The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-03-12

States Senate. BENJAMIN II. Brewster re-
turned TO a profitable professional prac-
tice in Philadelphia. Judge Gresham
went from the cabinet to the circuit court
bench, 30 be called thence by President
Cleveland. Frank Hatton became the
first editor successfully to direct morn
ing newspaper in Washington. MI.
Teller was returned to the Senate.
Secretary Bayard, who held the state
portfolio during Cleveland's admlnlstra-
ton, illustrated that cabinet law which
makes a cabinet post the climax OF q
political career, but he is reported Tor the
first time in his life to have enjoyed
profitable and extensive practice at the
bar since 1889. William G. Whitney re-
ceived what he wanted when he accepted
cabinet post. He desired prestige, and he
gained it. Since his retirement from
Cleveland's cabinet, Mr.. Whitney has
been absorbed in business pursuits, and
is reputed to have realized an ambition
then formed of becoming one of the
greater capitalists of the country. Mr..
Garland, Cleyeland's attorney general,
has been content with a large law prac-
tice, and Mr.. Dickinson, his later post
master general, has since his retirement
from the cabinet, made professional en-
gagements Of such value that he could
not afford to break them off to re-enter
Mr.. Cleveland's official family. Mr..
Lamar became one of the justices OF the
Supreme Court.
Ali of President Harrison's cabinet
VIII become active in private pursuit, for
Mr.. Foster, his secretary of state, will re-
sumo the practice of international law IN
Washington as soon as his laborS n Ihe
Behring sea conference are over. Mr.
Miller, the attorney general, will return
to the practice of law and with the ex-
pecJation of largely increased clientage.
Governor Foster, the secretary OF the
treasury, expects to go extensively into
business both in mine developments and
in other investments in Ohio. Secretary
Tracy will resume law practice upon
Wall street, New York, and Mr.. Elklns
expects greatly to improve his invest
ments in West Virginia properties, hav-
ing now the construction of a railway IN
view.
4 Mr.. Wanamaker will return to his pr1-
vate business in Philadelphia, and Score
tary Noble to the practice OF law in st.
Louis, while Mr.. Rusk laughingly says
that he is going again to be farmer.
One remarkable development has been
noticed for the past twenty years in the
tendency of those who have been ASSOC
ciated with the treasury department. TO
come to New York city and engage in I'M
/ portant financial ventures.
] The tendency was first illustrated by
Mr.. Bristow. He had been man OF in
fiuence in Kentucky, was esteemed one of
the strong members of Grants admins
tration, and had attracted an element
which gave him powerful support Tor the
presidential nomination in the Repub-
1877 to New York and was asso-
ciated with those who were en-
ployed In mighty financial operations
upon Wall street. His relation to
these men was that of counsel. He be-
came the legal adviser for several OF the
great railway corporations, and he has
accumulated a fortune in this pursuit.
He looks scarcely day older than he did
in 1877, and may be seen lunchlng any day
at the Down Town club where his digni-
fed merriment is delight to witness,
and he says with impressive sincerity
that the happiest days of MS professional
life have been those which followed his
retirement from public office.
John Sherman could, had he chosen to
accept any one of the several propositions
made to him have become the head of a
great financial institution in Wall street,
where he would have vastly increased his
fortune and been recognized as one of the
great powers of the financial center. He
/ preferred, however, to return to the Sen
ate. probably to serve that presidential
ambition which he frankly admitted pos
sessed him. His successor, Mr.. Window,
was, until President Harrison recalled
/ him to the treasury, q familiar figure in
! Wall street. His plans were far-reaching
and involved a considerable spreading of
his capital. His brilliant exploit in re-
funding into per cent bonds government
obligations which had been paving high
err rates of interest, brought to him the
respect of the great bankers, many OF
whom regarded it as a personal sacrifice
for him to return to the treasury depart
ment.
When Mr. Manning retired from the
treasury, he found capitalists waiting
for him with propositions at hand and
purses open so that he became president
Immediately of a new banking institu
ton. The treasurer of the United States
under Mr.. Manning, Mr.. Jordan, was
made cashier OF this bank, and upon Mr..
Manning's death, its president.
Mr. Manning's successor as secretary of
the treasury, Charles S. Fairchild, found
awaiting him upon his retirement from the
cabinet the presidency of a great banking
institution. He receives as its president
three times the salary which was paid
hin as secretary OF the treasury, and he
has become one of the great conservative
influences of Wall street. Before he
went into the cabinet he had pracUiced
law, having been attorney general of
New York. Governor Foster could asso-
ciate himself with New York bankers if
he chose to listen to propositions which
have been made to him.
John jay Knox, who for many years
was comptroller of the currency, and was
regarded as the best authority on the ma
tional banking system of his time. was
tempted to Wall street. The presidency
was offered to him. He had been serving
as comptroller Tor $5, 900 year; he be-
came president OF the bank at a salary six
times as large, and moreover, although
he lost authority of his Office, he found
that in place of it he had the authority of
influence and experience.
Mr.. Knox successor, Henry w. Can
non was made president of what was
really the successor of the first bank
established in this country under the
national banking system, and he was
also appointed a member of the Inter-
national Monetary conference.
Mr.. Hepburn, the present comptroller
of the currency, will probably become the
associate of Wall street financiers at an
early day. Mr.. Gilman, who was treas
urer of the United States for number OF
years, is associated with Wall street cap
italists In mining enterprises, and Mr..
Hyatt, who was also treasurer for time,
is employed in some similar ventures.
The commissionership of patents has
long been regarded as an office OF the
highest value to lawyer who desires to
practice patent law, and Mr.. Mitchell,
who held that Office under Arthur, after
he retired gained a splendid practice, and
Mr.. Simmons, the present commissioner
will probably find a profitable clientage
awaiting him when he retires. So the
treasury department is regarded now as a
stepping to the most influential and
remunerative OF financial opportunities,
and that is the reason why men are Will
ing to accept for time at the moderate
salaries which are paid to officers in that
department these posts.
The cabinet, therefore, is now begin
mig to be looked upon nuite as rnuch &C