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

the gold panic of last September have per-
formed their duty very thoroughly, and the
secret history of that affair is completely ex-
posed in the report they submitted yesterday.
The stery, as a whole, is as sensational as a
red-hot modern drama, and while its expo
sures of the artihces, recklessness, rascali
ties, and mutual betrayals of the New York
gold speoulators invest it with more than the
usual interest attendant upon spectacles of
wiokedness, the attempt to involve in the
meshes of this gigantic speculation the high
est authorities of the Government gives to
the topic national Importance beyond that
which arises from the effect of the gold panic
upon the business interests of the country.
The leading actor and concoctor of the
scheme was Jay Gould. Corbin was his
principal tool Fisk was in part his ally
and in part his dupe. The key of the COM
bination was the degree of success which
attended the efforts of Corbin to deceive and
influence the President. A host of subordi-
nate characters and incidents are embraced in
the plot, but their fate hinged on the transac-
tions of the four principal actors already
named.
Gould, the master-spirit, felt confident
that he could succeed in his scheme if the ad-
ministration could be persuaded that the
national interests would be promoted by a
temporary enhancement of the price of gold
Various agencies were employed to effect
this object, but the most direct was the per-
sonal influence of Mr.. Corbin with his illus
trious brother-in-law. Being we'll paid to
undertake this task ($25, 900 was actually re-
oeived) MIR. Corbin was speedily persuaded
that an increase OF the price of gold would
facilitate the expectation of breadstuffs, and
chat whatever the Government could do to
''prooure good prices for the products of the
West they ought to do" After being (paid)
convert to this theory, Corbin made strenuous
efforts to convince the President of its cor
restness. His own testimony on this subject
embraces the following statement
"Hsvng natural desire for the success, the first
year at least. OF the administration Of my wife's
UPON % him what thought was a vital poiat, and md
that was to let the farmers and mechanics aud
manufacturers have good prices for their pro-
ductions."
It is not positively known that the repre-
sensations made by Corbin had particle of
weight with the Executive, but combination
of influences and reasonings seems to have led
him to adopt conclusions which are thus ex-
pressed by the committee
'sAbout the LIST OF September, and Just before
leaving New York, the President wrote letter to
Secretary Boutwell,, who was then at his home Ia
Massachusetts IN which the PRESIDENT spoke OF the
that IL would not be wise 70 sell gold m such large
amounts ss TO force down the price while the crops
were moving, as 1t might thus embarrass the West.
This letter was received by the Secretary on the
14th OF September and though It gave him no order,
but left the whole subject 10 his discretion yet he
concluded not to sell 30 large an amount during
September as he had done in the preceding months,
and teiegraphed the Assistant Secretary at Wash
ington not 70 sell any gold In addition to the amount
required for the sinking fund.
ledge OF this letter and telegram the committee have
been unable TO determine; but on the so aud 4th OF
September gold again commenced to rise rapidly,
and on the 9Th touched l8Ih."
Ifindirectaid was rendered to tAe conspirators
by this letter and telegram, it is conceded that
the President was influenced solely by
patriotic considerations, and while it is posi-
bic that he was imposed upon by Corbin, it
is not improbable that his opinion was alto
gether uninfuenoed by the arguments of his
jobbing brother r-in-law.
Gould, not satisfied with subsidizing Cor
bin, alleges that he also placed the Assistant
Treasurer at New York, General Butterfeld,
under pecuniary obligations by buying and
carrying for his profit $1,5OO,0OO of gold.
This allegation is denied by Butterfeld, but
even if full credit is given to this denial, his
record is sufficiently damaged by other dis
closures to justify his removal from Office.
Then Fisk was summoned as an ally. Tc
insure his hearty cooperation, the extent oi
Gould's affiliations with the administration
were grossly exaggerated. He was not only
told that Corbin and Butterfeld were subsi
died, but avowed that the President, Mrs
Grant, and General Porter were corraptl.
interested in the movement, and that th'
Secretary of the Treasury had been forbidden
to sell gold There is not o particle of evi
dence to justify these accusations, and tn,
real explanation of their existence appears t.
be the trick played on Fisk to secure hi
desperate cooperation with the conspiracy
For time all worked well for the gol
gamblers. But they were constantly haunte
by the fear that Large sales of gola by tn
Government would defeat their plans. T.
prevent this, Corbin wrote to the President
while he was sojourning at Washington
Pennsylvania, q letter which Fisk forwarde
by trusty agent, in which he probably urge
the plea of patriotic considerations" again
sales Of gold more strongly than ever. Th
letter, however, instead of effecting tho d
sired object, had directly contrary effect.
awakened in Grants mind suspicious Of Co
bins duplioity, and it was virtually avowe
by letter of Mrs. Grant to Mrs. Corbin, sa
ing that ''rumors had reached her that M
Corbin was connected with spectators
New York, and that he (the President) hope