The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1870-03-10
VOLUME 5.---NO. 81.
Investigation of the Gold Panic. = =
REPORTS OF THE HOUSE CoMAiITTEE-CoN
cLus1oNs OF THE MAJORITY.

Investigation of the Gold Panic
REPORTS OF TIE HOUSE ooMMITTEE--coN-
cLus1oNs OF THE MAJORITY.
- .5s ,sf3sfs WASHINGTON, March1.
Gen. Garfield, Chairman Of the, Com
mittee on Banking, and Curroncy, made
his report to-day on the gold panic. It
gives q circumstantial account Of its his
tory and comes to- the following conclu-
sions in view of all the testimony: -.
j. Prominent bankers and merchants
who testified before the, committee We're
nearly unanimous in the opinion that
there was no sufficient reason, tor theb ex-
istence of the Gold Exchange and Gold
Exchange Bank that they, were sources
of measureless evils and ought to be de-
stroyed. -r go ,.s..f y,.s,sz,-
blow at our credit abroad by shaking the
faith of foreign capitalists in the stability
of our trade and the honesty of our ,peo.
pie. Hundreds of firms engaged in legit.
innate business were wholly ruined or SO.
vereIy crippled. Importers Of foreign
goods for many days were at the mercy
Of gamblers and suffered heavy losses
in fact, the entire country was injured,
the foundations of business and morality
were shaken, and numerous defalcations
shortly followed that were clearly tracea-
bic to the mad spirit engendered by spec
nlation. -.
g. The Committee find that the wicked
and cunningly devised attempts Of the
conspirators to compromise the President
of the United States or his family have
utterly failed. Corbin, using the oppor-
tunity which his family relationships
the President offered, and under cthe
worst form OF hypocrisyawhich puts ion
the sguise Of religionand patriotism, used
air lis arts to learn something sfrenrs tue
private Conversations cof the President
which could be aproftable'to liifn and his
conspirators: sl sgs-ii' S;.,' ssF9 ;f9a 10y.
Thereport relieves Mrs. Grant and'Gen.
Porter from any suspicion of sgold;gan-
bling. All the public funds entrusted to
Gen. Butterfeld were faithfully accounted
for. II is not conclusively 7proyedsthat
he was interested withiithesl consniratots
in the exercise of the price of gold,
though, on thisapoint, the testimony is
conflicting. ,.s. ~. .4,.y .ao N..i5;sf sd,
Gould swears positively that ,he,bought
two lots of gold for Butterfcld, oamonnts
ing in all to million and half dollars.
Bltter6eld, also under cath, denies this,
statement. Both Fisk and Gould swear
they received messages frem Buttcrfeld
and answers to messages they sent during
the dav of the panic in reference to news
from Washington, and this statement re-
ceives some support from Brown, a mes.
senger of the sub Treasury.
1t is proved by the testimony that dur
ing the days ofthe panic two firms
brokers-sold gold by Observation-Disclosures
aud for his profit, and that tduring his
whole term of Office he was dealing lsrgee
ly in, United States bonds on,his owuaacr
count. When asked by the committee:
whether he knew Of any. officer ,of.atbe
United States who was directly or indlf
rectly interested in gold, he answered edlEnn nnls y
qualifedly in the negative, but when /! at,1
terward confronted with the testimony. y,.so,E Of
Seligman, concerning his purchases sof;
gold, he admitted it was true ,ti.,
The Committee recommends the adops,
tion Of the following resolutions: ~. So
That the Committee on Ways and,
Means be Instructed to 'rcportia bill levy
ING such tax on the TRANSACTIONS OF the
Gold Exchanges and Cold Exchange,
Clearing Houses as in their. Judgment the
interest of the country demands sT'4 ''','f.i'o9 @
That the Committee sonl f5udiciary' De
instructed to inquire into the eNpe,licneyS
of reporting bilEstos define and punish
conspiracy against the credit OF the Ua-7
ted States and the business ofqits'peopie.a
That the Committee on Banking ands
Currency be instructed to inquire whctf1i
er any further legislation, ,sis lnecessary .to
prevent, tho improper use OF certified
checks by national banks, and that they
have leave to report by bill or otherwise.
MINORITY REpoRT=THEINHEsTTaAT PAR
TIAL. AND INCoNoLUsIvE,,a ssi 4
Messrs. Cox and, Jones unite in: a smi2o
nority report. They contend the incaI,-s
tion of tie gold plot was involved in then
appointment of the Assistant Treasurer
at New York that it was encouraged by
changing the policy Of Secretary McCalrz
loch; that sales of gold, if at all made,4
should be regulated by law; that the g COM m a:
mittee refused to Investigate the conduct
OF persons, including the President, in i (,
Washington, and that, therefore, the in. IN
vestigation was partial. -, 80. -,
imprisonment for debt has been abol-
ished so quietly in England that the
change has attracted but little attention
abroad. This reform, which went into
oneration on the first of January, ernptied
all the debtors prisons and asponging5a
houses, IN London. At the White Gross =
lot p.;son tbereye were "a debtorspinas