The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-03-03
The Sepiem Der Gold Pasfc.
MAJORITY REPORT OF THE CONGRESSIONAL
COMMITTEE OF INVESTIGATION.


COMMITTEE OF INVESTIGATION.
WASHINGTON, March 1.-Mr. Garfield o.
Ohio, to-day, submitted the report OF the com.
mittee on banking and currency on the gold
panic, in New York, last September. 1t says
| The committee resolved to examine the follow
| ing topics in Order:-
First-The Gold Excbange and Gold Ex-
change Bank, their history, character, ordina-
ry operations and relations to the gold panic
of September.
Second-The alleged conspiracy to raise the
price of gold, the per.ons engaged in it, and
the instrumentalities made use Of.
T lird-Whether iny officers of the national
government, directly or indirectly, were en-
gagged in the alleged conspiracy.
The committee alludes to the difficulty of
the investigation, reviews the history of the
gold market for year before the panic, and
says that abort the middle of April 1869, Jay
Gould, President of the Erie Railroad, bought
seven millions of gold and put up the price
from 1872 to 14O. Other brokers followed, and
by the 2Oth of May put up the price to IA 7-8,
from which it continued to decline, and on
the last day of July stood at 1876.
The first indication of a concerted move
ment on the part of those who were prominent
in the panic of September, was the effort to
secure the appointment of some person who
should be subservieut to their schemes as as
sistant treasurer at New York, in place of Fl.
II. Van Dyke, who resigned in June. In their
effort, Gould and Corbin appear to have been
closely and intimately connected. If the tes-
timony of the witnesses is to be believed Mr..
COrbin suggested the name of his step son-in-
law, Robert B. Catherwood. and Mr.. Gould
joined in the suggestion. Catherwood, how
ever, declined, for what reason does not appear
and the parties next turned their attention to
Butterfeld, and before and after his appoint
ment claimed to be his supporters. Mr.. But
terfeld entered upon the duties of his Office on
the first of July. The committee have no evil
dence that Mr.. Butterfield was in any wav
mt .n1, la
the conspirators to desire his appointment,
nor that their recommendation had any weight
in securing it. In addition to these efforts the
conspirators resolved to discover, if possible,
the purpose of the President and Secretary OF
the Treasury in regard to the sales Of gold The
first attempt in this direction was during the
Presidents trip to Boston on one of Fisk and
Gould's Sound steamers, June 18th. The de-
which Cyrus w. Field and other prominent
gentlemen of New York and Boston were
present, is given, at which an attempt was
made to elicit from the President an indica-
ton of the future policy of the administration.
His remark that there was certain amount
of Righteousness about the prosperity of the
country, and that the bubble might as we'll be
tapped in one way as another, Gould says,
"struck us like wet blanket" Returning to
New York the conspirators determined to
bring influences to operate on Congress and
the President, showing that it was necessary
for the business prosperity of the country that
gold should 60 to 145, in order to move the fall
crops and for the export of grain, etc. This
theory was started by James McHenry, who
furnished Gould with the data to advocate it,
The instrument through whom these views
were to be laid before the President, was Cor
bin, who became a willing convert to the
theory. A previous purchase and carrying of
two millions United States bonds by Gould
for Corbln,s profit may have aided in his con-
version. The committee detail the efforts of
EiSly 70 n,,fo %1,o,u
patriotic theory on the President, and to draw
from him light on the future policy OF the Treas
ury, IN all OF which they met with little success.
"A new scheme was then started. If by any
m means tney could make the people believe the
treasury would not sell gold for a month or
two, this belief would be almost as valuable to
them as though it were tlus. In the nrosecu-
ton of this design the consprators sonobt tn
use the New York Times, and two editorials
offered August 9th and 9TH were understood to
represent the Presidents views if not directly
inspired by him. On the 10Th of August, the
President again passed through New York.
and on the 23d, Corbin, at the suggestion of
Jay Gould, had completed an editorial article
headed Grants Financial Policy" the manu-
script of which was in his own handwriting,
declaring the policy of the administration to
advance gold, and the transportation theory
was strongly advocated. McHenry personal
lr.end OF Bigelow, took the article to the Times
once, representing that it came from person
M o.:i commence OF the Presdent.-
ed, for leader; but, subsequently, the susni-
cIon OF NOVEL;, the financial editor, being
aroused, the leads were removed, the tail Of
the article cut off, and the article, as appears.
published August 18th. On the Both Gould
sounded the Secretary of the Treasury for the
approval or denial of the doctrines of the arti.
Gle in the Times, but got no satisfaction. The
President, on the first of September, wrote to |
Mr.. Boutwell,, and according to his suggestion |
the latter telegraphed the assistant secretary |
at Washington to sell during September only |
gold required for the sinking fund. 1t is not |
h1nown whether the conspirators obtained |
sd nttwiedge of the telegram, but gold continu-
The 20 rise and brokers generally were alarmed
nance "n nns country and all the events of fl
splrators. Gould says he was deserted nv all
ls,. friends, who sold out and deserted the
as Ia's G ieays sinking ship TO
D"'''' neiu' "ouio purchased and carried for