The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-02-22
Omcial Honor.

"Put money in thy purse" said Iago;
but he never laid that down for an official
maxim. To make money out of public
Office was once thought horrible. They
all do it now. Andrew Johnson refused
present of carriage and horses. Con-
gress impeached him. Now, what man in
Office declines any present from anybody ?
Shall we ever get back to the old decencies?
We believe it. We believe, with living faith,
in the Republic. The present order will pass
away and leave the great heart of the people
the vital institutions of the Republic-sound
to the core. Fortes ante Agamemnon There
were statesmen of sensitive scruples and nice
honesty in Tennessee before Andy. We have
seen q letter from james K. Polk (''whose
ton, who stood high in his confdence-a man
of many virtues-with the soft heart and the
unbounded 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 sold and the money he had
paid for it replaced to his credit. The stock
had risen and there was profit on the trans
action. The President would not take it,
the banker would not keep it, and it was sent
to the Orphan Asylum of the District Of Co
lumbia. We remember in this connection a
famous political case that came into the
courts. Cobbett-except the Rev. DR.. Swift
"the most efficient ibeller that ever exercised
the trade" charged William Pitt with making
money on the Stock Exchange. Pitt brought
an action for libel. British statesmen have
been always very sensitive on this
point of character. Goblet said IL
was not libel; that the Prime Minister had
the common right to deal in stocks, only it
was indecorous and fit subject of censure.
But Mansfield, Pitts old hereditary foe, as
serted for him the true doctrine in public
morals. He ruled that the Minister was
right; that he could not honestly deal in
stocks; that it would be using his official
knowledge for private gain; that it would be
exposing q public trust to be brought in OPP
position to private interests; that it would be
that the action for libel was well taken. Such
is the high doctrine of true statesmen, of men
of cultivated minds and high and sensitive
principles. We give the letter of President
Polk-never before in print. In 1s47 three
thousand dollars was q large sum for Presi-
dents to handle; now it is hardly change to
carry in ones pocket
WASHINGTON CITY, May Z, Is47.
DEAR SIR-When 1 requested you, early in March
last, purchase for me three thousand dollars OF
public stock, informed you that desired to In.
vest that sum, held BY me as trust iund On the
day following our conversation You transferred
certificates OF United states stock TO me IN my
own name, and not as trustee Tor my ward, Tor
which paid you q premium or one per cent or
the sum of three thousand and thirty dollars
DO not doubt my lawful right to make such In
vestment: tut, IN view OF my ofncial position |
deem proper to rellnquish the stock by retrans.
errlng 1t to you and invest the Iund In some other
mode. desire, therefore, to transfer the STOCK
to you, without premium or interest, and request
that you Will place TO my credit the precise sum
which paid you for the stock. am, very respect.
July, your obedient servant, JAMES X. POLK.
The OLD WORLD AS IT Is, the struggle of
the people with their rulers, the progress of
democracy and the resistance of monarchy,
the burden of the SANDING arm;e~ and the