The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-02-27

OFFICIAL HONOR .-.Pnt money in
thy purae." SAID Iago; but he never
loid that down for au official maxim,
To make money out of public Office
Was onoe thought horrible. They all
do it now. Andrew johnson refused
present Of q carriage and horses.
Congress impeaohed him. Now, what
man in Office declines any present
from anybody Shall we ever ge,
back to the old decenoies? We be-
lIeveis. We believe, with living faith,
IN the republic. The present order
will pass away and leave the great
heart OF the psople-.he vital institu-
tons OF the repubiio-sound to the
core. forfes ants Agamemnon. There
we're statesmen of sensitive eoruples
and nice honesty in Tennessee before
Andy. We have seen letter from
James 4. Polk ("whose seat another
h!is") to banker in Washington, who
stood high in his coufidence-a man
OF many virtnes-with the soft heart
and the upbonnded charity, Mr.. Polk
had ordered the purchase OF some
United States stock. Afterward he
thought that the President ought not
to deal in the public securities. He
ordered the stock and the money he
bad paid for it replaced to his credit.
Tho stock had risen aud there was
profit on the transaction The Preai-
dent would not take it. the banker
would not keep it, and it was sent
to the Orphan Asy lum of the District
of Columbia. We remember, in this
connection, u famous political case
that came into the courts. Cobbett-
except Rsv. DR.. Swift, "the most eff.
cieat llbeiler that ever exercised the
trade"-charged VIM. Pitt with making
money on the Stock Exchange. Pitt
brought an action for libel. British
statesmen have been always very sensi-
tive on this point Of character. Cob
oett said 1t was not libel; that the
Prime Minister had the common right
to deal in stocks, only it Was indeco-
rous and tit subject Of censure. But
Mansfield. Pitts old hereditary foe,
asserted for him the true doctrine in
public morale. He ruled that the mi.
mister was right; that he could not ho-
nestly deal in stocks; that it would be
using his official knowledge for pri-
Va:e gain; that it would be exposing a
public trust 10 be brought in opposi-
II u to private interests; that it would
be OF mischievOus and immoral ten.
dency; and that the action for libel
was we'll taken. Such is the high doc
trine OF trne statesmen, OF men of cul-
sivnted minds and high and sensitive
principles. The New York Herald
gives the letter OF President Polk
never before in print. In l847, So, 900
was largo sum for Presidents to
handle; now it is hardly change to
carry in ones pocket.
WASHINGTON CITY. MAY 7, 1875.
DEAR SIR: When 1 requested you,
early In March last. to purchape for
me SO. 600 Of public stock, informed
you that L desired to invest that sum,
held by me as trust fund. On the
day following our conversation, YOU
transferred rtiticates of United States
stock to me in my own name. end not
as trustee for my ward. for which
paid you premium of one per cent,
or the sum of 5000. 1 do not doubt
my lawful right to make such invest
ment; but. ia view of my offi.ial posi-.
ton, | deem it proper to relinqnish
the stuck by rctransferring it to you,
aud invest the fund in some other
mode. L desire. therefore. to transfer
tae stock to yon, without prolninm III or
interest, and request that you viii!
plnca to my credit the precise sum
which paid you for the stock. lam,
very respectfully. your obedient serv.
ant. JAMES X. POLK.