In the Act establishing the Treasury department, passed at the first session of the First Congress under the Federal Government, it was provided that no person could be appointed secretary, assistant secretary, comptroller, auditor, treasurer, or registrar, who was "directly or indirectly concerned or interested in carrying on the business of trade or commerce." It was further provided that any person violating this Act should be deemed guilty of a high misdemeanor, and upon conviction, fined three thousand dollars, removed from office, and forever thereafter rendered incapable of holding any position under the Government of the United States.
General Grant frankly informed the Senate that he had ascertained Mr.
Stewart's disability after the nomination, and suggested that "in view of these provisions of law and the fact that Mr.Stewart has been unanimously confirmed by the Senate, he be exempted, by joint resolution of the two Houses of Congress, from the operation of this law." As soon as the President's message was read, Mr.Sherman of Ohio asked "unanimous consent to introduce a bill repealing as much of the Act of September 2, 1789, as prohibits the Secretary of the Treasury from being concerned in carrying on the business of trade or commerce; and providing instead that in no case shall he act on any matter, claim, or account in which he is personally interested." Mr.Sumner objected to the introduction of the bill, suggesting that it ought to be "most profoundly considered before it is acted upon by the Senate." These proceedings were on Saturday, March 6th.

On Monday Mr.Sherman did not call up the bill, it having been ascertained in private conferences that the Senate was unwilling to pass it.

On Tuesday General Grant withdrew the request, Mr.Stewart resigned, and Hon.

George S.Boutwell was nominated and confirmed as Secretary of the Treasury.
Mr.Boutwell was at that time fifty-one years of age.

He had enjoyed a large experience in public affairs.