The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-03-03
him 81 100000 in gold, which Butterfeld de-

him 81 100000 in gold, which Butterfeld de-
MES, and to make Corbin more sure, perform-
ed some kindly Offices for him, which he
admits, and on the sixth of September
received from Gould $4,000 profits which
had accrued on the smaller OF the two
lots. All Gould's efforts coula only 1orce
Hfember he invited Mr.. Fisk to Join him.
The latter at first declined, saying that the
prospects were unfavorable' put, say the
committee, s'nothing but the scent OF corrup-
ton could sharpen the appe.ia s Q, Mr FISK Tor
own Testimony exhibits his singular depravity
ond the kind of influence which could move
him to act in opposition to his own judgment
The compounded vllany presented by Gould
resist. He joined the movement at once, and
brought to it's aid all the force of his magnetic
and infectious enthusiasm.
With the great revenues of the railroad
company at their command, and having con-
verted the Tenth National Bank into a manu-
factory of certified checks to be used as cash at
their pleasure, they terrified all opponents by
the gigantic power of their combination, and
amazed and dazzled the disconsolate gamblers
of Wall street by declaring that they had in
league with them the chief officers of the ma
tiOnal government Possessed of these real
and pretended powers, the conspirators soon
had at their command an army of brokers as
corrupt as themselves, though less powerful
and daring. They opened an account for
pool, which they styled the National Gold Ac-
count, hoping thus to strengthen the pretence
that officers Of the national government were
interested with them. They gradually pushed
the price of gold from So IL, where it stood on
the morning of the 18th of September, until on
the evening of Wednesday, Gid. they held it
firm at 40 1-2, and had in possession from fifty
to sixty million calls for gold. Gould thinks
not more than twenty-five millions, but his
partner, Smith, testifies that they held from
forty to fifty or fifty-fve millions, in the pur
chase of which they had employed from fifty
to sixty brokers'"
The report narrates Gould's episonage Of
Corbin for the first fortnight of September,
visiting him twice daily, and recites the history
of Corbin's letter to the President, dictated by
Gould, and delivered by w. Q. Chaplin, Fisk
| most faithful servant, at Washington, Pa
Early on the morning of September 10Th, Cha
min telegraphed Fisk, Letter delivered-all
right''-Fisk interpreting call right" to mean
| that the President assented to the doctrine of
| the letter.
The details of this transaction are given
very fully in the report. Mr.. Chaplin explicit
| IL says "al right meant, ONLY, that the letter
| was safely delivered. This letter finally prov
ed to be the ruin of the conspirators. The un-
usual circumstances of its delivery led the
| President to request Mrs. Grant to say in a
| letter she was writing to Mrs. Corbin, that the
President was much distressed by the rumors
that Corbn was engaged in gold speculation
and hoped he would disengage himself at once.
The letter was received in New York on the
| evening of Sept. %, and created the greatest
alarm among the conspirators. 1t showed
COrbip's duplicity, which was suspected, II
not discovered, and showed Gould that he had
been deceived by Corbin's representations, and
that blow from the Treasury might fall al
any hour. They attempted to decide on ba.
sis of future action. but failed to agree. Cor.
bin says Gould offered him 100000 on &C.
count, if he would remain in the pool; while
Gould swears that Corbin insisted on full pay
ment and discharge. Gould during the mex
found secret from Fisk, disclosing only enough
to make the latter responsible for whatever
amounts had been paid Corbin. Later in the
day Gould drew check for 500, 900 to give
Corbin, but swears the money was never paid
The next day Thursday was rather quiet
Belden, Fisk's former partner, being drawn
into the arrangement, and Albert Speyers Sc
lected for the other party. Gold closed or
Thursday at 144 and the conspirators, flushed
with success, had a full list OF $50 prominent
firms in New York, all of whom in their legiti
mate business required large purchases O.
gold, and as they held calls for over one hun
bred millions of dollars and knew that there
| was not more than fifteen millions of dollar.
of actual god outside of the sub-treasury il
| New York, they were complete masters of tn,
situation. That night they held a council, a
which it was proposed to publish the names o
$50 firms and notify them that if they did no
settle at 145 the price would be advanced, bu
being advised that such action constituted
| conspiracy under the laws of New YOrk, tn
project was abandoned.
The report then gives very infinitely tn
events OF the event of the next day, "Blacl
Friday" in Wall street, but adds nothing i'm
portant to the facts already known Tn,
President returned to Washington, THURSDAY
evening, and had a consultation with Score
tary Boutwell,. At four o'clock, Friday, Mr.
Boutwell, went to the house of the Presi
dent, who expressed the opinion that HI
ought to sell Immediately five millions
Mr. Boutwell, thought three millions sufficient
{ and on the way back to the Treasury determin
, ed to sell four millions Immediately, and di
rected Geographic order to that effect. TIL
Butterfeld message was not in cipher and N
attempt was made to keep it secret, and it wa
delivered to Butterfeld at five minutes pas
twelve There is no evidence that the tele
graph officers or employees were nnfaithiul t.
their duty. A few minutes before noon tn
sell at forty. headed by James Brown tn,
| Scottish broker, and when the news came fro o
the Treasury the break was complete. In fiji
teen minutes the price fell from 160 to 1873, ant
half Wall street was involved in ruin.
The committee sketches the history of sub
sequent events, the final settlement of affair
, between the conspiritors, the injunction on til,
clearing house, &C.
In reviewing the whole subject, the commit
tee submit the following conclusions
change Bank are creatures of this country ant
this decade alone, the source of measureles
evils, and ought to be destroyed.
| Second-The gold conspiracy was wholly ar
tificial, and its effects most disastrous to the lie
Ultimate business of the country The founda
| lions of business morality were broken, anl
numerous defalcations followed, closely tracea
bic to the mad spirit engendered by specula
ton. The custom of banks certifying check
which do not represent cash deposits is dan
gerous and perncious, and greatly aided the
conspirators.
Third-All attempts to compromise the Pres
ident or his family have utterly failed. The
| story of Mrs. Grants interest in the affair was
| started by Gould or Corbin, and is totally with.
out foundation, as is also the pretence that
| Horace Porter, the Presidents secretary, was
| implicated. In regard to Butterfeld, it was
| not proved whether he was in the conspira
| tors secret or not. The committee analyze the
| evidence on this point quite thoroughly, but dc
not express an opinion, though the testimony
| plainly shows that he was largely interested.
The committee recommends the adoption Of
resolutions as follows:-
| Resolved, That the committee on ways and means
be instructed to report bill levyng such tax on
the transactions of the Gold Exchange and Gold Elk.
| terests OF the country require
| Resolved That the committee on the judiciary be
instructed to inquire into the expediency of report
ing bill to define and to punish consp racy against
the credit of the United States and the business
the people.
Resolved That the committee on banking and
currency be instructed to inquire whether any fur
ther legislation is necessary to prevent the improper
use OF certified checks by national banks, that
they have leave to report by bill or otherwise.