The New York herald., 1870-03-02

exp0rtati0n fncrcased-nevertheiess those wh0
worked this theory did II for their own aRgrandtzo.
ment. No moro polite plan could De devised
for momentary gain No more dangerous
or people II we look to the endto the bursting
OF the bubble and It's reacu0n. II Is IN axiom thal
for By the consumer Of products.
Whatever may be its merit as theory for tran
area and dsaaea sne resident OF The Unissd States
| for time. However much this theory may have IN
auenced the Executive 10 ms peculiar course ana % n
sales hereafter apparent II Is equally sure that the
origin q n,s consprscy e raise the price o. gSa
OBJECT was fully accomplished or not We do not care
to know. We are investigating causes only But
or hinge on whicn this gold speculation turned u y
also true that the egg OF THIS c0nsniracy was iad
OF May or June. Ii Catherwood Iells the truth the
| c0nfederates were C0rbn, Catherw00d ana Could
VINO was 0 PM q. y nc as ars
wood made his exit II he is TO be credited u was
| that Butterneld should enter. The scheme nad 10
70 'As' sne uses s Nss q Tie conspiracy. how the
Psu Gs thus glSes US It's could operate
| with safety when they are acting on certainty"
sas when ns the ~
| thingn which the pool" was to attain, he an.
swered, II understood that 1t was buying gold and
selling stocks and bonds on certainly OF tue move
ments Of the government IN selling or not selling
gold. In further development Of the plot ne even
wsre divided INTO four parts-one fourth to Corbin
0ne-f0urth TO himself one-0urth TO Gould and one
ssnS care On s point Was % s
toned. He therefore silent. In this, as III other
matters. Mr.. Corbn forgets or peverts the facts lie
denied any such combinations; for he denied giving
! any aid to General Butterneld's appointment he
swears:-'I frankly told Gould ana Cainerwood
says:-.T says Withdrew my promise 70 help Butteraeld"
lie also denies any conversation with Buttefned as
| to Gould. He swears that ne mad no commanica-
t1Ona with IiutterGeld during the movement
| TO the gold business. While MIR. Corbfn denied
generally all plans as TO gold nucsuations ne nnaly
pressure confessed thar he mad not entire eX
emption from se nsnness. He "had not attained
periecnon. but was struggling for It,"
Notwithstanding these denlalS, 1t u certain, by
letter produced by Catherwood, and written by Cor
bin to him. that there was secret design to obtain
York. It was SO secret and bad tdat Coroia when
writing used cipher TO convey IT TO his steps0n III
law, Cainerwood. when they said ,, New s,s Sersey
How much reliance Ii to be placed on Corbns state
ments Will hereafter Iurther appear. Certainly, on
badly. In our judgment there be no doubt that
Butterfeld was selected to know the certainty OF
! the government movements In the sale OF gold ana
purchase bonds. Catherwood testifes that ne was
be pressed the President because, nrst, he was
an old frIena 1 Of q the I PresSents 6rothernsw Mr
C0rbn third, because he was friend OF tue Presl-
dent, having raised the money to pay General Grant
! q large advance upon the house which COrOin had
originally sold Go Grant upon similar SUBSCRIPTION.
We rorbear any comment upon these transactions
What iurlner was done the majority report faith
fully details. We have no doubt tnat the Clear.
ing House which Is nuisance to legitimate trafic
aud commerce, ana tue Gold Exchange Bank, which
instrument used for The cernncatlon Of aDu-
lous amounts, represented by money, the "phan
goldn which played 80 conspicuous part IN the
drama, are obnoxious TO the sweeping CRITICISMS OF
the majority report Tne Clearing House gave great
facilities for gambling Seventy mlllions day was
| it's general average and NOT half OF u legitimate
business. The minority concur with Mr.. Law that
they "know OF no egltimate business that could
be transacted without the Colo Exchange Bank"
ation in the form Of taxation would De OF great
utility in destroying this pestiferons Institution. 1hs
Sern,coss ss semptstioas Their evils are few com.
pared to those lnnicted upon all our country ana It's
business by this time ana LABOR saving machine to
When such system is understood honest people
outside OF Wall street will not wonder that gold
cent ana dropped instantly-and this, too, when
not dollar OF coin or even gold checks changed
those who had the gold .'cornered," were not so
sLrong but that four millions OF real gold would
break them especially when @ os 4 was o known amat me
eighty ninety millions behind tt.
| TO Mr.. Goud-a man OF remarkable cOOlness and
bralns-~waS committed tile management OF the
practcai operations He selected his agents. They
were brokers OF various repute. some were like
mable yet manageable. Fisk seems only TO nave
been the "roDustious" element; but In fact he was
as ductie as the ''woodbIne about his more vigOr-
Gus colleague. He seems to US more like voclfer-
Gus lieutenant who carried the commands Of his
captain who wiiled them. Corbn, who is accredited
clous and willy, was relied on to Keep the President
TO the produce theory and to prevent Secretary Bout
well from being SO Influenced by the bears coll
troll the President. He Piled his purpose by edltori-
ais TO the and by letters TO the President The
tact led him be trusted by Gould even, as well as
by Others He professed to Oe anxious for the pros
perity OF the country for the hlgn price OF bread
stufs and the balance Of trade our favor with
view to aid the then pending elections IN the
Tue part played by Butserned is not SO very Clear.
He certainly took advantage OF MS official position,
II not to aud the scheme aud help his conlederates in
the end to help himself This Is shown BY the tes-
timony OF mis- banker. Mr.. Seigman, as well as by
his own evidence
The minority JOIN with their colleagues recon-
mendlng some legislation upon these subjects; but
Iney cannot fail how imp0tent all legislation
their outside conieSerates can Know with Ger
tatnty" aud communicate with ease tine intentions
and conduct OF the hsca oicers IN advance Of pub
ton and conduct IN advance, by an impractical
system they may adapt their plans TO the exgencies
the. secretary OF the Treasury which advises
such agents ana the public what to expect as 10
sales OF gold that speculatons may proceed with
safety. Mr. Catherwood describes 1t In the same
way.thas the basis OF their original plan was that
assurance for safe operations. 1t Is perfectly posi-
bic for such combinations to succeed, even better
than the one now investigated SO long as the Trea
sury Is full OF gold and so long as the head OF the
Treasury can dispose OF 1t at pleasure, as upon his
present plan To remedy the evl we should have,
nrst, no such omnipotence over the currency. mar
kets and interests OF the people; no such supreme
control vested In any One however honest in fnten
t0n. the results OF industries; and second,
no scheming and untrustwOrthy subordinate 0fli-
Gals and no possibility OF such appliances and ap-
proaches to the head OF the government which this
investigation reveals
There Is nothing proved in this investigation so
clearly Tits fact, that the schemers relied and
rested their fortunes absolutely upon their belief OF
what the government would do. Mr.. Gould says
that the whole speculation was based upon the be-
lief that the government was not going to sell gold
He says that he had good reason to suppose
''it was the policy OF the administration TO
let gold work up until after the fan crops were
moved, and That he never would have gone into the
movement unless he had 30 believed.u He asserts
tnat Mr.. Corbn had become very much interested IN
the s.cropr theory; It had become Ia mouOmania
With him, and that after various interviews with
C0rbn and with the President the latter from being
c0ntractonist had changed mis- vlews;r tnat the
President remarked that tue government would DO
notniug during the fall months Of the year to put
down sne price OF gold make money tight; on the
contrary Jhey would 40 every thing to facilitate the