These expectations
were realized by his nomination to the post of Secretary of the
Treasury, on the 5th of March, 1869, and his immediate and unanimous
confirmation by the Senate. He was about to enter upon his new duties,
when it was discovered that there existed an old and almost forgotten
law forbidding any merchant from becoming the head of the Treasury
Department. As soon as this discovery was made, Mr. Stewart expressed
his desire to withdraw from the position, and thus relieve the President
of all embarrassment upon the subject, but the latter, wishing, if
possible, to retain him in the Cabinet, urged him to delay his action,
with the hope that the difficulty might be obviated. Willing to oblige
his friend, and anxious to serve the country, Mr. Stewart consented to
do this, but finding that certain persons were seeking to make his
nomination a source of trouble to the Administration, offered either to
resign the place or to relinquish his entire interest in his business
during the period of his Secretaryship, and to donate his immense
profits for that time to the poor of the city of New York. This
sacrifice, he hoped, would render him eligible; but the President was
unwilling to accept the princely offer--the noblest ever made by any
man--and Mr.
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