rious differences of opinion have been Q
pressed as to whether that course won
} satisfy the requirements fthe law.
r Although will not hesitate to ma
this appropriation, provided it would
0 able me to accept the office, and tn
| unite my efforts with your own and the
of other members of your cabinet in l
! storing economy, honesty, and strict fl
"" gality in the administration of the g
= eminent, and lift as rapidly as practical
q from the people the great burdens of tai
!. ton, debt, and extravaganza resting uF
f them yet the business relations OF
4 firm, in its connections with others larg'
4 interested in their continuance, are 81
that they cannot be severed summarll
nor can my interest in it be wholly a
n absolutely disposed Of without produc
4 l-.rr