Impeachment on Wall Street

February 28, 1868

Summary

Johnson's impeachment has yet to affect gold and stock in Wall Street. In fact, Johnson is quite powerless at the moment. Congress has set provisions to ensure Johnson has no pull anywhere.

Transcription

Impeachment in Wall Street. There is certainly not much apprehension as to the effect of impeachment or of the acquittal or conviction of Mr. Johnson upon gold and stocks in Wall street. Thus far no perceptible influence has been exerted upon Government securities, stocks of any kind, or gold. The operations of the Bulls and Bears continue without interruption, with all their inhuman disorder and brutal noises, and prices vary so slightly that from these signs alone no one could imagine that anything extraordinary was going on in the country. The fact is, Mr. Johnson has so lost his authority and his independence of the legislative department, that what is left him of the official powers and dignities of President is scarcely worth considering. Congress has taken such order as to make him scarcely felt in the Government, and General Grant, coming to its aid, has paralyzed his authority as commander-in-chief of the army. Of course the removal of a President whose office is thus deprived of all the protection thrown around it by the Constitution-whose own dignity and efficiency is so fatally impaired-can have no great effect upon national interests. A people who could calmly look on while the Government has been carried along by revolution to this stage of destruction could not be startled by the final measure of the deposition of the President. That event would create no more disturbance than summer's shower. People are not to be run mad by a sequel so unimportant, compared with the deplorable inroads upon the Constitution and the safeguards of public and personal liberty which have led to it. They certainly should not be. If they have not found the occasion already, it is not to be presented by anything pending between the executive and legislative departments. The earthquake that is to startle the nation is yet further in prospective. It will be reached, perhaps, early enough in the rapid downward road upon which we are now fairly journeying.
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Contributed By

Mallory Haskins

Identifier

HaskinsMallory-18680228-ImpeachmentonWallStreet.pdf

Citation

“Impeachment on Wall Street,” Reconstructing Virginia, accessed December 3, 2022, https://reconstructingvirginia.richmond.edu/items/show/884.