Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-06

down the price OF II, anu tlitJ- II Tie
price were to fall the West would be
embarrassed, +" etc. This letter, 50 inn
pOrtant, is not produced. Indeed, the
most significant correspondence is
wanting in this investigation.
Now, this letter proves it to be true
that the President was strongly inn
bued with the crop theory: he had
been impressed by COrbin and Gould
all pretences that he kept them, or
either Of them, alOOf, and prevented
their approach upon this topic is re-
filted by this letter. 1t was written at /
an Opportune time to keep up gold
and, whether intended or not, it was
directly ia aid of the capital object of
the conspiracy. Besides, the Presi- !
dents letter to his Secretary had its /
effect. Mr.. Boutwell, teiegraphed to
his assistant, Mr.. Richardson: Send |
no order to Butterfield as to sales Of 1
gold until you hear from me-" This I
was a limitation of the gold sales to |
sales for the sinking fund only for |
September. Mr. Boutwell, sweaFs that /
II was 81 revocation of the order to sell |
gold for September, cOnfning the /
sales only to the sinking fund. TIE /
suggestion of the President led him. |
as he says, to eOuntermand tAe I.
ORDER" etc.
What ts still more significant is a .
subsequent letter which Mr.. Boutwell, /
produces. The other letter was dated /
only a fortnight before the black Fri /
day, t0-wit; 18th September. The /
President penned it just before he left |
upon his Pennsylvania trip. It is full /
OF anxiety about gold sales. 1t is the 1
same letter which COrbin had when
he assured Gould of the Executive
aid. He refers to the struggle Of bulls /
and bears. He warns the Secretary
when he should arrive in New York /
to beware of the bears. That is the
meaning Of it. He writes: think !
from the lights before me ] would .
move on without change until the I
prasent struggle IS over Mr.. Bout /
well sWeaTs that by moving On means
to sell a million Of gold on alternate
weeks For the benefit of the sinking /
fund during the month of September.
This never meant the sale Oi gold eX- /
ira like the sale OF thcr, four millions !
on the 2lfs inst. 1t meant TO keep !
u. :. ohe price and not to let it drop.
It suited, whether he intended it or |
not, the designs Of the conspirators. /
They acted on it.
This procedure Of the Executive !
issuing suggestions, which operated !
as commands, issued under the roof 1
of COrbin and the influence Of his con-
federates, hy him while away from /
the capital, IN the midst Of the con- /
fiict of the money metropolis, and in /
a line of duty for the first and only |
time exercised, according TO Mr.. Bout ]
well. a duty reserved TO the Secretary |
of the Treasury, or if not so reserved ]
by law, then only because there IS no /
law for the authorization of these /
sales-is SO extraOrdinary, that we
were fully Justified ia demanding
explanations from the President
himself. How can we inveStl-
gate the causes" " and leave this pre-
eminent influence unrevealei? What
were " the lights" before the Execu-
tive to direct his path amid the de-
viOus ways OF Wall and Broad street
speculatiOn2 How much illumina-
ton was patriotic, how lnuch was
selfish? To pursue an investigation to
this point, and then, suddenly drop
ping it. to say, "frOm the evidence
which we have we find the President
pure" is equivalent under the ctrcqm-
stances to saying, " the President has
a royal prerOgative and can do no
wrong, and we will not examine into
his conduct at all"
If, after this analysis, any one still
doubts the prOpriety OF the first action
of the committee in laying these mat
ters before the President for eXpiana-
ton; or if any one doubts the prOpri- /
ETY. of requesting him and the other !
parties to give their testimony, we ask 4
that the evidence be read, and ali |
doubt will vanish The people who
are no respecjers Of persons where the
truth is to be shown, would not feel
that their President was treated fairly
if such statements were allowed to go !
on record, and no opportunity for him
to be heard. Whatever of value this
examination has for future legislation,
one value il has not. 1t has not en-
ahled the committee with unanimity
to speak fully Of the connection OF
officials with this eXtra0r-
dinary movement in gold. As the ex-
animation was in this regard partial,
so must be the report.
In conclusion the minority would
respectfully decline to give any certid-
Gates of immaculatenes5 to any par
ties. The resolution under which we
act does not call for or compel US to do
so; and however much it may be de-
in many views, we submit
our report with that reticence to which
we were enforced by the conduct of
the President and the act of the ma
iority. The public may Draw its own
as well from the testimony
as from its absence. We have none
to draw, and by this statement we
say that we make no insinua-
ton or charge. Let the friends ofthe
Executive, if he be in any
way damaged BY their zeal
in shielding him, be held
responsible for our silence. One of
the minority, Mr.. Cox, desires TO add
for himself, in conclusion, that this
has no utility, unless it
informs the public mind Of the absO-
lutte necessity, even through tempo
rary distress, and as the only preven-
ton against the recurrence of such
disastrous panics, and further, as the
only permanent relief for trade and
and business OF ali kinds,
that we should return to gold and sill
yer coin. If this is not taught by this
then II has no lesson.
The speculation, debauchery, pr0iii-
gacy and extravaganza incident to
such a situation will go on until it
in bankruptcy and pow
erty.
S. S. cox,
RsDrasentatiye Sixth District New York.
THOMAS L. JONES,
Sixth District kentucky.
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