, 1870-03-03
GENERAL GARFIELD'6 REPORT.

The report submitted by General Gar
field, from the Committee on Banking and
Currency, concerning the so-called " Gold
Conspiracy" is an Interesting document in
historical point Of view, and, SO far as re-
1ates to the question whether any officers Of
the government were concerned in said |
conspiracy" is valuable and useful con-
tribution to our official literature. But
when II leaves this, its legitimate field, and
ccea into the consideration and discussion
Of private business, and especially when it
calls for pains and penalties to be imposed
fcr the crime Of @sconspiracy against the
credit Of the United States and the business
Of its peon,s," it betrays weakness which
We did not look for IN that quarter. The
resolutions reported by the committee are
us follows:
Reso,red, That the Con mlttee Of Ways aud
Mesrs be instructed 70 report otll iesying sacn
tsr Oh the Transactions OF the Gold Exchange
judgment the Interests of the country deMand.
}t<ortd, That tie Commt1tEe On the judiciary
be lsssucted to Inquire !1so the e1pedlency Of e.
pcrtira bill to define and punish conspiracy
aga,nst the credit Of the United ststes aud husi-
hsaa N,ola Tsst The coruttes on Banking and
Currency se iEs,racsed 10 inquire whetnef anI
further legislation IL necessary to prevent the im-
Proper rte OF certified checks by Saf1onai bansss
ard that tEey have leaEe to report b9 blu or other-
Vic.
The first and second resolutions proceed
upon the assumption that there is something
criminal in tha businessof buying and sell
ing gold for on no other hypothesis can
the government single it out for particular
reprobation and for special punishment
The fact that the Government of the United
States has suspended specie payment (hat
is to say, has suspended fay'ntnt), is tho
reason, and the sole reason, why gold Il
bought and sold as q commodity. The gov
eminent has made ita commodity; and now
it is graveIy proposed by a committee OF
Congress to punish men for treating it az
such. As The first resolution proposes to
punish them By fine, the second viii, IN
doubtedly, addimprisonment. "Consplracy
against the credit Of the United
Statesn is The phrase used, d,-as though the
conspiracy existed in Wall street, trathe7
than in Washington; as though the credi
Of the United States would Immediately b.
"-'-= -:tapge were shu
up; as though gzeenbacks wo,1a bscom
Immediately rsasrmahs ia coin If the mi
e,amb1ars were sent to jail. >A'e s~N
Ne hope TINT Congress will not oonmi
itself to such glar1ng injustice and folly
The gold gamblers are, perhaps, a hard set
bnt the government is solely responsible
for their existence. They hive the sam
right to buy and sell gold that others hav
10 bc5 and sell wheat, or pork, OF cotton
The Gold Exchange is merely an instltutio
for facilitating the business OF trading i
gold, as the Com Exchange IL for faclli
tating the traffic in breadstuffs. !
is far mo1e heinous crime to conspir
against the public BY raising the price c
Hour thAn by 1aising the price Of gols
But, as We have alreody shown, there eou'
be no such crime as conspiracy against tt
credit Of the government II the govez1
ment hnd not first impaired its own cred
By issuing its demand notes in great
quantity than it could redeem them. Ha
Ing done so it is absurd to TIA !:1.1a about q,
other conspirceccy against its crsdit.
ii was a mistake on the part Of t
Secretary OF the Treasury to pat bis ting
in the September pie at all. II he had &c
to sell it vas his duty to advertise and
it in the usual way. The rage
the bulls and bears was 10 conce
Of hie. He had no right to ia
tho side OF one party mo,s th
tne otue1. Ae ut'o Aep' out VI tao 1eAo