A NOBLE PRECEDENT.

Otago Witness, Issue 1205, 2 January 1875, Page 19

A NOBLE PRECEDENT.

Chief-Justice Chase was a man of sterling integrity. He had the best opportunities to profit by the offices he held ; but he retired from the office of Secretary of the Treasury poorer then Avheu he accepted it. Yenrs before, his professional income Avas large, and from this source and by marriage he acqu red considerable property. But from the time he became Governor of Ohio to the day of his death in the office of Chief Justice,, he laid up no money, and Avas in a considerable degree dependent upon the income of property accumulated during his professional life. This property depreciated in A'alue from various causes, so that Chase only had a moderate fortune, and not enough income from this source, together with his salary, to pay his current expenses. He was a very hospitable man, entertaining largely, as befitted his official station.

The following is an extract of a letter written by Mr. Chase, June 2, 1863, while he Avas Secretary of the Treasury. It is in reply to a note from Jay Cooke :—: —

" You informed me two or three Aveeks ago that you had purchased 300 shares of Philadelphia and Erie Railroad stock for me. At that time I Avas expecting means of payment from the sale of a farm in Ohio, and Avould have been glad to hold the stock for income. The sale, however, has not been effected, and I have therefore, not been able to make payment.

" This morning I haA r o yours of yesterday, notifying me that you have sold the stock at an advance Avhich gives a profit of $4,200 on the transaction, and you enclose me a cheque for that amount.

"As I had nob paid for the stock, and did not contemplate purchasing, with any v'ww iQ *wJ© ; I evmrt y»gw4 the profit

as mine, and therefore return the cheque for $4,200. It is herewith enclosed.

" I am much obliged to you for your Avillingness to regard the money paid for the stock as a temporary loan from you to me, but I cannot accept the favour. " When Congress, at the last session, saAV fit to clothe me with very large poAvers over currency and financial movements, I determined to avoid every act Avhich could give occasion to any suspicion that I would use the powers conferred on me to affect markets unnecessarily, or at all, with reference to the private advantage of anybody. To carry out this determination faithfully, I must decline to receive any advantage from purchases or sales made Avith views to profits excepted from the rise or fall of market prices. "For these reasons I must decline to receive the cheque. For, in order to be able to render the most efficient service to our country, it is essential for me to be right as Avell as to seem right, and to seem right as well as to be right."