at the beginning of each month the sales of
gold and the purchases of bonds that were to be made during the coming
month. Those announcements were sent out on the evening of Sunday,
either the last Sunday of the closing month or the first Sunday of the
opening month. The despatches were written by myself Sunday evening,
and sent to the Assistant Treasurer at New York. A copy was given to
the agent of the Associated Press, that the public might be informed
in the morning of the policy for the ensuing month, and that there
should be no opportunity for speculation by persons who might obtain
information in advance of the general public. Unhappily, this policy
was made the basis of the proceedings in New York which culminated in
"Black Friday." The parties interested--I do not call them
conspirators--assumed that for thirty days the policy of the department
as to the sale of gold and the purchase of bonds would remain
unchanged, and on that basis they proceeded to make arrangements for
the advance in gold. Not satisfied with that policy, which was
designed to save the business community from unnecessary apprehensions,
an attempt was made to induce me to make an announcement for two or
three months. Such suggestions were made in letters that I received
from interested parties in the city of New York.

Speculation in gold was not all on one side. There were speculators
who were anxious to break down the price of gold, and between the lines
I could read the condition of the respective parties from whom I
received letters. Under date of September 23, I received a letter
from a prominent house in New York in which the writer said: "I am
actuated to again portray to you the state of financial affairs as they
now exist in this city. The speculative advance in gold has brought
legitimate business almost to a standstill, owing to the apprehension
of a corner, which from appearances may appear at any moment."

It did not follow that the writer of the letter was "short on gold," as
the phrase is. I had, however, in my possession at the time a list of
persons in New York who were supposed to be contestants, some for an
advance in gold and others for a fall. The writer of the letter was
among those whose names had been given to me as speculators for a fall
in gold. In this connection I may say that it was no part of my policy
to regulate affairs in Wall Street or State Street or Lombard Street.
Until it became apparent th