The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-02
THE GOLD PANIC INVESTIGATION.

Currency.
General Garfield, chairman of the Com
mittee on Banking and Currency, yesterday
made report on the gold panic. 1t gives
circumstsntial accounts of its history and
comes to the following conclusion in view of
the testimony
First That the prominent bankers and
merchants who testified before the committee
were nearly unanimous in the opinion that
there was no sufficient reason for the exist
ence for the Gold Exchange and the Gold
Exchange Bank; that they we're the source of
measureless evil, and ought to be destroyed.
Second. The gold conspiracy dealt heavy
blow at our credit abroad, by shaking the
faith of foreign capitalists in the stability Of
our trade and the donesty of our people.
Hundreds of firms, engaged in legitimate
business, were wholly ruined or severely Grip
pied. Importers of foreign goods were for
many days at the mercy OF gamblers, and
suffered heavy losses. In fact, the entire
country was injured. The foundations of
business morality were shaken, and the nume-
rous defalcations that shortly followed are
clearly traceable to the mad spirit engendered
by speculation.
Third. The committee find that wicked and
cunningly devised attempts of the conspira-
tors to compromise the President of the
United States or his family utterly failed
MIR. Corbin, using the opportunity which his
family relationship to the President afforded,
and under that worst form of hypocrisy which
puts on the guise of religion and patriotism,
used all his arts to learn something from pri-
vate conversations of the President which
could be made profitable to him and his CO.
conspirators. But, with these and all
efforts of his associates, the testimony
has not elected n word or an act of
the President inconsistent with that
patriotism and integrity which beht the
chief executive of the nation. The messages
sent to Corbin when his duplicity was first
suspected, and the order which laid the strong
hand of the Government upon the conspira-
tors and broke their power, are the most sig
nifcant declarations that the President held
and treated them as enemies of the credit and
business of the country. The report relieves
Mrs. Grant and General Porter from any sus-
picion of gold gambling. All the public funds
entrusted to General Butterfield were faith
| fully accounted for. 1t is not conclusively
| proved that he was interested with the con-
| spirators in raising the price of gold, though
on this point the testimony is conflicting.
| Mr.. Gould swears positively that he bought
two lots of gold for Butterfeld, amounting
in all to $1,500,000. Butterfeld, also under
| OATH denies this statement. Both Fisk and
| Gould swear they received message from
| Butterfeld, and answers to messages which
they sent him, during the days of panic, in
reference to news from Washington, and this
statement receives some support from the
| testimony of Brown, messenger of the Sub
Treasury. 1t is proved by testimony that,
during the days of the panic, two firms of
brokers sold gold on Butterfeld's order,
and for his profit, and that during his
whole term of Office he was dealing largely in
United States bonds on his own account.
When asked by the committee whether he
knew of any officer of the United States who
was directly or indirectly interested in gold,
he answered unqualifedly in the negative.
But when afterwards confronted in the testi-
mony of Seligman concerning his purchases
of gold, he admitted it was true.
The committee recommends the adoption
of the following resolutions
ReSOlUed, That the Committee of Ways and
Means be instructed to report bill levying
such a tax on the transactions of gold ex-
change at the Gold Exchange Clearing House
as in their judgment the interests of the
country shall require. '.
Res0Lged, That the Committee on the Judi
ciary be instructed to inquire into the expe.
diency of reporting a bill to define and
punish conspiracy against the credit of the
United States and business of its people.
ResoZged. That the Committee on Banking
and Currency be instructed to inquire
whether any further legislation is necessary
, to prevent the improper use of certified
checks by the national banks, and that they
! have leave to report by bill or otherwise.
Messrs Fox and Jones unite in minority
report. They contend that the inception Of
the gold plot was involved in the appointment
, of the Assistant Secretary of the Treasury a
J New York. that it was encouraged by chang
ing the policy of Secretary McCuloch; tina
sales of gold, if at all made, should be regu
! lated by law; that the committee refused T.
I. investigate the conduct of persons, including
' the President in Washington, and that
: therefore, the investigation was partial.