Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1870-03-05
GOLD PANIC INVESTIGATION.


The report of the Committee on the
Gold Panic Investigation, substantiates the
impression created before its appearance
by the facts already known that the Admins
stration had No part in the schemes Of tho
conspirators, and farther than that adds
nothing of importance to what was pre-
viously known of the matter. There was
II grand attempt made to carry up the
price of gold regardless of the conse-
quence to the country and the business
community at large, and every stratagem
was practised that the willy managers
could invent and carry out to entrap Pres
ident Grant and the Secretary of the Treas
ury in the meshes Of their net. The re-
port makes very evident that they were
completely foiled, and that their insinua-
tons made since the Panic OF his COM
plcity in the affair were utterly without
foundation. Much was said about letter
addressed by the President to Secretary
Boutwell, and left with General Butterfield
to be delivered to the Secretary on his re-
turn from Massachusetts to Washington
about the middle of September, upon
which the conspirators based their insinu-
atoms. The letter forms part of the re-
port of the Investigating Committee and
is itself the best evidence Of the honesty
of the President and the falsehood of his
traducers. 1t is as follows:
New YORK CITY, Sept. IL, 1869.
Hon. George S. Boutreu, Secretary of the
Treasury:
DEAR SIR: leave here to morrow morn
ing for Western Pennsylvania, and will not
reach Washington before the middle or last OF
next week. Had known before making my
arrangements for starting that you would be
in this city early this week, l would have re-
manned to meet you. am satisfied that on
your arrival you will be met by the bulls anu
bears of Wall street. and probably by mer-
chants, too, to induce you to sell gold or pay
the November interest in advance on the one
side, and to hold fast on the other. The fact
is, desperate struggle is now making, ana
each party wants the Government to help them
out. | think, from the lights before me,
would move on without change until the pres
ent struggle is over. Ifyou want to write me
this week my address will be Washington, Pa.
would like to hear your experience with the
factions. at all events, if they give you time
to write. No doubt you will have better
chance to judge than /, for l have avoided
general DISCUSSION of the subject
Yours truly, U. S. GRANT.
In conclusion the majority report recon-
mends the adoption of the following res
olutions which appear to meet the case:
Resolred, That the Committed on Ways
and Means be instructed to report bill levy
ing such tax on the transactions of the Gold
Exchange and the Gold Exchange Clearing
House as in their judgment the interest of the
country shall require.
Resolred, That the Committee on Judiciary
be instructed to inquire into the expediency
of reporting a bill to define and punish con-
spiracy against the credit of the United States
and the business of the people.
Resolred, That the Committee on Banking
and Currency be instructed to enquire whether
any further legislationi 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.
The majority report was accompanied
by minority report, but the facts were SO
strong against the alleged connexion of
the President with the conspirators. that
no charge is made against him, the docu-
ment being simply piece of general
fault finding. r.,7 VI