Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-01-26
The GOLD RING.
Mrs. Grant and Gen. Porter are PartlOl-
pants in its Profits.
Eviden,s Of lay Gould and James Fisk, lr.,
Before the Invest eating Comm tee.
~uTNcroy January 92-J

". JUNCTION, January 22.-Jay
Gould ann Fisk, jr., appeared
promptly at the u, '''oi 70 .oIuag, scg.,,,lo,, ems
latter in full velvet suit t, 'so - -, =
dent in diamonds, to testify belOi> VAC
gold panic investigating committee.
They were for some time on the floor
of the House, and were introduced to
members, creating some sensation.
Their evidence lasted six or seven
hours, but can be reduced to the fol-
lowing result: They were anxious to
have the crops of 1869 moved at as
high prices as in 1868, in order to fur
nish transportation Tor the Erie road,
but they saw this could not be done
without a consequent increase in the
price of gold, the latter being low
They were anxious TO ascertain what
the financial policy of the admins
tratiOn would be, and to that end
brOached the matter first to Gen.
Grant, on June 18th, when he was on
his way to the Peace Jubilee in BOs-
ton. This was at dinner, on board of
one OF Eisk'S steamers, and il ap-
peared in the conversation that Grant
was in favor Of an early resumption
of specie payments. He was told that
that would bring a crash; that gold
was too low for good business even
then; but Grant replied: "Gentle-
men, We might as we'll prick the bub-
ble." Grant was again sounded by
the witnesses at Long Branch, but did
not make amy definite replies on tinan-
cial topics.
In the meantime Cou'd beclme ac-
quainted with Corbiu, the Presidents
brOther-in-law, and some plan was
developed by which Butterfeld was
TO be made Assistant Treasurer, which
was afterward done In July. Grant
went to Newport, and Gould wrote
him q letter, which Fisk carried,
arguing against reducing the prico of
gold, stating that the time was near
at hand when the crops Of the cOun-
try would be moved, and that, If the
administration would not sell gold q,
they Fisk & Coz would put up the
price. Little or no reply Was made to
this, and COrbin was brought into
their confidence. COrbin said he could
aX things all right with Grant. Feel
,,rg assured o! this, 81, ,50O,0 900 were
boUgh;--$:9G, 900 for Mrs. Grant; $780,
QUO for Porter, secretary 70 the Presi-
dent. the rest was divided between
Corbin and jay Gould, for up TO this
time Fisk had not bought any SnIu.
Gould at this stage Introduced Fisk TO
COrbin, and CUrbin said that Mrs.
Grants gold had been sold, and the
profit of S25, 800 had been remitted TO
her at Washington. COrbin explained
to Fisk all his arrangements with
Gould. and said he (COrbin) was be-
hind the throne; that he could regu-
late Grant; that the Government
would not sell gold; that Mrs. Grants
letter TO Mrs. COrbin said 50, and that
there was to be no uneasiness.
Fisk says that at first he was not
disposed 10 believe COrbin, but the
latter's points were so positive that he
placed full faith in him. To make
assurance doubly sure before more
purchases Were made, Corbin said he
would write to Grant, who was then
(September I5th) at Washington,
Pennsylvania, and send the letter by
Fisk's confidential man. This was
done. The messenger, Chaplin,
reached Washington, near Pittsburg,
at en-, routing up the General, and
UduON1A
Of it, went into another room, and in
fifteen minutes returned and said all
right. Chaplin went at once to the
nearest Telegraph Office, and tele-
graphed to Fisk, The letter is deliv-
cred; GraGtsays all right"
Fisk said that on the day before the
dark Friday he saw COrbin, who
said: "Ail is now right; that letter
to Grant has clinched matters" Fisk
and Gould then commenced to buy
gold. and II rose from 1877 to l4I, and
| opened at l4I on the dark Friday. A
broker, named WIN. Belden, asked to
participate in the transaction and
gave Fisk power to buy gold for him.
One Albert Speyers was Belden's bro
! ker on these purchases of gold at l43,
and Rpeyers then Jumped in for him
self and bought till il rose to 100, be-
lleying that It would go higher.
Then came the order OF the Govern
ment 20 sell five millions, which i'm
mediately smashed down the market,
and that, said Fisk, is the story Of the
combination. Relying on Corbln's
statement Of his influence with Grant
and the letter. we bought heavily, be-
IlcNl0k Iuc OONCAnACAb WNNAN NNb
sell gold.
Fisk says he sought Corbln after the
bottom was out of the speculation
by the Government sale, ana testities
that be said to him, "YOu id old
villain, this is a hell Of mus5 you
have got Us into" COrbin inquired
"what situation are you IMP" Fisk
replied, "Wedo not know. We can't
/ tell in all this excitement. We may
/ be ruined" Corbin loudly replied
that it must be a mistake; his iBiOr.
nation was explicit that Mr.. Bout
well would not sell gold, and, If he
had, he had doubtless done 90 without
consulting President Grant. Mrs. Coz
! bin came into the room, and said sht
agreed with her husband. She said
she had a letter from Mrs. Grant wish
ing the whole speculation was over
/ for 1t made her husband nervous
Both Of them agreed to go at once tc
Washington and see the President, a.
they said, and have the sale Of golo
withdrawn, but they never did this
! Gould testified that Gen. Butterfeld
the Assistant Treasurer, was privy K
! the speculation, and that he bough
gold on Butterfleld's account, Fish
Concluded his evidence by asking tha
I Corbip, Mrs. COrbin and Mrs. Grant
be summoned before the committee