a letter, dated after
business hours on the 24th, in which the writer said: "It is not
impossible that, in view of the largeness of the amount of gold to be
sold to-morrow, there may be a combination to procure it at a low
price, and you will therefore excuse a suggestion that, as the effect
of your intervention has already been realized, it might be well to
protect the Government by making it known that you will reject all
unacceptable bids."

These extracts from letters received previous to and during the crisis
may lead to the conclusion that it is not safe to trust to persons
engaged in large business and commercial transactions as guides for the
administration of the Government in financial matters. Indeed, one may
go still further, and say that it is not safe to trust the guidance of
the Government in financial affairs to men whose life business it has
been to convert information into gold.

The most unpleasant incident of the gold speculation of 1869 was the
fact that General Butterfield, the assistant treasurer in the city of
New York, was so far involved as to lead the President to ask for his
resignation. That request did not arise from any evidence that General
Butterfield was in any way concerned in the movement or combination,
which led to the advance in gold. Indeed, the evidence was conclusive
to the contrary. This fact, however, did appear--that during the
period of the excitement he had made some purchases and sales of gold
and bonds. The suspicions that existed in the city of New York as to
his connection with the gold movement were largely exaggerations of
the actual facts. There was no evidence which impeached his official
or personal integrity in business. His resignation was requested upon
the ground that it was essential to the proper administration of the
office that the person holding the important place of assistant
treasurer in the city of New York, should not be engaged in business
transactions which might give rise to the conjecture that he had
advantages over others in consequence of his connection with the
Government.

It ought to be said the Mr. Gould, in his testimony before the
committee, which was given at great length and with singular clearness
of statement, denied expressly the existence of any combination. In
fine, he claimed, what may have been the truth, and upon the whole
probably was the truth, that it was not part of his purpose to carry
the price of gold above fo