Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-02
GOLD.
Report of the Committee on Bank
ing and Currency.
What Majority HAVE to Say About
the Gold Panic.
The Minority Report Hits iae Pres
ident Between the Eyes.

The Minority Report His ihe Pres
ident Between th9 Eyes.
WASHINGTON, March 1.-GeaeraI
Garfield, chairman of the Committee
on Banking ard Currency, made a re-
port to-day on the gOld panic. 1t
gives circumstantial account OF its
history and comes TO the following
conclusion in view OF all Che testi-
mOny:
" First. The prominent bankers
and merchants who testified before
the Committee, were -nearly. unani
nous in the opinien that there was no
Sufficient reason for th6 existence of q
Gold Exchange and a Gold Exchange
Bank that they were "a source OF
measureless evils and ought to be de-
strOyed.
second. The gold conspiracy dealt
a heavy blow at our credit by shaking
the faith Of foreign capitalists inthe
stability Of our trade, and the honesty
OF otr people HandTeds or firms en-
gagged in legitimate business were M
lined or severely crippled. The inn
pOrteTs of foreign goods were, for
many days, az the mercy Of gamblers,
and suffered heavy losses. In fact.
the entire country was Injured, the
foundations of business and morality
were shaken, and the numerous u8-
falcations that shortly followed were
clearly traceabla TO the mad spirit en-
gendered by speculation.
Third. The committee find that
the wicked and cunningly devised
attempts Of the cOnspiratOrs to com
promise the President Of the United
States or his family, utterly failed
COrbiu, ,using the opportunity which
his relationship to the President Of
fered, and under that worst form of
hypocrisy, which puts ON the guise
of religion and patriotism, used ali
his arts to learn something from the
private conversation OF the Pressd eut,
which could be proftable 20 him
and his co-cOnspiratOrs, but with ali
the efforts Of his associates, the tcs-
timOny has not elected a word
or act of the President Inconsistent
with that patriotism and integrity
which be1it the Chief Executive Of
the nation. phe message sent to Cor
bin, when his duplicity was first stIs-
pected, and the order which laid the
strong hand of the Government upon
the cQnspiratOrS and breke their pow
er, are the most significant decl6Ta-
tiOns that the President held and
treated them as enemies Of the credit
and business of the country.
The report relieves Mrs. Grant and
Gen. Porter from any suspicion OfgOld
gambling. All the public funds in-
trusted to Gen. Butterfeld were faith
fully accounted for, and it is not con-
elusively proved that he was interest
ested with the eOnspiEat0Hs in manip-
ulating the price of god, though on
this point the testimony IS conflicting.
Gould sWears positively That he bought
TWO lots of gold for Butterfeld,
amounting, in all, to 81 800, 600; and
Butter6eld, also under oath, denies
this statement. Both Fisk and Gould
swear they received messages from
Butterfield in answer to messages
which they sent during the day Of the
panic, in reference tothe news from
Washington, and tEis statement re-
ceived some support from MT. Brown,
q messenger of the Sub-Treasury. by
whose testimony it Is proved that dur
ing the day of the panic two firms Of
brokers sold gold on Buttertieid's S or
der, and for his profit, and that during
his whole term Of Office he was deal
ing largely in United States bonds on
his own account. When asked lv the
Committee whether ne knew Of any
officer of the United States who
was directly or indirectly interested
the negative, but when 8ftarWard
confronted with the testimony Of
telegram concerning his purchase Of
gold, he admitted that it was true.
The COmmikee recommends the
adoption of Following resolutions:
Reeolred, TV5t the Committee on
Ways and Means be instructed to re-
port bill ievyiIg such tax on the
transactions Of tie Gold Exchange
and Clearing House as in their iudg-
ment the interests of the country de
mand, and that the Committee on the
Judiciary be instructed TO inquire
into the eSpedieGcy OF reporting a
bill to define and punish cOnspirJcies
against the credit Of the United States
and the business Of its people, and
that the Committee on Banking and
Currency be Instructed 10 inquire
whether any further legislation
is necessary to prevent the Inn
pe0per use of certified checks
by national banks, and chat
they have leave to report by bill or
otherwise.
Aiessfs. Cox and Jones unite
unite in q minority report. They con-
tend that the inception Of the gold
plot was involved in the appoint
ment of an assistant treasurer at New
York; that it was encouraged by the
changing policy of Secretary McCuI-
loeb that the sales OF gOid, if at ali
made, should be regulated by law
that the Committee refused to inves-
tigate the conduct of persons, includ-
ing the President at Washington, and
that therefore the investigation was
partial.