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The Wheeling Daily Register
Wheeling, Ohio County, West Virginia
What is this article about?
New York Herald's Washington correspondent claims the 'Treasury ring,' not the obsolete 1789 law, prevented Hugh McCulloch's successor Alexander Stewart's appointment as Treasury Secretary. The law barring land/security purchases by the Secretary was ignored by McCulloch, who bought 700 acres. President's friends yielded to the ring's opposition, blocking repeal.
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New York, March 16.—The Herald's Washington correspondent says: It was the Treasury ring, and not the law of 1789, that ruled out Secretary Stewart. That law, the correspondent says, has been a dead letter on the books for years. It provides that no Secretary of the Treasury shall purchase public lands or public securities, and yet the official records show that Secretary McCulloch, since he took the office, purchased 700 acres of public lands. The correspondent insists that, were it not for the weakness of some of the President's friends, who quailed before the clamor of the Treasury ring against the appointment of Mr. Stewart, two-thirds of Congress would have willingly voted for the repeal of a law which had become obsolete and useless.
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Domestic News Details
Primary Location
Washington
Event Date
March 16.
Key Persons
Outcome
alexander stewart ruled out for treasury secretary appointment due to opposition from the treasury ring; potential repeal of 1789 law blocked.
Event Details
The Herald's Washington correspondent reports that the Treasury ring, not the 1789 law prohibiting Treasury Secretaries from purchasing public lands or securities, prevented Stewart's appointment. The law is obsolete, as McCulloch purchased 700 acres while in office. President's friends weakened before the ring's clamor, stopping Congress from repealing the law.