Since the text was written, the Tenure of Office Act, which sought to restrict the President's removal from office, has been repealed; and even before its repeal it was, in fact, inoperative. After the time of President Johnson, against whom it was aimed, the party in power in Congress found little occasion to insist upon its enforcement; its constitutionality was doubtful, and it fell into the background. I did not make sufficient allowance for these facts in writing the one or two sentences of the book which refer to the Act. Neither did I give sufficient weight, I now believe, to the powers of the Secretary of the Treasury. However minutely bound, guided, restricted by statute, his power has proved at many a critical juncture in our financial history--notably in our recent financial history--of the utmost consequence. Several times since this book was written, the country has been witness to his decisive influence upon the money markets, in the use of his authority with regard to the bond issues of the government and his right to control the disposition of the funds of the Treasury. In these matters, however, he has exercised, not political, but business power. He has helped the markets as a banker would help them. He has altered no policy. He has merely made arrangements which would release money for use and facilitate loan and investment. The country feels safer when an experienced banker, like Mr. Gage, is at the head of the Treasury, than when an experienced politician is in charge of it. All these, however, are matters of detail. There are matters of substance to speak of also. It is to be doubted whether I could say quite so confidently now as I said in 1884 that the Senate of the United States faithfully represents the several elements of the nation's makeup, and furnishes us with a prudent and normally constituted moderating and revising chamber. Certainly vested interests have now got a much more formidable hold upon the Senate than they seemed to have sixteen years ago. Its political character also has undergone a noticeable change. The tendency seems to be to make of the Senate, instead of merely a smaller and more deliberate House of Representatives, a body of successful party managers. Still, these features of its life may be temporary, and may easily be exaggerated. We do not yet know either whether they will persist, or, should they persist, whither they will lead us.