protections for slave property, and stipulated that no amendments could be proposed for a period of eight years. National service and politics President Franklin Pierce recognized Guthrie's financial acumen and appointed him Secretary of the Treasury in 1853. Soon, Guthrie became the most influential member of Pierce's cabinet. A hard money Democrat, Guthrie opposed a national bank, as well as small distinctive notes issued by free and charter banks. Instead, Guthrie advocated adoption of a universal currency that would be convertible to gold on demand. In his first report, he criticized his predecessor, Thomas Corwin, for making private arrangements for debt repurchases. He also accused Corwin of conspiring with a New York port master to under-report duties collected and deposit them into a trust. Guthrie caused a brief public uproar by removing the port master from his post. During Guthrie's tenure, the treasury had large budget surpluses due to the discovery of gold in California. He used much of these surpluses to pay down the national debt, which shrank from $63 million in 1853 to $25 million in 1857. He also purchased silver bullion for coinage which aided struggling banks by returning money to circulation and increasing their depleted reserves. He encouraged more efficient processes in the Treasury Department as a whole, and required monthly, rather than quarterly, reports from customs agents. In 1853, Guthrie employed Captain Alexander Bowman of the U.S. Army Corps of Engineers to begin construction of an extension to the Treasury Building's south wing. Many considered Guthrie to be the ablest Secretary of the Treasury since Alexander Hamilton. As President Pierce's term ended, Guthrie returned to Louisville and became vice-president of struggling the Louisville & Nashville Railroad. The railroad link between the two cities was completed in 1859, and in 1860, Guthrie succeeded John L. Helm as the railroad's president. He continued as the railroad's president through the Civil War, and after he became incapacitated in 1868 advocated the board's electing former Union General William Tecumseh Sherman as his successor, although the board selected Russell Houston in 1869. Meanwhile, Kentucky, delegates to the 1860 Democratic National Convention in Charleston, South Carolina, favored Guthrie for the office of President. A two-thirds majority of delegates was required to secure the nomination. On the first of many ballots, Guthrie received 35.5 votes; by the thirty-ninth, he was up to 66.5, but still trailed the leading vote-getter Stephen Douglas, by