Following the downfall of the combination, there appeared in the newspapers statements and imputations which reflected upon the President and his family as to their relations to the gold operations. All these statements were without foundation. Mr. Corbin's connection was established beyond controversy, but the evidence which established his relations to the parties engaged in the gold speculation was also conclusive as to the fact that the President had no connection with it, and that he was not in any way interested in any policy calculated to advance the interests of the combination.
The apprehensions that were entertained on the evening of the 24th and on the 25th of September as to the extent of the disaster to business and to individuals engaged in gold speculation were not realized in full. My special correspondent in New York said in a letter dated September 25: "Many of the houses hurt and reported failed yesterday are likely to recover." Again he said: "The demoralization in the street was never equaled, and it must take several days at least before matters get fairly straightened. There is a wholesome dread against making any obligations. Smith, Gould and Martin are just reported as paying in full."
In a letter dated September 27 at 6:30 P. M., the assistant treasurer at New York wrote me: "From the best evidence to be gathered in the excitement here, it is safe to infer that the Gold Exchange Bank will suffer losses to the extent of its capital and surplus at least, and perhaps more." To the contrary of that prediction, it is to be said that the Gold Exchange Bank was able to meet all its obligations.
In a letter written by Mr. Grinnell, then collector of the port of New York, under date of September 24, after the announcement of the sale of gold had been made, I find this statement: "Had you not taken the course which you did, I believe a large proportion of our most reliable merchants and bankers would have been obliged to suspend before three o'clock to-day, as confidence was entirely gone and the panic was becoming universal."
Following the break in the price of gold, there were persons who became apprehensive that the rate would fall to a point which would affect their interests unfavorably, and I received 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."