The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1875-03-27
unpublished Letter Of Ex-PreSl-
dent Polk.


Gent PoIks
From the \. Y. Herald
"Put money in the purse, J" said
Iag0; but he never laid that down
tor an official maxim. To make
money out Of public office was once
thought horrible. They all do 1t
now. Andrew johnson refused a
present Of a carriage and horses.
Congress 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
tho vital institutions Of the Re-
public-s0und to the core. k'0rtes
ante Agdmemnon. There were
statesmen Of sensitive scruples and
nice honesty In Tennessee before
Andy. We have seen a letter from
James X. Polk c'whose seat an
other fills") to a banker in WASH
ington, who stood high in his con-
fidence-a man Of many virtues
with the soft heart and the un.
bounded charity. Mr.. Polk had
ordered the purchase Of some Uni
ted 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 1t replaced
to his credit. The stock had risen
and there was profit on the trans
action. The President would not
take 1t, the banker would not keep
1t, and 1t was sent to the Orphan
Asylum Of the District Of Colum-
bia. We remember in this con-
nection q famous political case that
came into the courts, Cobbett-ex-
cept the Rev. DR.. Swift-"the most
efficient libeller that ever exercis.
ed 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
OH this point Of character. Cobbett
said It was not libel; that the
Prime Minister had the common
right to deal In stocks, only It was
indecorous and fit subject Of CEN
sure But Mansfield, Pitts old
hereditary foe, asserted for him the
true doctrine In public morals. He
ruled that the Minister was right ;
that could not honestly deal In
stocks; that 1t would be using his
official knowledge for private gain
that It would be exposing a public
trust to be brought in opposition to
private interests; that 1t would be
Of mischievous and immoral ten.
dency, and 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 be-
fore in print. In 1S47 three thous.
and dollars Yves a large sum fol
Presidents to handle; now 1t Is
hardly change to carry In ones
pocket
Washington City, May 7, 1917
Dear Sir-When / requested you
early in March last, to purchase
for me three thousand dollars O.
public stock, I informed you that
desired to invest that sum, held by
me as a trust fund. On the day
following our coBversation, you
transferred certificates of United
States stock to me In my owr
name, and not as trustee for MY
ward, for which l pail you a pre-
mium of one per cent. or the sun
of three thousand and thirty dol.
lars. / do not doubt my Lawful
right to make such investmen.
but, in view Of my official position
| deem It proper to relinquish thu
stock by retransferring 1t to you
and invest, the fund in some Other
mode. I desire, therefore, to trans
fer the stock to you, without pre-
MUM or interest, and request thu
you will place to my credit the pre-.
else sum which l paid you for the
stock. 1 am, very respectfully,
your obedient servant,
JAMES X. Polk.