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 forty or forty-five per cent premium. He attributed the excessive and rapid advance of the price of gold to the persons who had sold short and who, becoming alarmed, attempted to cover their sales by making purchases, and by bidding against each other carried the price from about 140 to 160. The same statement was made by Mr. Fisk as to the cause of the excessive rise in the price of gold. He said: "It went up to sixty, for the reason that there were in that market a hundred men short of gold. There were banking houses which had stood for fifty years, and who did not know but what they were ruined. They rushed into the market to cover their shorts. I think it went from forty-five to sixty without the purchase of more than $600,000 or $700,000 of gold. It went there in consequence of the frightened bear interests. There was a feeling that there was no gold in the market and that the Government would not let any gold go out."