Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-02
THE GOLD PANIC.
Reports of the House Committee
Conclusions of the Majority.

Reports of the House Committee
Conclusions of the Majority.
WASHINGTON, March 1-Gen. Garfield
Chairman of the Committee on Banking
and Currency, made his report to-day on
the gold panic It,gives acircumstantial ac-
count of its history and comes TO the fol
lowing conclusions In view of all the testi-
mony:
! Prominent bankers and merchants
who testified before the committee were
nearly unanimous in the opinion that there
was no sufficient reason for the existence
of the Gold Exchange and Gold Exchange
Bank that they were sources of measure
less evils and ought to be destroyed.
,. The gold conspiracy dealt a heavy
blow at our credit abroad by shaking the
faith of foreign capitalists in the stability
of our trade and the honesty of our people.
Hundreds of firms engaged in Legitimate
business were wholly ruined or severely
crippled. Importers of foreign goods for
many days were at the mercy of gamblers
and suffered heavy losses, in fact, the en-
tire country was injured, the foundations
of business and morality were shaken, and
numerous defalcations shortly followed that
ayere clearly traceable to the mad spirit en-
gendered by speculation.
a. y. and his BrOther-in-Iasv.
;. 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 opportu-
nifty which his family relationship to the
President offered, and under the worst form
of hypocrisy which puts on the guise of
religion and patriotism, used all his arts to
learn something from the private CONVEX
sations Of the President which could be
profitable to him and his conspirators.
Mrs. Grant
The report relieves Mrs. Grant and Gen.
Porter from any suspicion of gold gam
bling. All the public funds entrusted to
Gen. Butterfold were faithfully accounted
for.
ButIcrfieIG.
1t is not conclusively proved that he was
interested with the conspirators IN the ex-
ercise of the price of gold, though, on this
point, the testimony Is conflicting.
Gould swears positively that he bought
two lots Of gold for Butterfeld, amounting
in all TO a million and half dollars. But
terheld, also under oath, denies this state
ment. Both Fisk and Gould swear they
received messages from Butterfield and an
Bwers to messages they sent during the day
of the panic in reference to news from
Washington, and this statement receives
some support from Brown, a messenger of
the Sub-Treasury.
II is proved by the testimony that dur
ing the days Of the panic two firms
brokers-sold gold by Butterields orders
and for his profit and that during his
whole term ofoifice he was dealing largely IN
United States bonds on his own account.
When asked by the Committee whether he
knew of any officer of the United States
who was directly or indirectly interested
in gold, he answered unqualifedly in the
negative, but when afterward confronted
Syith the testimony of Seligman, concern
ing his purchases of gold, he admitted 1t
was true.
Remedial Legislation Suggested
The Committee recommends the adop-
ton of the following resolutions:
That the Committee on Ways and Means
be instructed to report bill levying such
tax on the transactions of the Gold Ex-
change and Gold Exchange Clearing Houes
as III their Judgment the interests of the
country demand.
That the Committee on Judiciary be In
structed TO inquire into the expediency OF
reporting bill to define and punish con
spiracy against the credit of the United
States and the business of its people.
That the Committee on Banking and
Currency be instructed to inquire whether
anv further legislation is necessary to pre-
vent the improper use of certified checks
10y national banks, and that they have leave
to report by bill or otherwise.
Minority RcPOrt-The Investigation
Partial and EnCOncIusiVe.
Messrs. Cox and Jones unite in mi
nority report. They contend the inception
Of the gold plot was involved in the ap
pointment of the Assistant Treasurer a
New York; that it was encouraged b.
changing the policy of Secretary McCul
loch: that sales of gold if at all made
should be regulated by law; that the com
mittee refused to investigate the conduct {
persons including the President, in Wash
n Ington, and that, therefore, the investGa
ton was partial.