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Investigation Into the Causes of the Gold Panic. Report of the Majority of the Committee on Banking and Currency. March 1, 1870 - James A. Garfield

1870 - Government Printing Office, Washington - First Edition
House of Representatives, 41st Congress, second session, Report No. 31.

‘…on the 23rd of September the market had risen to 162; the Treasury decided to sell four millions of gold; and within fifteen minutes the price fell from 160 to 133. A conspiracy was alleged with government officials, including even President Grant, directly or indirectly engaged.’

Black Friday, September 24, 1869 was caused by two speculators’ efforts, Jay Gould and James Fisk, to corner the gold market on the New York Gold Exchange, with the alleged encouragement and the accused involvement of President Ulysses S. Grant.

This is the important and rare report and transcripts of the subsequent dramatic Congressional investigation, which was chaired by James A. Garfield. The investigation was alleged on the one hand to have been limited because Virginia Corbin and First Lady Julia Grant were not permitted to testify. Garfield's biographer, Alan Peskin, however, maintains the investigation was quite thorough. Garfield was chairman of the Committee on Banking and Currency at the time (later the twentieth U.S. President, but assassinated only four months into his term).

The investigation was set up to examine the following topics:
First. The Gold Exchange and the Gold Exchange Bank; their history, the character of their ordinary operations, and their relations to the gold panic of September. Second. The alleged conspiracy of September, to raise the price of gold; the persons engaged in it, and the instrumentalities made use of. Third. Whether any officers of the national government were directly or indirectly engaged in the alleged conspiracy.  
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Price HK$ 7,500