Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1870-03-03
Interesting General News
From Washington.
Wy .a,1-o<y Mech I

WASHINGTON, March /.
Gen. Garfield, chairman of the commit
tee on banking and currency, made a re-
port to-day on the gold panic. 1t gives
circumstantial accounts of its history and
comes to the following conclusions in
view of all testimony: LIST. Prominent
bankers and merchants who testified be-
fore the committee were nearly nnanim-
Gus in the opinion that there was no suf-
ficient reason for the existence of the gold
exchange or gold exchange bank; that
they were a source of mischievous evils
and ought to be destroyed. Cd. The gold
conspiracy dealt heavy blow at our
credit abroad by shaking the faith of
foreign capitalists in the stability of our
trade and the honesty of our people.
Hundreds of firms engaged in Legitimate
business were wholly ruined or severely
crippled. Importers of foreign goods were
for many days at the mercy of the gamb-
lers, and suffered heavy losses. In fact
the entire country was injured, the foun-
dation of business and morality were
shaken, and the numerous defalcations
that shortly followed are traceable to
the mad spirit engendered by specula-
tions. Sd. The committee find that
the wicked and cunningly devised at
| tempts of the conspirators to compromise
the President or his family utterly failed.
Corbin, using the opportunities his family
relationship to the President afforded,
and under that worst form of hypocrisy
| which puts on the guise of religion and
patriotism, used all his arts to learn some
the President that could be made
profitable to him and his conspirators,
but with these and all other efforts of his
associates the testimony has not elected
word or act in consent with the patriot
ism and integrity BETTING the Chief Ex-
ecutive of the nation. The message sent
to Corbin when his duplicity was first
suspected and the order which laid the
strong hand of government upon the con-
spirators and broke their power, are most
significant declarations that the President
held and treated them as enemies of the
credit and business of the country. The
report relieves Mrs. Grant and Gen. Por-
ter from any suspicion of gold gambling.
All the public funds entrusted to Gen.
Butterfield were faithfully accounted for.
1t is not conclusively proved that he was
interested with the conspirators in raising
the price of gold, though on this point
the testimony is conflicting. Mr. Gould
swears he bought two lots of gold for
Butterfield amounting, in all, to two mil
lions and half dollars. Butterfeld also,
under oath, denies this statement. Both
Fisk and Gould swear they received mes
sages from Butterfeld, and answers to
messages which they sent during the days
of the panic in reference to the news
from Washington, and this statement
receives some support from the tes-
timony of Brown, the messenger. 1t
is proved by testimony that during the
days of the panic two firms of brokers
sold gold on Butterfield's order and for
his profit, and that during his whole term
of Office he was dealing largely in U. S.
bonds on his own account when asked
by the committee whether he knew of
any officers of the United States who were
directly or Indirectly interested in gold,
he answered unqualiiedly in the mega
tive, but when afterward confronted by
testimony of Seligman concerning his
purchases of gold, he admitted it was
true. The committee recommend the
adoption of the following resolutions
That the committee on ways and means
be instructed to report the bill levying
such tax on the transaction of gold ex-
change and the gold exchange clearing
house as in their judgment the interests
of the country shall require,
That the committee on Judiciary be in
structed to inquire into the expediency
of reporting a bill to define and punish
conspiracies against the credit of the
United States and business of the people.
That the committee on banking and cur
rency be instructed to inquire whether
any further legislation is necessary to
prevent improper use of certified checks
by the national banks, and that they have
leave to report by bill or otherwise.
Cox and Jones unite in the minority |
report