The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1869-03-18
Telegraphic Summary.
Washington, March 9,

4
Washington, March 9.
This morning A r Stewart pre-.
pared ard executed q transfer of bis
entire interest in the profits of the
business of A T Stewart & Co, during
his official term to be applied to
charitable purposes, to VIM B Astor
James Brown, VIM E Dodge, James
I Roozevelt and Henry Hilton.
This course met the general ap-
proval ofsome leading Senators anc
Members Of the House. but did no,
satisfy others, who insisted thai
Stewart could not qualify short of al
absolute sale and disposition of oil
property he now owns connected
with business.
When the transfer yesterday was
proposed to the President he approx.
ed oft, provided it could DO done to
meet the legal obligations and he ex.
pressed high appreciation Of Mr.
Stewards purpose. The consequence
of this has led to many expressions
Of opinion concurring in the view
that although this would meet bu,
little Of the statute, it might possibly
be constructed into an evasion Of it,
spirit. Under these circumstances
Mr. Stewart was prepared for anoth-
er emergency and having reflected
upon the matter determined to leave
the question to the result of o confer
ence with the President. In this
spirit they met this afternoon, and
the conclusion arrived at was that il
would be less embarrassing to the
administration of President Grant
for Stewart to place in his hands a
formal declination of the Secretary.
ship, and in this manner avoid any
comment by those who considered
thai the law must be strickly COM
piled with. The interview was long
and marked by the utmost cordiali :
ty.
The following is Stewards let
ter:
Washington, March 8.
To the President Dear Sir: Ap.
preciating the high honor conferred
by your nomination, and the unani-
nous confirmation by the Senate OF
myself to the Office Of Secretary oi
the Treasury, l regret that circum.
stances beyond our control compel
me to decline. Could the difficulties
presented by the provisions Of the
Act of 1889, which in organizing the
Department ofthe Treasury prohibit
from being directly or indirectly con.
cerned or interested in carrying on
business of trade or commerce, be
overcome by any reasonable sacrifice
personals 10 myself, l would willingly
make it.
l would promptly transfer to the
hands Of gentlemen in whom the
public have full confidence, every in.
terest in gains and profits that
could possibly accrue to myself in
the business of my New York house
during my official terms of Office, to
be applied to such public charities as
their judgement should dictate, and
| have proposed and sought by the
execution of an appropriate instru-
ment to accomplish that end, but a
serious difference of opinion having
been expressed as to whether that
course would satisfy the requirements
of the law, although l would not
hesitate to make this appropriation,
provided it would enable me to ac-
cept the office, and thus unite my ef.
fo.ts With your own and other mem
bers of your Cabinet in restoring
economy, honesty, and strict frugali-
ty in the administration of the Gov
ernmcnt, and litt as rapidly as prac.
ticable from the people the great
burden of taxation, debt and exirav-
agance resting upon them, yet the
business relations of my iirm are in
its connections with others, largely
interested in their continuance, and
such that they cannot be severed
summarily, nor can my interest in il
be wholly disposed OF without pro-
ducing great embarrassment and loss
to those with whom l have been con-
nected. Icannot consent to enter upon
the administration Of laws by any
act or course that can be construed
into disregard or violation Of laws
and while, therefore, regret that
the plan proposed is claimed to b.
inadequate to relieve me from legal
and it seems to me, technical disabil
tiles, yield to the better judgemen,
of others, rather than seem to be
willing to accept position in disre
spect of law; and, finally, renewing
the declaration which was rendered
at the outset Of these objections,
repeat to you, Mr.. President, my
thanks for the honor done me in Of
fering to me this high position, anG
assure you that you will have my
earnest efforts to sustain your admin
istration in carrying out the wise
and salutary measures indicated BY
you on entering upon the duties O.
Office.
Sincerely your friend,
A. T. STEWART.
| rhe President accepted the decli
nation; thus the Office of Secretary o
the Treasury becomes vacant. Il
may be stated that from the very
beginning the President and Stewar'
were in daily intercourse consulting
as to the means by which the latter
could free himself from the disabili
ties of the law. It is said that NJ
legal gentleman who had been spo
ken to upon, the subject expressed
the opinion that it would be . viola
ton Of the terms of the act, in Mr.
Stowart's accepting the Office aftel
having made the transfer, but tha
many others thought it might b
considered Instantaneous to hav,
the spirit of the law in the sllghtes
degree evaded. This view CONTROL
ed MIR Stewart, and in order to re
move all objections he declined. Eve
since there have been doubts abou
Stewart taking procession of tn
Treasury, kilograms from leading
merchants have been received ,urgin.
him in the strongest terms to max
any sacrifice. even to abandoning a
once Of all interest il. his business t
retain the office; advising him unde
no circumstances to decline.
Some of the leading members Q
the two Houses expressed simila
views.
| Stewart will return to New Yorl