Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1870-03-10
9s!itfe.i.
The GoldConspiracy Of September 1868
REPORT of Investigating Comnittee.

Inc -
-Report of Investigating Comaittee.
Gen. Garfield, Chairman of tbs Com
mittee on Banking and Currency, made
report last week on the geld panic. 1t
gives eircunssantial account ofits his
tory, and comes to the following cons
cIusions in view of It's testimony:
First. Pro1niaent bankers aed mer-
chants yho tSEti1ed before tho Con nit
tee were nesely s1Hsl sltal79i-5 a. sbe oPln-
iaa ttacEs vas nc sufficient reason foc
the ex.ste1ee eftAe 4otG Axchgage Al l
Gold Exchange Bank; taaS they were
the source Of n,essE SeleG3 Ss,iis ano
ought to be destroyed.
Second. The gold conspiracy 6oslt &
heavy blow 80 Our credit AtrcEG by
shaking Eiie faith OF foFeisa capitalists
in the stability of.eaE tfsde and honesty
of our people. HoadFsds Of firms en-
gagged in Legitimate business were whsIly
ruined or severely crippled; importers Of
foreign goods were for many 6ays - tho
mercy of the gamblers .Ed suffered
heavy losses; il fact the entire country
was injured, the foundations of 5usineas
and morality were shaken and nuuer-
Gus defalcations that shortly followed
were clearly traceable to the mad spirit
engendered by speculation.
Third The committee find that tho
wicked and cunningly devised attempts
of fconspirators to compromise the Presi-
dent of the United States, or his family,
utterly failed. Mr. Corbin, using the
opportunity which his family relation
ship to the President afforded, and
under that worst form of hypocisry
which puts on the guise of religion and
patriotism, used his arts to learn come
thing from visit-conversations of the
President, which could be made profit
able to him and his conspirstors, but
with all the efforts of his associates the
testimony has not elected one word or
act of the President inconsistent with
that patriotism and integrity which
befit the Chief Executive of the nation.
The message sent to Corbin, when his
duplicity was first suspected, end the
order which laid the strong hand of the
government upon the conspiratOrs and
broke their power, are most significant.
The report relieves Mrs. Grant and
General Porter from any suspicion of
gambling. .,.-.-
Ali,the public funds entrusted to Gen.
Butterfield were faithfully accounted
for 1t is not conclusiveiy proved he
was interested with the conspirators in
raising the price of gold, though on this
point the testimony is conflicting.
Gould swears positively he bought two
lots of gold for Butterfieid, amounting
in all to million and a half dollars.
Butterfield, also under oath, denies this
statement. Both Fisk and Gould swear
they received messages from Buttcrfiefd
and answers to messages which they
sent during the days ofthe panic in ref
erence to news from Washington, and
this statement receives some support
from Brown, a messenger OF the Sub
Treasury. 1t is proved by the testimony
that during the days of the panic two
firms, brokers, sold gold on Butterfieldis
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 Uuited states who was di
rectly or indirectly interested in gold,
he answered unqualifiedly in the mega
tive, but when afterwards confronted
w tn the testimony of Seligman, con-
cerning his purchases of gold, he admit
ted it was true.
The committee recommends the edop-
ton of the following resolutions:
That the Committee of Ways and
Means be Instructed to report a bill levy
ing tax on transactions of Gold EX-
change and Gold Exchange Clearing
houses as in their Judgment the inter-
ests of the country demand.
That the Committee on Judiciary be
instructed to inquire into the expedi-
ency of reporting a bill to define and
punish conspiracy against the credit of
the United States and business of its
people.
That the Committee on Banking and
Currency be instructed toinsuire wheth-
er any further legislation is necessary to
prevent the improper use of certified
checks by National banks, and that
they have leave to report by bill or 9TH
erwise.