The New York herald., 1870-03-02
THB GOLD CONSPIRACY.
Report Of the Congressional InveSti-
eating Committee.
How Gould, Fisk, Corbin & Go.
Conspired to Bull Gold.
Cunning Effort to Make the Government
a Participant in the Movement.
The Majority Acquit the President
Of all knowledge Of the Plot.
~~-~~>~S~->~~~~~->~~~~~~>~~-,
Complaint Of the Minority that President
Grant and the Ladies of His Family
We're Not Summoned to
Give Evidence.
Cunning Effort to Make the Government
a Participant in the Movement.
The Majority Acquit the President
of all knowledge Of the Plot.

Mr.. Garned, cnafruan, presented Tue I0ttowlng
report
The Committee on Banking and Currency having
been directed by resolution OF the House OF Rep
resentatves, passed December -, 1882 to linyest.
gate the causes tnat led to the unusual and extra
ordinary fluctuations OF gold In the city OF New
York from the 2lst to the 2Ith OF September. 1862,
beg leave to submit the following report
In obedience TO the order Of the House the CON-
mittee resolved TO examine the following topics In
the order named:--
Frst-The Gold Exchange and the Gold Exchange
BANK, their history the character OF their ordinary
operations and their relations to tue gold panic OF
September
Second-rhe alleged conspiracy OF September to
raise the price OF gold, the persons engaged Ia 1t
and the lnstrumentalit,es made use Of.
Thtrd-Wheiher any officers OF the national gov
ernment We're directly or indirectly engaged in tho
alleged conspiracy.
The peculiar character OF the operations to be In
vestlgated aud the secrecy with which they were
carried on made It difficult for the committee to
ind the clue to many transactions q knowledge Of
which was essential TO q full understanding OF
the subject and the large number OF persons
engaged In the movement and the reluctance Of
many OF them to disclose their own transactions
have protracted the investigation and sweed the
volume Of testimony to an extent which Ihe COM
mirtee regret but could not reasonably avoid. In
narrating the facts developed by the Investigate
nesses themselves wherever iG could conveniently be
done, and have In the main followed the chrono-
logical order OF events. The history OF the gold
panic viii itself include all the topics above ed
and they need not therefore, be treated separately.
In order TO exhibit the full history It viii be neces
sary to review briefly the movements OF gold for q
year previous to September.
/ On the LIST Of September, 1868, the price OF gold
was las. During the autumn and winter 1t con-
tinued to decline, interrupted only by occasional
fluctuations, I'LL in March, 1859 II touched 1901 pLs
lowest point for three years. and continued
rate until the middle oil April the earliest perlou 10
| which the evidence taken by the committee refers.
At that time Mr. Jay Gould, President Of the Erie
Railroad Company, bought seven millions OF gold
and put up the price from 1872 10 LAO. Testimony. p
\ 3) Other brokers followed his example, and BY the
2oth OF May bad pus up the price 10 l44, from which
| and on the iast day OF July stood at 1885,
The lrst indications Of concerted movement on
the part OF those who were prominent In the panic
OF September was an e10rt to secure the appoint
| ment OF some person who should be subservient to
their schemes IS Assistant Treasurer sI New York
IN the month Of June. In this effort Mr.. could
ana Mr. A. X. Corbn appear to have been
mony OF the witnesses is to DO believed Mr.. coroir
suggested the name Oh his stcp-son.in-law, Rober
s ana M Gosa 9neG ~ the
object OF which Is disclosed IN bis own testimony,
| foliows:-
Iwsn. the day 10 have conversation with Mr. coule
"That the parties could operate legitimate way and
sissi %sasy IA: Il ] ..sa e; ys
not M y: s sas ~ M S
that would 80 soh. operason.. par-
share alike" And (pagc I'D, Il declined to 50 nsOhls Sub
candidate does not appear The parties next turned
their attention to General Buttcrfed aud both be-
| fore and after his appointment claimed to 10 his
supporters Gould and Catherwood testify that Cor
! bin claimed to have secured the appointment
| though Corpin swears tnat he made no recommen.
! daron in the case. General Butterneid was ap-
| pointed Assistant Treasurer and entered upon the
duties OF that ONCE on the LIST OF July 1t is how
| ever, proper to state that the committee have 40
! evidence that CatherwoodS name was ever pro-
| posed TO the President or Secretary as candidate
for the position, that General Butterned was IN
| led the consprators to desire his Appointment
nor that their recommendation had any weight in
securing IL. In addition 10 these Efforts the con-
spirat0rs resolved to discover, II possible pur.
| pose OF the President and the Secretary of the
| Treasury In regard to sales OF gold. The first at
tempt In TINS direction, exhibited IN the evidence
| was made on the l5th OF June, when the President
| River steamers on his way TO Boston At nine
O'Clock In the evening supper was served on board
and the presence at the table OF such men Cyrus
w. Field with several leading citizens OF New York
and Boston, was sufficient to prevent any suspicion
that this occasion was TO be used for the benefit OF
private speculation; but the testimony or Fisk ana
Gould indicate clearly the purpose they mad Ia view
| Mr.. Fisk says page l5l:-
On our passage Boston with General Grant We en-.
finances wcwent down to supper O'clock 10.
tending whe we were there TO have h. matter pretty thor
/ idea OF putting the price OF gold down.
Mr.. Goulds account is as foiows:--
this supper question up about hs sa,a Of the
listener the other gentlemen discussing Some were in
ae Sa
ws Of s s
prosperity Of the country and that the bubble NIGH, well
D., ron ina.
His remark struck Us like wet blanket.
II appears that these skifuy continued efforts
| elected from the President only one remark. and
TINS opened gloomy prospect Tor the spectators,
was At the telegraph Office and found there Que of
his associates tcegraphng to New York to sell out
hts stock. Upon their return to New YORK. Flax and
the administration to prevent, II possible further
decline Of gold. which would seriously interfere
WITH their purposes Of speculation. Ths was to bs
i efected by facts and arguments presented 10 the
name Of the country and It's business interests and
financial theory was agreed upon which on its
face would appear favorable to the business interests
Of the country. and enlist In Its support many pa-
triotlc citlzens but would, If adopted. incidentally
emlnenty successful. That theory was that tne bnsi.
] ness interests G the country required an advance
the rd Price o. goid tna order , 80 move The a
According 80 Mr.. Gould this theory for the oen.ni
James McHenry, prominent English nnaDcler Who
furnished Mr. Gould the data with which to advocate
IL, Inlo tnoOry ID eXnIOlteQ I'D tno teStl
mony Of Mr. Gould and Mr.. Fisk. The chosen instru.
/ ment through whom these yiews were 10 DC laid
before the President was Mr.. COrbn who soon pe.
| came . willing convert to the theory. The pre-.
vious purchase and carrying OF two millions
OF United States bonds bJ MI Gould Tor
| Corbins profit may have aided IN mis-
conversion. Pages 80 10 92} 'Mr. Corbin u 9
| very shrewd old gentleman. much more rarseeinE
| than the newspapers give him credi, for. He saw
at glance the whole case and sald that he thought
u was the true Platform 20 sand on that Whatever
she government coud do legitlmate,y and fairly 20
facilitate the expectation Of breadstu6s and procure
coed prices for che products OF tue est they ouVht
to do"
Having thus secured happy concord OF purpose
to put up tue price OF gold for the public good their
next step was TO press their views upon the Pres
dent Concerning this purpose Mr.. Corbln test,res
~ follows:-"Having natural desire tor the suc.
cess ths first year 81 least Of the administrator or
my wlies brother, improved every opportunity to
impress upon him what Thought was vital polnt
and that was TO let the farmers and mechanics and
manufacturers have good prices FOR their produc-
And Mr.. Gould testinss cpage so):-
cors'n wss anxious tAst sbosld - As President md