The New York Herald Newspaper, March 2, 1870, Page 4

4 sy Be AP ‘Mmsstres tn order vo frighien poopie 4 of these real and pretended powers the soon had at their command an army of ‘a3 corrupt as themseives, though leas power- ful and daring. They opened an account for the “pool,” which they sty! the National Gold Ac count, bopg thus to strengthen the pretence that officers of the national government were interested with them. Tiley gradually gee the price of goid from thirty-five and one-half, where tt stood on the morning of the 18th of September, until, on the evening of Wednesday, the 220, they held tc drm at ‘and one-half. Russell A. Huis, clerk for Wil- i Heath & Co., had bought seven millions for she clique. James Ellis, partner of the same frm, nad bougit for them $6,895,000 more under orders to ut the price up to forty and one-huif and hold it ere, Woodward vestifies that be bought eighteen mil- Hons, of which ten millions were taken by Gould. H. K. Enos vestifies that he bought ten millions. EF. K, Wiiland swears that he bought ten millions i testifies that he On the evening of Weanessday, the gold stood at 140}¢ and the conspirators held trom Micy Lo sixty milliops calis lor Mr, Gould thinks it was not more than twenty-fve millions, but his partner Smith, testifes that they held from foriy to puy two flty-flve milhons, in the purchase of whica they tad employed from fifty to sixty bro- kers. No beiter proof was needed that ihe oatural vendency oi gold Was doWuward tian the fact (hat i required these enormous purchases, together with all the accompaniment o: ivaud, to bold it three conte higiver Wian it had stood Fixteen days before, During the tea days in which theae purchases were Made the conspirators were disturbed by tae move- ments of the Secretary of the Treasury. About vie 13th or l4ta of Seperberg it became known lu New iork that wituin a few days Secre- tary Boutwell would pasa through te cicy and that he’ had accepied an invitation to dine at the Union eague Ciub, Ik was noised about Chat che dinner was gotten uy by parties short of gold, Who expecced to use tic occasion Lo infu. ence the Secretary in favor of increasing hia sales of old, and breaking uy the supposed clique. Mr, outa became alarmed at the contiuent manner ip which Mr. Boutweil’s intentions were spoken ol, and, solicitons ag to Whar the effect might be on ihe Secretary, be Called on Corbin and communicated is ‘ears, fis Cestinony shows that he dis.ustea Corbin's prevendea influence. For neatly a fortnight he had called on bum twice a day, and while studying the sitaatton ‘Was narrowly watching his behavior. He kaew that every cent of advunce in whe price of gold $14,000 to Corbin s prodt on tue amount Gould was carrying for him, and that (is tact might ex. plain Corbin's pretence o1 kvowing toe Presidenw's and being 4b.e to Innuence then. In the evening of the 17th September 1t was agreed that Corbin should address a letter Lo the President, urging him not io imterfere in the gold market by ordering or permitiing sales from the aury. During vat ni, ut Corbin wrote a iong ietter on the subject, (ne coutents of which are exhibited in the testimony of both Corbin and Gould. While Corbin was writing it Mr. Gould cailed upon isk to furnish his most faithful servaut to carey the lewe W. 0. Chapin Was designated as the messenger, and early op ie followimg morning went vo Sir. Corbin’s house and recelved tt, together with & nove to General Porter. Me Was instructed to proceed with all possible baste and telegrapn Fisk as soon as the letter wus delivered. He reached Pittsburg a hitde afver widotght aud proceeuet at once by car- riage to Washington, Pa., thirty unies distant, de- liverod the ietver to the President, and after waiting some time asked if there was any answer. The President told him there was no answer, and he hurried away to the nearest velegrapt office and seat to Mr, Fisk this aespatcn:—“Letiers delivered all right,” ana then returned to New York. Mr. Fick appears to liave imterpreved the “all Tight” Of Lhe despatch a8 an suswer bo Wie doctrine of the Vorbin eter, and says proceeued in bis enormous purchase upon wat supposition. The Felation of this leiter to the Wuole transaction is sufficientiy importaut Lo Warrant » pubilc staement in regard io tt. The wiessenger Chapto, in ots evi- dence before the commmitiee, details with great m- huteness lis part of this transaction. He says he delivered a letier addressed to General Porier in tie arior, and tata few minutes afterward, as the ident entered the porch of the douse, be de- livered the letter addressed to him. Cheyin’s testi mony (p. 9) 1s as follows: map Wate any words said, either by the Presidont or ‘ene- Porter, giving the east ivformatioa as to what thear let ters contaiied /” A. 0, sir; there Ww @ Were you informed vetore you ict New York what the substance of the iiters waa’ No, wir; 1 wasnot; Thad ao Knowledge of it in kuy way, Q. Did you mean by your telegram io dent answered that the conteals of the letters were au right 2 A. No; 1did not know auything about tho contents of tb letter; I meant to say that be hud received the leiiers aud Fead them ; thut they had been delivered all rigat. Q. You did not ia your telegrams aude to the contents of the letters or the subject matier of them? A. No; nothing of the kind. The account given of this testimony by General Porter 18 av Joliows: While we were staying at Washington, Pa., the Pre Twere engaged ova morning piayiny « game of cro inthe yard; L was told that there was a geneman there who Wanled to see me, and | « bim w ait til we haa finished Wie game; I then walked 1 pucior, the President taking « seat in tue porch, near the window. Heman inthe ravut handed me « latter, whicl t was to thia effect: — jt. y that the Presi- Nuw Yous (I forget the date), ‘The bearcr bas a letter which ho desires to deiiver w the President. Please afford Lim an opportunity of duing so. A. K, CORBIN, I called to the President and he stepped into te p: a letter was hanued to him by this messenger; the resident walked out, { think, on the stoop seaaing it, and minutes I walkes out so another direction; the messenger was siill sitting in the parior alone; a few momeuts aiter- ward the President returned, and thie gouttecian arose, hont- tated a moment and said, “Any reply: ther?” the 'residest saic, “No answei started off, got iuto a buguy and, dr Tsaid to the resident bo at inen?" he said, do not know why?” | suid, “merely asked on account'of the peculiarity of the letter of introduction which he brought io name is noi mentioned in it;" ne sald, “Is that mes from New York?” I said, “He appears to be: Quite surprised and was silent for a few moma % aaid to the messenger did you messenger asked anything in regard to the eoutents of the letier? A. No, sir. Q. Inthe letter which you received in existence? A. It is Rov; it Was an ordiuary note which Itore up che momeat ards. Do you know whether the letter addrossed to the Presi- dont is in existence or not? A. My understanding is that it Ms not; it was destroyed at the tine. Q. State what is the habit of the President in that respect— whether be is in the habit of destroying letiers audresaed to him or not’ A. He destroys a great many—all that are not ef importance for tl ¢ jo you keep his A. Yes, sir. If that letter were in existence would you have know- loage of it? A. Jt would be in my custoay tw ail probability. This letter, which Corbin had led his co-conspira- tors tu trust as their safeguard against incerference from Mr, boutweil, finally proved thew ruin, its effect was the very reverse of what they auticipated. General Porter testifies:—*Tbe letter would have been like hundreus of other leiters receivea by the President if 1t had not been for the fact thar it was gent by @ special messenger from New York to Washington, Pa, the messenger having to iake a carriage and ride some twenty-eight wiles from Pittsourg. This fetter, sent in that way, urging # certain policy on the administration, taken in conbection With some Tumors that had got mvo the newspapers at that time, as to Mr. Coroin naving become @ great bull in gold, excited the Pre- sideni’s suspicions, and be believed (hat Mr. Vorbin niust have & pecumary mverest in those speculations; That Ne was not actuated sitaply by a desire wo see a ceriai policy carried out for the benefit of the ad~ munistration. Feeling in that way, he suggested to Mrs. Grant to say in & letter sbe was writing to Mra. Corbin that rumors had reached her that Mr. Corbin was connected with speculations in New York, and that he hoped that if this was so ho would disengage himseif from them at once; that ae (the President) Was very much diztreased at such rumors. He wrote a ietier that evening, which I did not see. That, 1 think, was the uigis after the messenger arrived, and whie we were stul at Washington, Pa.”’ Both Mr. Gould and Mr. Corbin Dave tesiiied ta regard to tlus letver, aud they state its contents substantially as given by Geuerai Por- wer. it was received in New York on the evening of Wednesday, the 22d. Late that night air. Gould cailed at Corbin’s house. Corbin disclosed the contents of the fetier, and they sat down to consider ite siguit. cance. Low have detailed at length in their evi- dence what transpired between them that nignt and the following morning. (See Gould's evidence, Pages 105 to 110, and Corbin’s evidence, pages 34 to 57.) ‘This iewer created the utmost alarm in the minds of both these conspiravors. It showed Cor- bin that his dupicity was now strongly sus- pected, if not actuuily discovered. it showed Gould that he had been deceived by Corbin’s representations, and toatabiow from the Treasury might fall upon him at any hour. ‘(he picture of shese two men that night, as presented in the evi- dence, isa remarkable one. Sout up in the sibrary, near midnight, Corbin Was bending over the tabie apd straining with dim eyes to decipuer and read the consents of @ letver written in peucil to nis wife, walle ue great gold gambler, looking over his sh der, caughi with his snarper vision every word. The envelope was examined, With its postmark and date, aud ali the circumstances witch lent signiti- cance to the document. In that interview Corbin had the advantage, for he had bad time to maiurea plan, He seems to have deteruiined py a new de- ception to save his credit with the President and at the same time reap tne profit from his apecuia- tion with Mr. Gould; ne represented to Gould te danger of allowing the President any reasou to pe- Neve that he (Corbin) was engaged In speculation, and said he had prepared a letier to the President jg thas he had any interest im the movement, direct or indirect, and said that he must send tne Jetter by the frst mail, but that in order to send it ie Must be true. He proposed, therefore, to Gould that they sould settic toe purctiase of a million and @ balf by Gould paying to lim the accrued proiit, as gold stood that night, would amount to over $100,000, in addition to the $26,000 he lad received. Gould was uuwiiling either to refuse or accept tho proposition. fui on the one hand of tos bis money, and on the other of tncurring Corbin’s hostility, he asked a delay unt: morning, aod iv the meantime ed and maintained secrecy in regard w tne of the letter. i agi ied bay iq agatn, coucerni ipterview their tes! mony ekgreon. ‘Corein anys that Gould offerea hhim $100,000 on aceount if he would remain in tue bool, but swears that by a heroic efort of virtuc on his part and arged by the entreaty of his wife he de- clined the offer. Gould swears tuat Corbin insisted on receiving full payment and discharge. Corbin Says that Gouid gave hia a look of deep distrust, exclaiming, “if the contents of Mra. Grant’s letuer 1s kpowa I @ ruined mea.” Corvin protuned secrecy and the coufereace broke up. “— NEW YORK HERALD, WEDNESDAY, MARCH 2, 1870.—TRIPLE SHEET. Gould went from Corbin’s house to the office of the Erie Ratiroad, stilt kee; Mrs. Grant's letter @ secret from Fisk, Laver In the day he disclosed only enough of the truth to Make Fisk jointly coupons for whatever amount of money ‘he should pay to Corbin. Of this transaction Mr, Fisk Bays:— Gould says to me, ‘Old Corbin feels troubled and nervous abont some gold; he Wats & hundred thousand dollars; what ip roaraink oCike Sata I, “aC ng wants that mney te jeal out tv people, and tt will help to atrengtheh our position in regard to this gold, we wilt give htm one nundred or two hundred thousand,’ ell,’ said he, “to as you please.’ Lwent immediately and gota check for a hundied thousand doliars and gave it vo Gould, WhO said he would give ti t Corbin that night.” Mr. Gould testifies that the check was drawa, but never pai to Corb. Mr. risk Knew only of Cor- bip’s Rerreu hg eg eee knew far oye He says that Corbi og yup 2p pretenaun vo oe knowledge of ie Pre He atis Pirposes Bid of being i any Way apie to influence them. He saw the whole extent of the aanger and the rain which a Treasury sale wou'd bring upou him. New victims Were prepared end a scheme devised to save lim- se'f. Me, Goula’s plan appears to have been that Mr. Fisk and others saould push on tie work of buy- ig anc crowding up the price of gold, but that he biaseif would buy only enougi to keep Up appearances, while he was quietly and rapidly Selling as large AMOUNTS as POssiHle Without excite Ine (ue Suspicion of his associa’ Mr. Belden, a former purtaer of isk, became a ready tool for the neccomplishtment of this purpose. Bringing with Nim @ crowd of iresh brokers, he went noisily ito che street, proclauping everywhere that gold was going Up much higuer, and gave continued orders to buy. ‘That ue might have tue credi, ou whicu to base bis purchases, he referred to Fish & Smith, Gould, Mar- tin & Co, as bis principais and backers, Whether it was an after thought to cover the retreat of the conspirators or a devico prepared in advance to enable them to repudiate their purchases is a matter of doubt; but it appears in the evidence that Fisk held a letter from beiden, which gave Lim unitmited authority to purciase gold at Belden's risk, aud to give any orders ne Cavse to Beldea’s brokers. Early Thursday woruing Belden brougut toto nis back office Mr, Albert Speyers and introduced bim to Fisk, Gould aud Smith, teuing him to take orders from Mi Fisk, and made the undoubted impression on Speyers’ mind that he was to act as oroker of the Wiole party. Arwed with tuls aucnortty, and, 10 common with many other brokers, Speyers pro- ceeded to puy goid. His first order was “buy quickiy two willons,” and @ few tmlnutes later, “Continue to buy;” Wheo ho hesitated he was told to go on and buy without fear, dr. Stinson pougut mnany muilions under an order to put gold to 44. Many other brokers bought Vast scms under similar orders; bus Wiilo these tools aud victims Of the clique Were buying Gould himself was selling. He says of tia day's business (p. 48), “My pur- chases were very ligui;i Wasa selior of gold that day; I purchased merely enough to make believe that I Wasa puu.”’ Wate Gould was quietly selling many miiions and Belden buying more millions taan be knew of, Fisk spent half an hoar tn tl Goid Roum, the Scene of tue greuiest excitement, received the adulation of his satellites and struck terror into Lhe hearts of tue Dears by oflertug to vet BNY part Of $50,000 that gold would sell at 200 Alter gloating awhile over the impeading ruin whicn they bad planned he withdrew to collect bis forces tor the next day's work. ‘Thursday afternoon goid closed at about 144, and the conspirators, Gusued wit appareat success, held @ meeting chat eveuing to Jay pians for the next day's campaign. The operations of Lue Gold Clear- ing House, waieh usually amount to $70,000,600, had reached that day $294,000,000, The cligue held calls for more thaa $100,000,000 Of gold, and as there Were not more ian 215,000,000 of aciuai gola in New York outside the Sub-ireasury they were masters of the situation, Every iaan wio had bought or loaned yold owed “it to them and must buy it of them, or settle at such ruin- ous Tales as they mgt dictate. They bad a fuli list of all who were Short of goid, including more than 260 prominent firms ia New York, many of them ieading bankers aud mercaants, Whose legitimate business requirea iarge purchases of gold. That night, at a wieetiug of the conspirators, 1b was pro- Posed to publisa tua het nex. moruing ia ail the city papers, stating the amount tuat each drm was snort and deciariug how inucn goid the clique beld, aad informing the victims that U they did noi settie wt 145 before three o'clock @ higher rate would ve demanded. So strongly did this shameless proposal commend itself to soine Of the Conspirators that they sent for counse! to inquire Whetaer there was any legal ob- Stacie in the Way. ‘Ihey were imlormed that such a course Would consittate & Conspiracy under the sta- tues of New York, aud for this reason, or periiaps for lear of popular Lury, tue Scheme was abaudoned. It was flually devermined vo put guid up still furtner ana to continue the work of the previous @ay oa & Sull larger scale. Early on Friday morning Visk and Gouid drove down to Wall street, reading on their way from the iorning papers the unmistak- able signs of the wrath in store for tuem, Notling can more strikingly exhioiw the — ortiiictal and uucatural character — of speculation in gold whan one Of the answers of Fisk whe asxed “wy he feared any saio une ‘Treasury couid make while tho clique heid cails tor 8iX Wmes as Inucn gold as tuere Was in New York oulgide the Sub-lreasury and iauch more thaa boi the Treasury aud the city could Command,’ He an- swered, ‘Uh, our phantom gold can’t stand tae Weighs of the real ‘stud,’ "” ‘They made Heath’s ollice thelr headquarters, and, with builies Stanuing a8 guards ab the door and a crowd of runners at choir eibow, issued the final orders for they grand assault upon tae commercial community. Belden was the man of straw in whose name all purchases inat day were to be nade, isk Was lo give tue orders to buy, 80 as to leave it to be luferred that tucy were on account of himself and Gould, other- wise brokers would uot huve executed the erders, Willard was to attend to the Joans and to force Lae coliection of aii the money he coud by way of margius irom borrowers. Speyers, deceived and , bus utterly “imprudent and IDjudicious, was to be the cunyentent tool to bid up the market 10 the Gold Room. Smith, Osborne, Dater and Timp- son and other leading brokers of tus clique were to frighven the borrowers of gold into private settic- ments in their offices, and Jay Gouid, the guiity plotter of ail these criminal proceedings, devermiaed to betray his own advocates, silent and imperturb- able, by nods and whispers uirected all, He knew that day better than ever the value of silence, and, as he testified to the commiutiec, “I had my own plans and did not mean that anybody should say ‘that | had opened my mouth thatday. [did not.’ At nine o'clock Speyers received his first instrac- tion. He testified tnathe met Belden coming out Of his oMce, who said, “Come with me to Heath's oilice;” he also said, ‘ilies will be the iast day of the Gola Room; we have got over $110,000,000 of caus (meauing that they bad @ right to call for $110,000, 000 ata certain price), and we have an im- mense amount of money and Can buy all the gola the government dare vw seil; you, you will be all right;’ we had now reached Mr. Heath's office (this was said on the way to Heath’s oitice), wnere I found Fisk, and Gouid and othe! Fisk tola me to buy al) the gold I could at 146 or under (he spoke loud in tie hearing of ever; price (that was, before ti 1434; 1 thea went to the Goliad Room and began to buy cautiously until it passed my limit of 145; ‘shen, whtle If was standing there, a slip of paper was handed to me on which was written, “Put it up to 150 at once,” signed “James Fisk, Jr.,” and addressed “A. Speyers;” 1 continued to buy until 1 got It up to 150; 1 went to Mr. Heath’s office several times during my pur- chases and reported to Messrs, Fisk and Goulg, show- ing bota of them what [had done; Fisk satd, ‘All rigat, go back and take all what you can get at 150; 1 then went back to or, Fisk and told nim what had bappened—viz., that gold had gone above 1 he said he nad heard of 1t, and be added, “Go and bid goid up to 160; take all you can get ac 160; bnt you will be too late, for | have given orders to other brokers already to buy at 160;” I then went back and bougot gold until I got it up to 160; after 1 had bought a lot at 160 reported again to Mr. Fisk and he toid me that! was periectly safe, tuat imey had their own way oi doing business, and that | should con- eho bUy at 160; gold passed at 160 and went up ¥o 10834. Before noon Speyers had purchased nearly sixty millions, and other brokers had so swelied tie amonnt that Belden swears be has no means of knowlg how much gold was bought in his name. In the meantime Osbora and Willard aud Smith were taking tue borrowers of gold one after another into their private offices, and, by working on their fears and threatening them to advance tite market to 200, Irightened and bullied them imto making pri- vate settlements at ruimous rates. At short inter- vais Willard and Smith and others came into the office were Gould Was sitting and and reported these settiements, and still Speyers was orderea to buy, buy, buy, and got to let the price go below 1éu. One thing was, of course, casentiat to complete success that day. The guque needed vast sums of money, 80 a$ to bo able to pay for the gold tnat par- ues who declined to place marginsin their hands might return to them. For this Gould fad made, aa He shought, ampie provision, He had soe time be- fore purchased a Controlling interest in the Tenth Natiouai Bank, and used tiat institution as a com venience to. certify the checks of his firm. To this bank he wrote a jetter the day before the panic guar- auteetng them irom ioas through cerifying the checks of Wm. Heath & Uo. Russell A: Mills, clerk of Heath & Co., says:—He told me shat the Tent National Bank had agreed to certify to sa unilmited extent that day. A short time alterwards oue of the officers of the bank came into the ofice of William Heath & Co., and said that it was impossible for the bank to certify, ag there wero three bank eXaminers in there to preventit. Ib is in evidence Uat on Thursday the bank certified checks to tie amount of twenty-five niilitoms, and on Friday, not- Withstundipg the preseace of the examiners, certi- fied jourteen millions more. While this desperate Work Was going on in New York its alarming and rumous eifects were reaching aud paralyzing the business of the whole ceuntry and carrying terror andruinto twousands. business men everywhere, from Bosvow vo San Francisco, read disaster in every new bulletin. ‘The price of goid fluctuated so rapid- jy that rho telegraphic indicators could not kcep pace with ita movement. The eomplicated mechan- isi of these indicators is moved by the elcctrie cur- Tent, carried over telegraphic wires, directly fro the Gold Room, and it is sm evidence that in many ia- Stancos these wires were meited or burned off 1m the efforis of the operators to keep op with the news, Tn the meantime two forces were preparing to Strike the couspirators a Liow. Oue wasa move- ment led by James Brown, a Scotch banker of New York, and oie ait by piany leading bankers and merchants. ‘The situation of ali those whose legitl- mate business required the purchase of gold was ex- ceedingly erlitcal, and tue bodes: of them, under the lead of Brown, joined the great crowd of speculative bears in dosperate effort to break down tue conspi- Tacy aud put down the price of gold by heavy sales. ‘Pha orlier Was & Movement wi ths UAtioNsi Capiral. The President returned from Peunsylvania to Washington on Thursday, the 25d, and that evening had a consultution with the Secretary of the Treas- ury concerning the condition of the gold market, ‘Tho testimony of Mr. Boutwell showa that dota the Prostdent and bin:self concurred in the opinion that they should 1f possible avoid any interference on the part of the government in @ contest where boin parties wero struggitng for private gain, but both agreed thas if the price of gold should be forced atll bigher so as to threaten ageneral gnancial wn would be their duty to interfere and protect the business interests of tte country. The next morn- ing the prico aivanced rapidly, and telegrams poured mto Washington from all ‘of the exhibiting the generat and Urging the government to interfere and if possible prevent 4 financial crash, Soon afier eleven the Secretury cailed at ie Executive mansion. Con- cerning that visit Mr, Boutweil says the President expressed the Opinion immediately that we onght to sel! Ove millions, 1 expressed the opinion that we should seli three milhons, which I thought would be sufficient for the purpose. If returned almost Immediately, without saying to him whether I would order the sale of five wnillions or of tree millions or of apy otuer sum, except that it was agreed upon that gold should be gold. White going pack to my oftice | came to the conclusion that { would advertise the sale of four millions, and lamediately upon my retura to myoitice I dictated a despatch, which was copied by Mr. Bartiett, my short nand writer, airect- lng General Butterfield to. give notice that he would Sell $4,000,000 of gold and buy $4,000,000 of ponds. The message Was not in cypher and tnere was no attempt to keep 1t secret. It was dupiucated anda copy sent over each of the rival lines. ‘The one sent by the Western Union itue was dated atthe Treasury, forty-two Ininutes past eleven, Washington time, apd reached General Butterfield ten minutes past twelve, New York ume, ‘That sent over the Frank. lin lino was dated at the Treasury forty-five minutes past eleven, and was dejivered to General Butverfield at five minutes past twelve New York time. ‘the actual time occupied im transmitting the de- Spatch trom tue Secretary to General Butter- field. including messenger travel at cach end of the line, was eight miuutes, the same over each line; but in tae branch oilice of tae Western Union Com- pany, Washington, tuerc was a delay of eight min- utes Detore the operator coud get control of te wire. The committes, alter careful examination, found no evidence that any officers or employcs ot either company were unfaithful to their duty in regard to tuts despatch. its contents may have been heard in some of vhe telegraphic offices in Now York oy outsiae vg nig standing Dear the instruments, and thus the news may have been known in tue Gold Koom {fu advance of its publication; bat the evidence on that point 18 not conciusive. A few minutes belore noon, when the excitement in the Gold Koom had risen to @ tempest, Janes gifered to sell one million at 162; then anotier million at 161, and thea five millions more at 160, and we market broke, About ten minutes after- wards the news came that tie Treasury would sel, and the break was compieie. Within the space of fifteen minutes the price fell from 180 to 183, and, m the language of & Witaess, halfof Wall streec was Involved in ruin, It was not without diMcuity that the conspirators escaped from the fury of their vic- tims, and took reiuge in the up town siconghola— Ue office of the Erie Railroad. Durlug Thursday and Friday they bad sold out at hign rates a large part of the gold they had previousiy purchased, and had made many private settl6- ments a rates ruinous w their victims, They a@touce repudiated all their purchases wage through Belden aud Lis brokers, amounting to seventy mil, ons, and it ts evident that either before or alter Une fact ‘they had bought Belden’s consent to this 1a Clearing House, with its almost ed factities lor settling tae accounts of gold walnbiers, Was suifocated under the crushiag weikht Of its transactions and its doors were closed. Whatever may have been the final pecuniary resuit to Lie conspirators it is evident that on tat day Mr. Fisk, at ius, sapposed that they had suilered enormous losses. He oalied on Coroin and overwhelmed fim wita threats and denunciations. Tu bis evidence concerning thus interview he says: T knew that somebody had run a gaw right into us, said {, “Luis whole —— thing has turned out just ‘as told you it would.” [consider the whols party a» pack of cowards, aud I expected that when we came to clear our havds they would sock it right tatous. I said to bim, “I don't know whether you have lied or not, aud I don’t know what ougbt to be dono with you." He was ou one side oi the table woepiag and walling and 1 was gnasbing my teetn, Gould seemed to have hope that Corbin mignt still be of some service by going to Washington and representing to the President that the eifect of the disaster on all parcies might be mitigated by suspend- ing the government's order to sell gold. Fisk joined this proposal with but lite Lope, and gaia im regard to Corvin’s go “f thought that the further of he was the happier I should ve.” ‘two days before this Corbin had written to the President, deaying, in the most positive terius, that ke had any iaterest direct or indirect in the gold movement, and ventured to go to Washington on Saturday or Suturday night, and on Sunday attempted to taik with the iresident on the subject. According to his own testimony and aiso thus of General Porier tie President cut him short with the remark that that supject was cosed up. Corbin puysucd the attempt no fur- ther, and that nigié returned to New Yors. Tne fact Unat they received no despatca on Sunday, and Wat the next morning fortu e3 of government goid were ordered sowed Fisk and Gould that Cor- bin’s ttsaion had fatied. lie made no report, and the three conspirators never met again. Fisk says Of shis nission 0: Corbin’sige*alatiers took such & Cur that it was no use. M6 @aseach man drag out 3 Own Corpse.” a Mouday, the 27th, Fisk and Gould tried another Meiuod of saving What taey Could from the ruins of Friday, To answer tue demaud for setticment made by scores of victims they obtained frvia some of the courts of New York city ina simgie day twelve injunctions and judicial orders, Wich ptaced the Goid Ciearig House in the lands of @ receiver, restrained its oMicers from Making settlements except on the order of the courts, restraimed the ollicers of the Gold Exchange from enforcing against the conspirators their rules and conipel settlements among its members. ‘The coiwimittee do not consider it necessary to fol- low the itstory of the settiements further. In reviewing the whole subject the cominitree sub- Trt the following conciusions: First—1ne Goid Exchange ana the Gold Ex- change Bank &re creatures of this country and tis @ecade aione. All their operations are founded on the differeave beiweeu the price of gold and of paper Money. Ali the foreign trade of the country, aud indeed all transactions where the commodity is pur- chased in one currency and sould 1D another, requires & purchase, loan or Sale of gold to complete tie transaction, To meet this legitimate necessity of business these institutions were organized 1n 1862-'3, but acon Decame the instraments of reckless specu- lation. The prominent baukers and merchants wio Vestified before tae committee were nearly unani- mous in the opinign that there was no sufficient reason for the existence of these tustitutions, that they were ihe source of measureiess evils and ougat to be destroyed. ‘The tesumony of Wiiliam BE. Dodge, Sr., expresses the opimion of the committee and of Toany witnesses. He says im regard to the Gold Room:—‘My opmion is that without that erganiza- tion if would have been utterly impossible to get up the panic; in the open market mo such excitement can occur; in tie Goid Koop gold,.or rather the ownership of goid, changes hands wt fictitious yal- ues; men of almost no capital buy and seil goid, wuich they do notin reality possess, smerely for the purpose of speculation; tnere is ne legitimate pusi- hess about it, and the commerce of tae country is obuged to make settiements at the current rate of old, accordlag to the fictitious prices established yy those gamblers; unscrupaieus and irrespon- siple men, without @ hundred dollars in the world, either in gold or currency, buy and geil ty the exteut of millious at fictitious prices, and every imercnaat in the United Sates 1s at their mercy. Tue legitl- mate goid transactions are very large, but they bear uo kind of proportion to the amount thas changes hands in the Gold Room solely as a matte! specu- iation. On a revurn to specie payments there would be no necessity for agola room or gold exchange bank in the regalar course of commerce—not tne least iu the word. It might exist for @ time as a inere gambling house—nething eise. ‘Take the Gold Room out Of tue Way, and the commerce ia gold will reguiate itself, Liook upom the whole thing as a gambling operation. Such transacuons ought to be laced entirely outside the pale of cummerce. The law ought to treat 1tas gambling, for that is what it 18; gambiing in the very life biood of the pation—in the currency o/ the country, in which every person throughout the land is interested.’ it 1s proper to aad that che testimony of Mr. Hodgskin gives the strongest points vhat have been presented ta favor of these ruscisutions. Second—the guid conspiracy has already been so fully exbipited that bus little more can be said, It ts evident that the tendency of gold was downward and that the movement of the conspirators was wholly artificial and unnatural, and that 1%6 effects Were Dost disasirous to the legitimaie business of the country. It deatta heavy biow to our credit abroad by shaking the faith of foreiga capitalists in Ube Stability of our trade apd the honesty of our people. At home its effeets extended far veyend tne circle of those who participated in it. One mis- fortune created another, and oundreds of firms en- aged in legitimate business were wholly rained or geverely crippicd. Liaporters of foreign goods were for many days at the metcy of the gamblers and Buffered heavy losses, For many days the business of the whoie Country Was paralyzed, & vast volume of currency was drawn from the great channels of industry, aad veld in the grasp of die couspirators. Hundreéws of active, amvitions men were lured from of wealth by the delusive vision . The effects of the panic are thus stated by Air. George Updyke:—‘‘It produced an im- preasion upon the mercantile and financial mind, not only in this country, but ali over the world, that we here are @ sctof gamblers, and that 11 is noi safe to enter into any contracts with us when it 18 possible for @ snail combination of speculators 10 wonopoize one branch of our currency, the coin, whica performs its functions now 48 weil as 10 did before the suspension of specie payments, #0 far ag our foreign trade is concerned. The shock was se universal, not oniy in America, but abroad, that our railroad and over securtites, which before that lad been selitng very free.y on the Continent, especially in Germany and Holland, have since found but iiiie market abroad,” ‘The foundations of business morality were broke: aod the numerous detaications that fojlowed ai giogely traceable to the mad spirit engendered oy specuiation, But however stromgiy We may con- deum the conspirators themselves, We cannot lose sigbt of Lhose causes whien lie behind the actors themscives and spi ing from our financial condition. ‘The conspiracy and its baneful consequences must be set Gown 4s one Of the items in the great bill of costs Which the nation is paying for tke support of its present maoniuery. For all purposes of internal trade gold is not money, but an article of morchan- dise; bat for ail purposes of foreign commerce it is ouly currency. So tong a we have two staudards of Value, recognized by Jaw, whioh may be made to vary in respect vo each osher by artificial means, #0 long wil speculation la we price of gald ofer temptations too great to be resisted, and #0 long Will capital continue to be diverted from encer- rises which add tv the national wealth, and will +4 used in tog reckless gambling which ruins the reat majority of those who engage i it, and en- Soogers ‘the business of the whole country. Not te least among the evils which grow out of the condition of our currency 1 the necessity which makes the national government a dealer in gold, Whether the surplus gold be hoarded or sold tt cre- ates ap artificial interierence in the business of the country aud devolves oe whe officers Who man- Safe comunitice fod thas. ihe custom adopted by » The ry rs banks of certifying checks ing, oagh deposits, aud which if cannot be used, is a dangor- ous and permiciour practice, and the use of such checks greatly aided the conspirators, It 1s in evi- dence that one bank, the ‘Tenth National, certifled $35,000,000 of checks in the course of two days, and with all its cash reserve Was unable to make settle prcor ng only by large loans was saved from breaking, Thirdein regard to the relation of officers of the overnment to the gold movement, the committes fa that the wicked and Cuuningiy devised atiempts of she conspirators to compromise the President of the Unued States or his family utterly falied. Mx Corbin, using tho opportunities which his family relationsnip to the President aiforded and under tuat worst form ot Biota which puig 9m the guise of region aud lotisha, used all ma arta to learn something {rom the private conversations of tne President which could be made profitable to him sud his co-conspirators, But with these and ail the efforts of his associates the testimony has not elicited @ word or an act of the President tnconsist- ent With that patriotism and integrity which bets the Ohiel Hxecutive of the nation. ven Mr, Gould, alter ail hia attempts to discover the purposes and inne the Opimion of the President, testes aa follows:— selon airecty or indirecdy, wih any of tue: moredaeats nec! or in wi ol movements Oa Nive bees made tae ng has occurred in any of \hese interviews that did not impress me that the Pre- sident was @ very pure Nigeentaaed ‘maa ; that if he was satis. fled what wae the beat thing, that wae what be would do. By the Chairman—Was there said or intimate at apy of these tuterviews to the dent or in the Prest- dept's bearing that would have led him to suppose any pri- vate purpose of specuiation or galp was. be reached turough these interviews so far us you know? A. No, sir. ‘The iollowing letter to the Secretary of the Trea- sury exuibits at once the wisdom of the President’: opinions, me hn) prenenee s his conduct in rele- re 1 BO) bs ae bd NEW Youe Cry, Sept, 12, 1860. Hon. GronGe 8. Bourwki.t, Secretary of tne Treasury : DEAR Stk—I leave hero for Western Pennsyivaniu morrow morning and will not Ww mm beture th uniddie or last of next week, Had 1 known vefors making my arrangements {or starting that you would be in this early ing week 1 would have remained to meet you, am sativfied that on your arrival you will be met by the balls and bears of Wail ‘street, and, proba- biy, by mercbants, woo, to induce you to sell’ gold or pay the November interest in advance, on the one side, and to hold fast on the other. The fact is a desperate struggle now taking place, and each party wants tue government to help them out. 1 write this letter to advise you of what I boii you may expec to put you on your guard. T think, from the lights before'me, 1 would move on withont change luntil the prosemt straygie is over. | If you want to Write me tala week my address wii be Washington, Pa, I would Lke to bear your experience with the factions, at ull events, if they give you time Lowrie. No doubt you will have = becter chauge to judge than 1, for I have avoided general discus- sion on the subject. Yours, traly, U, 5. GRANT. ‘The message sent to Corbin when bis duplicity was first suspected and the order wuich laid the strong hand of the government upon the conspirators and broke their power, are the most significant declara- ons that Lue President heid, and treaved them aa enemies o1 the credit and busivess of the country. it is 1mpossibie vo Say Whether the charge that Mrs, Grapy Was interested in tae speculation m gold originaled with Visk or Corbin; aud the charge 18 omly Made on te heersay vestimony of Mr. Fisk. Hie avers that Corbin toid him that $60,000 of the gold that Gould Waa carrying for Corom’s account was for Mrs. Grant, and that the $25,000 profit paid to Corbin by Gould had becn for warded to Mrs. Grant. This statement is denied py Corbin aud upsupported py Gould. ‘the Commit. twee required Mir. Gould to produce the original check ior the $25,000 and Mr. Corbin to show What use he made of it. ‘The cueck was produced, and Corbin produced the account of the oficers of tue Bank of America, showing that immediately on the receipt of the check Coroim paid tt ou a deve which he owed to the bank. Corbin swears thal never sent or prromised to send any money to Mrs, Grantor any of the President/s family and that o8 never proposed to give any of them any interest in his gola speculation, aud Afr, Gould swears tuat he did Lot tuink any member of the President's family had any Knowledge of the gold speculation, ‘The pretence of Mr. Fisk tuat Horace Porter, Sec- retary for the resident, was interested in this speculation, is utterly groundless, Fisk admitted tuat he knew nothing on the subject except wnat Gould aud Ourbio bad tola him, Corbi swears posi- tively tnat be never proposed to Mr. Porter to take any interest in their speculation, and never told Fisk that he had any sucn interest. Alter a search ex. amination, 1b Which Mr. Gouid was asked ithe of auy ollicer of the government wio Was interested inthe gotd movement, he not only gave no intima- tion that Mr. Porter was im any Way connected with i, but his testimony makes suck @ conclusion im- possiole. Moreover, it is in evidence that Gould only proposed to buy gold for Mr. Porter, and re- celyed trom that worloy officer & prompt and merited rebuke. In regard to General Buttertietd, it appears from the evidence towt during bis adminisiration the aifairs of the Sub-Treasury were managed with vigor and faveiligence, aud all the public funds in- trusted to his charge Were faithiully accounted for. It 1s not conclusively proved that he was icerested with the conspiratora in raisiag the price of gold, though on tis polat testimony is conficuing. Mr. Gouid swears posiuvely that ne bougi two lots of goid for Generai butterfield, amounting in ail to $1,500,000, and on cross-examination details the conversation that occurred between them when the order was given. General Butterflold under oath denies this statement. He admits that Gould pro- posed to buy gold for him, but says he made no re- sponse either of assent or dissent, Both Fisk ana Gould swear that they received messages from Butterfield and answers to messages which they sent him during the days of the panic ip Teterence to news from Washington, aud this stavement recelvos some support from tne testimony of Brown, & messcuger of tue Sub-Treasury. Geuveral Butterfeid swears that he answered all inquiries sent to bim, but sent no other messages to those men. Bub it 18 proved by the iestimeuy that during the days of the panic cwg firuis of brokers soid gold on General Gutierileia’s order and for his profs, and that during his whoie term of office he was dealing largely in United States bonds on tus own account. Early in the week of the panic ne sent for Joseph Seligman, @ prominent broker, and ex- pressed the opimion the Treasury would sell gold, and that the price would come down, and gave him orders to sell. During the 22d, 23d and 24th of September, while the panic was reaching its crisis, Seligman sold in this order $70v,000, on which General Butterfield made a net proiit of $35,000, Morton & Lo. also bought bonds and sold gold for General Buttertieid wale he was in tue Sub- Treasury, and other drms bought bouds tor him, The expianation of General Butteriielia—that tne gold sold for him was not, properly, speculation in gold, but an incident to dealing ia bonds on @ gold basis—does not, ip the opinion of the committee, change the real nature of the transaction, aud if 16 did tt 18 in evidence Laat nis sale of gold turough Se- ligman was made independently of tne purchase of bonds, which had been made before, and the proiits on which Were used a8 & margin lor the sale ol goid. It 1s not proved in the testimony tiat General Butterfield used the despatches of the Secretary of the T'reasury for his own proiit before making them public, but 16 is im evidence that during tue last day of the panic ne frequently received important despatches from the Secretary and sent many to Dim in wiuch he exatoited the staie of affairs in the gold market. Before tue Dreak io the market he bent the following despatch:— FRANKLIN TELEGRAPH COMPANY, Sept. 24, 1968. {By tevegraph from New York’) ‘To Hon. G. 8. bourwsl { am requested to represent to you the condition of affairs here. Gold is 190, Much feeling su accusations of govern ent complicity. ‘The propositions of Weatherspoou, Bun- Sherman a Co. and Saiiginan, if aceepied, would relieve us, Suould be done by % DA, while giving this advice, and while noiding, next to the Secretary himself, the most important finan- cial trust contided to any oificer of tue United States, General Buvteriield knew that whenever the price of gold Was pushed dowh one cent by the acvion o1 the ‘treasury, it would make bima@ profit of $7,000 on hig sales through Seligman alone. When asked by the commiitee whether he knew any officer of the United States who was, uirectiy or indirectly, inte- rested in gold he answered unqualifiedly in the nega- tive. But when afterwards confronted with tue tes- Umony of Joseph Seligman, concerning his pur- chases of gold, he admitied it wad true, Jn conclusion the committee beg leave to call at+ tenvion to the valuable facts and suggestions on the Mnancial situation of the country in relation to gold ape currency, a3 given incideptally in the teatumony of Messrs. Low, Opdyke, Dodge, Vermiiyea, Stuart and Hodgskin, the consideration ef wnich cannot properly form part of this report. The commitsee “Sytete the adoption of the foliowiug reeolu- ions: Resolved, That the Committee of Ways and Means be in- structed to report bill levying'such # tax on the transactions of the Gold Kxchange aud the Gold Exchange Clearin, n their judgment the interests of the country snail jolved, That the Committee on Judiciary be instructed to inquire into the expediency of reporting & bill to deine edit of the Unised States or otberwise, THE MINORITY REPORT, Mr. Cox presented the following minority report: ~ ‘rhe minority of whe committee, while recognizing the right freely to comment upon the majority report, substantially concur with it in its clear, able and succtuct statement of the immediate ‘causes’? Which produced the famous gold panic of Friday, Septemoer 24, iast. We sorveur comment on the social, political and economic causes incident to our peculiar currency, or to our two currencies, whica afforded the oppor: tumty to gold specuiation. No one doubts that if the constitutional currency of coin had remained to us Such panics would have been ana would now be impoasib! Jt is @ striking commentary On bad flacal government that it was possible for men of great audacily, unscrupulous motives and daring 80 to conspire us to Combine the means to effect a rise in gold by which to attain great gains. However pisusible or wise may have been the theory upon which the ‘conspirators’ acted, and which they succeeded in impressing upon the Executive—viz., tuat produce would be eubauced, the ratiroads fully employed in ita transportation eastward and tts ex; fon increased—neverthelesa those who worked this theory did it for their own aggrandize- ment. No more politic plan could pe devised for momentary gain. No more dangerous scheme was ever invented for the injury of the farm- po het sen cried welook to the end—to the bursting of the bubble and ita reaction. It isan axiom that the cost of all such ET ad ja ultimately pald purposes it is tured and dentsted sue President of the Unived Staves mee time. However much this theory may bave tn- fAuenced the Executive tu his pennien, cor Object was fully accomplished or not we do not care toknow. We are investigating causes onty. But while this Lear seems to have been the rationalia or hinge on which this gold specuiation turned tt 1s also crue that the eae of this conspiracy was laid turther back. It was hatched as early as the month of May or June. If Catherwood tells the truth the confederates were Corbin, Catherwood and Gould. Who was most prominent 13 no matter; they aro equally responsible for its inception. When Cather- wood made his exit, if be 18 to be credited, tt was that Butterfield should enter, The scheme had in it, a8 the first move, the appointment of @ Sub- ‘Treasurer @b wey kK. He etl one facie to the uses ol ie conspiracy. ian was contrived Mr. Catierwood testifies, le thus gives us its basis:—“Men could operate with safety when they are acting on @ certainty.” Afterwards, when, developing the plot, he was asked W staie more distimotly the ‘legitimate thing” which the ‘pool’ was to attain, he an- ‘T understood that it was buying gold and jtocks and bonds on & certainty of tue move- ments of the government in selling or not selling gold.’ In further development of the plot he even goes 60 far as to say that the profits of the ‘pool’ were divided into four parte—one-fourth to Corbin, one-fourth to himseli, one-lourth to Gould and one- fourth to —-, some one for whom Gould was taking care. On this point Mr. Gould was not ques- toned. He is therefore silent, In this, as 10 other matters, Mr. Corbin forgets or peverts tho facts. He denied any such combination; for he denied giving any aid to General Butterfela’s a@ppoitment, He swears:—“'l irankly told Gould and Catherwooa [ could not recommena the tater.” And again he says:—“1 withdrew my promise to help Butteriield.’? He also denies any conversation with Butterfield as to Gould. He aweare that he had no communica- Vong With Butterfield at all during the movement ag to the gold business. While Mr. Oorbin denied generally all plans as to gold Nucwuations ne fnaliy, under pressure, confessed that he had not entire ex- emption from setisnness. He “had not attained periechion, but was struggling for it.'’ Notwithotanding these denials, it 1s certain, by & swered, selling 8 iia Gpodicania i all. right; Corbin has prevailed on Grant to make tt five.” To or- bin came out and tare Gans asa ‘a said Mra, an interest. Corbin said, ‘You need not have sge least fear.’ This was In answer to me when i asked him whether the goverameut would unload onus, $ wen ‘I want to know wheter what Mr Gould has told me is true; | want to know whetuer you have sent the $25,000 to Washi 0, aa he states.’ tHe then told me we had sentit.” For tur. voer confirmation of this part of the plan to rely on ernment heip we reier lo the wleresting extracts marked “A,” cavement, hereafvor quoted. They purport to give interviews and cop- versations between Fisk and Corbia, in some of which Mrs. Corbin 14 alleged to have taken part. She adaed her assurances of Executive aid to the hesitaung Fisk. Tuese interviews, If not trae alto- gether, have some verisimilitude, a9 they culminate in the despatch of Corpin’s letter to the President at Washington, Pa., and in @ journey by this worthy couple (Mr. and Mrs. Corbin) in the pight and in baste to Washington, D, 0, It was not tll the olt- max bad been reached and “every man had to drag out his own corpse” —(Fisk)—that this reliance on tne Executive assistance seems to lave fatied, Whether Fisk labricates these statements or not, tt 4s certain that Lhe “conspirators” relied on this aid to the iagt. Whetuer they had sufficient reason for such relisnce we do not now conatder, nor is tt no- cessary in our view to consider at all, Nor does Cor- bin in his testimony expressly deay that th's reil- ance Was & part of the plan. While we are as ready to accept Fisk's stacements as those of Corbin—aud no more ready—we find in this matter that Corbin, the brother-in-law of the President, tre. qieat meetings for Gould with the President; suas ith upon the steamboats of Gould end Fisk and in Corbin’s house the fullest communication takes tse with the President. It ap 1) jorpin designed to present Mra. Grant eome as carly as July, “only to please nis sister-in-law;” and although Mr. Corbin couid not see “what a lit tle intended gift in stocks, last summer, had to do with gold ant 1 tne House and the people wil not to on thas if was not ajlogether an insiguificant tule by a loving brother-in-law to Parad his re aes i¢ had some littie taint of selfishness, taough it may be the designer was unconscious of it. Why Mr. Corbin snould cail in lis wife to the last agonizing interview with these schemers, before they went to Washington on thelr rimege, is as much of # mystery as the hasty des! a Of letters to the dis- _ tant President. The mystery 1s only solved on tie theory, tuat the schemers relied on government aid to the very iast, We are left in the dark a8 to how the President learned of Corbin’s gold speculations, so far ag be was from the scene. We are at @ loss to understand the violent appeals made by Corbia in the committee room to the Almighty agatost @ mem- ber of Congress penetrating by questions into bia designs as to the purchase of bunds, &c., for the President's household, and Csi at a loss to understand why he appeals to ti resolution of sate letter produced by Catherwood, and written by Cor- | House to protect him from auswering bin to nim, that there Was n secret, design to Soran | Dearing ou such designs; and still mors pi at control of the oftice of the Sub-Treasurer of New | his prevarication and evasion in not auswei the York. It was so secret and bad that Corvlu when | faliowing quesiions as to the authorship of the writing used @ cipaer to convey it to his stepson-in- | “Sis? letter, uaiess on the hypothesis that all the law, Catherw When they said “New Jeracy | plotters in thi3 selfish scheme, including Corbin him- Railroad” they meant “New York Sub-Treasury.” How much reliance 1a to be piaced on Corbin’s siate- ments will hereatter iuriher appear. Certatuly, on all matters where he is not conirmed he needs 16 badly. In our judgment there can be no doubt that Butterfield was selected to know the “certainty” of the government movements in the sale of goid and purchase o! bonds, Catherwood testities that he was Wo be pressed on the President because, first, he was @ Military man ol fair record in the war; second, as an old friend of the Prosident’s brother-in-law, Mr. Corbin; third, because Le was @ triend of the Presi- dent, having raised the money to pay General Grant @ large advance upon the house which Corbin had originally soid to Grant upon @ simiiar subscription. We forbear any comment upon these transactions. ‘They are outside of our inquiry, lt is enough that Butterfield succeeded. What turtner was done the majority report faith- fully details. We have no douvt that the Clear- ing House, which is a nuisance to legitimate trafic and commerce, and the Gold Exchange Bank, which ‘Was an lustrument used for the certification of favu- lous amounts, not represented by money, the “phan- tom gold” which played so conspicuous a part in the drama, are obnoxious to the sweeping criticisws of the majority report. Tne Clearing House gave great faciiities for gambling. Seventy mulions a day was its general average, and not half of 16 legitimate business. The minority concur with Mr. Law that they “‘know of no legitimaie business that could not be transacted without the Gola Excnange Bank.” We concur in the majority report that federal iegis- lation in the form of taxation would ve of great utility in destroying this pestiferous institution. ihe gambling hells ot Homburg or Monaco are not more pernicious as temptations. Their evils are few com- pared to chose inflicted upon all our country and its business by this time and labor saving mache to facilitate gold gambling. When such a sysiem is understood honest peopie outside of Wall street will not wonder that gold dashed up from forty to sixty-three and a halt per cent and dropped as tustuntly—ana this, too, when nota dollar of coinor even goid checks changed hands. Nor will they wonder that the “longs,” or those who bad the gold “cornered,” were not so strong but that four millions of real goid would break them, especially when it was known that ine government Wo were to sell these four millions haa eighty or ninety miilious behind it. To Mr. Gould—a man of remarkable coolness and brains-«was committed the management of the pracical operations. He selected nis agents, They were brokers of various repute. some were like Belden, shrewd and Dold; some like Speyers, inflain- mable yet manageable. Fisk seems only to have been the “ropustious” element; but in fact he was as ductile as the ‘‘woodbine” about bis more vigor- ous colleague, He seems to us more like a vocifer- ous lieutenant who carried the commands of his captain who willed them. Corbin, who is accredited by Gould and the committee with being very saga- cious and wily, was relied onto keep the President to tne produce theory aad to prevent Secretary Bout- well from being #0 fluenced by the bears as to cou- twol the President. He plied his purpose by eaitori- als to the press and by letters to the President. The sanctity of his demeanor and the shrewdness of his tact led him vo be trusted by Gould even, as well as by others, He professed to be anxious for the pros- perity of the country, for the bigh price of bread- stuffs and tne balauce of trade in our favor, with a view to aid the then pending elections in the interest of the administration and the country. Tue part played by Bucterileid ts not go very ciear. He certainly took twcdeee' rn of nis offictal position, 1f not to aid the scheme aud help his confederates, in the end to help himself. This ts shown by the tes- timony of his banker, Mr. Seligman, as well as by his own evidence. The minority join witn their colleagues in recom. mending some legislauion upon these subjects; but they cannot fail to see how impotent all legisiation will be so long a8 agents of the government and their outside conteverates can koow with ‘cer. tainty” aud communicate with ease the intentions and conduct of the fiscal oificers in advance of pub- lic Information; or how, being advised of such inten- tion and couduct in advance, by an unpractical system they may adapt their plans to the exigeuctes of which they are advised. All sucu legislation 1g futue so long a3 @ policy is pursued by the Secretary of the Treasury which advises such ageats and the public what to expect as to sales Of gold, 80 that specniations may proceed with saiety. Mr. Catherwood describes it in ihe same way—thar the basis of their original plan was that vhere would be stability in the sales of gold, as an assurance for safe operations. It ts perfectly possi- ble for such combinations to succeed, even betcer than the one uow investigated, so long as the Trea- sury is fail of gold and so long as the head of the Treasury Cau dispose of it at pleasure, as upon his preseat plan. To remedy the evil we should have, Urst, no such Omnipovence over the currency, mar- kets and interests of tne people; no such supreme control vested in any one, however Bonest in taten- sion, over the results of our industries; and second, no scheming and untrustworthy subordinate ofm- cials aud no possiblity of such appilances and ap- proaches to the head of the government which this Inveatigation reveals. There is nothing proved in this investigation so clearly a3 tuis fact, that the schemers relied and rested their fortunes absolutely upon their belief of what the government wouid do. Mr. Gould says that the whole speculation was based upon tie be- lief that the government was not going to sell gold. He says that be had good reason to suppose “dt was the policy of the administration to let gold work up until after the fail crops were moved, and that he never would have gone into the movement unless he had #o believed.” He asserts that Mr. Corbiu had become very much interested in the ‘crop’? theory; it had become (a monomania with him, and that after various inverviews with Corbin and with the President, the latter from being @ contractionist had “changed fis views; that the President remarked that the government would do mothiug during the fall montus of the year to put down tae price of gold or make wouey tigut; on the contrary they would do everything to facilitate the movement of breadstuds. ‘The President gave his reasons to Mr. Gould why he would not seil gold. He said to Mr. Corbin that Mr. Boutweil bad given an order to seli, and that he countermanded it; and that afterward Mr. Boutwell acquiesced in the Presi. dent's views. ‘That Mr. Gould was rigut 18 evidenced by Mr. Soutwell’s testimony, hereinafter quoted. On these assurances Mr. Gould risked largely. He bought gold for Mr. Oorbin on ana after these assur- ances of the President. These assurances of the President were repeated to Mr. Gould on the third interview which he reiates. Moreover, a letter was written, a8 Mr. Gould states, to Mr. Boutweil by the President in reference to this matter. Thisis doupt- jess the letter of the 4th of September. It was ine tended as @ counterblast agaiuet the “bears,” wio were to dine Mr. Boutwell in New York. In pur ance of the same pian the letter of Mr. Corbin was despatched by Fisk to the President at Washington, Pa. That letter is not described by Corvin and Gould alike. In ita absence or destruction the tes- timony of the President Was indispensaoie, to show further what reliance was placed by the schemers on the government aid, That testimony is retused; but of that bereafter. Mr, Fisk confirms Gould's statement as to their implicit reiiance on the administrauon for their accor. He testifies also that Butterieid was con- jdered ‘all important.” ‘I could see,’ he says, “that tf they had @ claim on him, if he got the news first, he wouid give it to them.’ * * *Butter- field Kept sending down word to Gould that every- thing Was ail right.” So says Mr. Fisk. Mr. Corbin told bin that his (Corbin’s) arraugemente with General Grant were perfect. Me acted, ashe swears on what Corbin and his wiie told him. He swears, that Corbin was in the plot, because of his relation to the government officials. Unless Fisk swears to lies by the wholesale, he was most apprehensive of governinent Interference with their Diana. “I sald to Gould if we bought gold up the government would unload their gold on to us, Said he, ‘That fe all fixed.” The President was then in the city, ‘Coroin hag got Butterfield and Graut = pa a SL aR LS Be GR eee nt cle a Ea RI ea ET a Rah = SR a aE a a alae led ea SE ae BR EL RS SE SR zee: sell, relted Ov the assisiauce of tue adurinistration:— Q.’ Did you after that ahow any letter to Mr. Gould received from any member of the President's family? A. [ did; you; I shouid say that that is not the phraseology; I did not saow him any letter, but [read to him go and so. Q. What did you read te hims A. Woll, I do not know. lotine try my memory; it was a letter written to my wile, written in great distress. By Mr. Jones—Writtea by whom? A. It was written by on 48) . Who? A. Itwas written in a burry; an affectionate tetler, writen in haste. i ‘ho wrote the letter? A, T am answorlug as speeiiically as human phraseoloxy can uo it. 4 aioe: Judd--Who do you mean by “Sis?” A. [am ex- ining. rag Yaa can state the name? A. Iam explaining, and can- not do it any better than 1 have done it, Q. Will you answer that question? A. I will; 1 will nea evade it, nor am 1 capable of evasion. ‘4. Who do you mncan by “Sis? A. T mean just what [ say; that was toe signature to the letter; 1 am so. agitated, and [ wish the committee would notice f am a litte exoked, very weak aud very uorvous; Lam perfectly broken dowa, aud there ts bata wrock left; letter caine there, asl was Saying, signed “Sis;" 1 have no doubt about ft, because that fs the way in which those Western ladies write; they ait down and write a noto and sign, “in baste. dis." I never received letter from her, and camnot swear to the hand- writing of it, but have no doubt of it. ‘There is nova particie of doadt but that Corbin was luterested, and lus rolz was that of procurin, the aid of the President for bis theory. Butteriiel himseif frankly states to Gould “that be knew the views aud policy of the government were thas they would not sell any gold until after the crops were sent to the market.” Who con- tribuced to this policy uniess it was Mr. Corvin? ‘That this was the policy Iumpressod upon the Pres’ dent by this perunacious schemer is piaced beyoud the shadow Of @ uoubt by the correspoudence be- tween the President and the secretary of the Trea- sury. The President, either from convict n of tue feasibility and utility of the crop theory, or frum hw indifference and imattention to the designs underly- ing it, accepted it. He never intended that gold snould godowy. Gould did nobexpect it. 1 this was the reatizauion of nis plan. Unconsciously, or consciousty, the President, in bis letters to Mr, Bout- well, Worked in upison with the couspiratons, GOLD RESERVE. It is tmpoastble to prevent large amounts of gold from remaining In tne Treasury, ben Srp under our present sysiem Of taritfs wad publicdebt. 1b is @ periinent inguiry, therefore, Which the minority desire to make:—How much gold should be retained in the Treasury as @ reserve, and in what manner should the surplus be disposed of? These are among the diiticult) questions which artse in the administration of the dreasury Department ip the present upforvanate ahd anomalous condition of tue currency. 1tis imporvant to know how the present system originated. The views and actions of the recent Secretary (Mr. Mcvuliocn), im dealing with them are thus explained in his reports to Gon- gress:—In his report of December, 1566, he remarked. vhat in order to secure steadiess in the market— whiie business was conducted on a paper basis— there must be power in the S'reasury to prevent suc- cessful combinations to bring about fluctuations lor purely speculative purpuses. He thougnt specie payments were uot to be attained by an accumwa- tion of coin im the Treasury, to be paid out at a tu- ture day im the redemption of government opiiga- Uons; but ratuer by quickened iudustry, increased production and lower prices, which alone could make us @ creditor and not # debtor nation, In his report of Decemver, 1863 (pages 43 and 49), he used the following language:— It was and constantly bas been, therefore, the alm of the Secretary so to administer the Treasury, while borrowing money and funding the temporary obligations, as to prevent & commarcial crisis and to keep the business of the couniry steady as was possible on tue basis of an frredecuiabie and constuntly fluctuating currency. Whether his efforts contributed to, this end or not he does not undertake to aa: itt the fact fe unquestioned that a great war has beea losed, large loans have been effected, heavy revenues have been collected and some #1,$W,000,000 of temporary obitga- tions bave been paid or funded, and a great debt brousme into manageable shape, not only without « Ouanciat oris but without apy disturbance to the ordinary business of the country. To accomplish these things successfully the Secretary deemed it necessary, a9 lu that the Treasury should be kept cor 4 dition, witn power to prevent the credit of the government and the great interests of the people from being piaced at tt meroy of adverse influences. olwithatanding the magai- tude and character of the debt, this power the ‘Treasury ha: for the last three years, possessed ; an jan boon the well known existence, rather than the exercise of it, which has in repeated lustances saved the country from panic and disas- ter, The gold reserye, the maintenance of which has jected the Secretary to constant and bitter criticism, confidence to the holders of our securities at home ‘oud, by the constant evidence which it exhibited of ity of the government, without depending upon pnr- chases in the market, to pay the interest upon the public debt, and a steadinesy to trade, by preventing violating tuctuations in the convertible value of tbe currency, which has been more than ample compensation to the country for any loss of interest that may have been sustained thereby. If whe gold in the Vreasury had been soid down to what was absolutely needed fur the payment of the interest on the public debt, not only would the pubite credit have been endangered but the currency, and, consequently, the entire business of the coun- try would have been co abject to the dangerous power of speculative combinatio From these extracts it will appear—First, that the former Secretary kept @ reserve of colu W steady business; that he regarded the loss in interest more than made up in preventing heavy losses to tie country. He regarded his power to eell as indis Densadle to prevent combinations for fluctuations and speculations. He has also sold gold to rave currency when needed and to save the paper cur- rency irom depreciation. Whatever we may think Of this immense power—lodged in the breast of the Secretary—it must be confessed toxat there was great freedom from speculation and panic under the policy of the tate Secretary. His operations are weil ae- scribed in the tollowing extract irom his repors of, 186 ‘Simflar complaint has also been made of the manner in which yold and bonds have been dieposed ot by what has been styled “socret sales, the satne courue haa been pursued In these ‘and prudent men) pursue who sell on their own aecount. Th have been mace when currency was ‘neodoi Prices were satisfactory, It was not considered wise or prudent to aavite the dealera precisely when and to what arsount sales were to be made (no sane mau! ting on his own account would bare done this), but ail) in the open market, and of tT in New York tn| bi al his reports itappears that Mr. Mcuulloch consid ered it to be the duty of the government, while it keeps In circulation a large volume of notes, which, although deprectated, are stiil tne legal standard of value, and which the people are compelied to re- cetve and use a4 “‘lawiul money’? to prevent by the use of ail proper means their notes from being de! preciated or Kept constantiy fuctuating in walue by Speculative imfuences and combinations. Mr/ cCulloch thought also when gold was’ to be sotd for the purpose of supplying the Treasury with cur! rency or redeeming government obligations that the sales should be made in the manner adopted by busy ness men, with the view of obtaining fall current rices, E The present Secretary entertatns different views of the duty of Line government in regard to 1t8 circulal ing notes, and he bas adopted @ different course Ui the saie of gold. He thinks that the government nw nothing to do with the money warket, notwithstans- lng It hag in circulation four hundred militons if irredeemabie legal tender notes, the appreciation ir depreciation of which affecta every man’s busines and the value of every man’s property throughoat the length and preadsh of the country. An this te. mark we may except the Pacific States and the Tor. ritories, where gold is the circulating mediul. Now while wedo not desire nor intend to impute im proper motives to the Secretary nor to impugn bib Integrity, We cannot overtook the fact that it was this policy ef the Secretary, and Bis expected adher ence to 1t under Bxecutive IANueNCes, Guat ied vo Lhe combination of speculators for advancing th price of goid, or, rather to depreciate United State notes, This much the majority should have sald is tracing the origim and character of the pante which It has been made the duty of this committee to m- vestigate. Thia combination depreciated the prow erly Of the country to the extoat of many millious of dollars. It gave a shock to business from wh 46 Uas not yet recovered: it ruied hugdreds of my =