Sold – President James Buchanan Readily Discusses What Would Today Be a Conflict of Interest
As President he retained control over his investments.
Today, when a person becomes president, all of his assets are placed in a blind trust to avoid even the appearance of a conflict of interest. This makes such obvious sense that it seems impossible that things were ever different. Buchanan was a self-made man who amassed a $300,000 fortune, mostly by...
Today, when a person becomes president, all of his assets are placed in a blind trust to avoid even the appearance of a conflict of interest. This makes such obvious sense that it seems impossible that things were ever different. Buchanan was a self-made man who amassed a $300,000 fortune, mostly by prudent investments and personal thrift. Yet when he became president, he retained control over his investments, as this letter proves.
Autograph Letter Signed as President, Washington, circa January 1861, to his bankers, Riggs &Co., giving instructions on his bond investments. “Please to insert credits for coupons & settle my Bank Book. I send coupons due Feb. ‘61.” In another hand, the coupons for the President’s investments are listed as “5 New York Central due Feb. 1 – $175; 3 Del. &Raritan – $90; and 4 Commonwealth of Pennsylvania – $100.” Afascinating letter revealing that the President preferred railroad stocks and state bonds, but more importantly highlighting how the mores of the times have changed.
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