plicated mechanism of these indicators is moved by the electric current carried over telegraphic wires directly from the gold-room, and it is in evidence that in many instances these wires were melted or burned off in the efforts of operators to keep up with the news. In the meantime two forces were preparing to strike the conspirators a blow. One was a movement led by James Brown, a Scotch banker of New York, and supported by many leading bankers and merchants. The situation of all those whose legitimate business required the purchase of gold was exceedingly critical, and the boldest of them, under the lead of Brown, joined the great crowd of speculative bears in desperate efforts to break down the conspiracy and put down the price of gold by heavy sales. The other was a movement at the national Capital. The President returned from Pennsylvania to Washington on Thursday, the 23d, and that evening had a consultation with the Secretary of the Treasury concerning the condition of the gold market. The testimony of Mr. Boutwell shows that both the President and himself concurred in the opinion that they should, if possible, avoid any interference on the part of the government in a contest where both parties were struggling for private gain; but both agreed that if the price of gold should be forced still higher, so as to threaten a general financial panic, it would be their duty to interfere and protect the business interests of the country. The next morning the price advanced rapidly, and telegrams poured into Washington from all parts of the country, exhibiting the general alarm and urging the government to interfere and, if possible, prevent a financial crash. Soon after eleven o'clock the Secretary called at the Executive Mansion. Concerning that visit Mr. Boutwell says: "He [the President] expressed the opinion, almost at the beginning of the conversation, that we ought to sell $5,000,000. I recollect expressing the opinion that we should sell $3,000,000, because that was the amount that I had in my mind when I left the office, and I thought it would be sufficient for the purpose. We had very little conversation beyond that. I returned almost immediately, without saying to him whether I would order the sale of $5,000,000, or of $3,000,000, or of any other sum, except that it was agreed that gold should be sold. Upon going back to my office, I came to the conclusion that I would advertise the sale of $4,000,000; and immediately upon my return to my office I dictated a dispatch, which was taken by Mr. Bartlett, my short-hand writer. The following is a copy: "TREASURY DEPARTMENT, September 24, 1869. “DANIEL BUTTERFIELD, Assistant Treasurer U. S., New York: "Sell four millions ($4,000,000) gold to-morrow, and buy four millions ($4,000,000) bonds. “GEO. S. BOUTWELL, The message was not in cipher, and there was no attempt to keep it secret. It was duplicated, and a copy sent over each of the rival lines. The one sent by the Western Union line was dated at the Treasury 11.42, Washington time, and reached General Butterfield 12.10, New York time. That sent over the Franklin line was dated at the Treasury 11.45, and was delivered to General Butterfield at 12.05 New York time. The actual time occupied in transmitting the dispatch from the Secretary to General Butterfield, including messenger travel at both ends of the line, was eight minutes, the same over each line; but in the branch office of the Western Union Company, at Washington, there was a delay of eight minutes before the operator could get control of the wire. The committee, after careful examination, found no evidence that any officers or employes of either company were unfaithful to their duty in regard to this dispatch. Its contents may have been heard in some of the telegraph offices in New York, by outside experts standing near the instruments, and thus the news may have been known in the gold-room in advance of its publication; but the evidence on that point is not conclusive. A few minutes before noon, when the excitement in the gold-room had risen to a tempest, James Brown offered to sell one million at 162; then another million at 161; and then five millions more at 160; and the market broke. About ten minutes afterwards the news came that the Treasury would sell, and the break was complete. Within the space of fifteen minutes the price fell from 160 to 133, |