will be laid before you, and to that evidence alone--by 
that evidence let the Defendants stand or fall. 
Gentlemen, it would be very extraordinary indeed, if it could ever have
been supposed by any person, even the most ignorant, that this was not 
a crime. It would be a disgrace to any civilized country, if its laws were 
so defective. If that which has been done by these Defendants in 
conspiracy, had been done by any one of them singly, it would have 
been unquestionably a crime; but when done by conspiracy, it is a 
crime of a more aggravated nature--To circulate false news, much more 
to conspire to circulate false news with intent to raise the price of any 
commodity whatever, is, by the Law of England, a crime, and its direct 
and immediate tendency is to the injury of the public. If it be with 
intent to raise the price of the public funds of the country, considering 
the immense magnitude of those funds, and, consequently, the vast 
extent of the injury which may be produced, the offence is of a higher 
description. The persons who must be necessarily injured in a case of 
that kind, are various; the common bona fide purchaser who invests his 
money--the public, through the commissioners for the redemption of 
the national debt--the persons whose affairs are under the care of the 
Court of Chancery, and whose money is laid out by the Accountant 
General, all these may be injured by a temporary rise of the public 
funds, growing out of a conspiracy of this kind; and, Gentlemen, this is 
no imaginary statement of mine, for it will appear to you to-day, that all 
these persons were in fact injured by the temporary rise produced by 
this conspiracy. Undoubtedly the public funds will be affected by 
rumours, which may be considered as accidental; in proportion as they 
are liable to that, it becomes more important to protect them against 
fraud. 
If this had been a conspiracy to circulate false rumours, merely to abuse 
public credulity, it would not have been a trivial offence; but if the 
object of the conspiracy be not merely to abuse public credulity, but to 
raise the funds, in order that the conspirators may sell out of those 
funds for their own advantage, and, consequently, to the injury of 
others, in that case the offence assumes its most malignant character--it 
is cold blooded fraud, and nothing else. It is then susceptible of but one 
possible aggravation, and that is, if the conspirators shall have 
endeavoured to poison the sources of official intelligence, and to have 
made the officers of government the tools and instruments of 
effectuating their fraud--Gentlemen, this offence, thus aggravated, I
charge upon the several Defendants upon this Record, and I undertake 
to prove every one of them to be guilty. 
Gentlemen, when I undertake to prove them to be guilty, you will not 
expect that I shall give you proof by direct evidence, because, in the 
nature of things, direct evidence is absolutely impossible--they who 
conspire do not admit into the chamber in which they form their plan, 
any persons but those who participate in it; and, therefore, except where 
they are betrayed by accomplices, in no such case can positive and 
direct evidence be given. If there are any who imagine, that positive 
and direct evidence is absolutely necessary to conviction, they are 
much mistaken; it is a mistake, I believe, very common with those who 
commit offences: they fancy that they are secure because they are not 
seen at the moment; but you may prove their guilt as conclusively, 
perhaps even more satisfactorily, by circumstantial evidence, as by any 
direct evidence that can possibly be given. 
If direct and positive evidence were requisite to convict persons of 
crimes, what security should we have for our lives against the murderer 
by poison?--no man sees him mix the deadly draught, avowing his 
purpose. No, he mixes it in secret, and administers it to his unconscious 
victim as the draught of health; but yet he may be reached by 
circumstances--he may be proved to have bought, or to have made the 
poison; to have rinsed the bottle at a suspicious moment; to have given 
false and contradictory accounts; and to have a deep interest in the 
attainment of the object. What security should we have for our 
habitations against the midnight burglar, who breaks into your house 
and steals your property, without disturbing your rest or that of your 
family, but whom you reach by proving him, shortly afterwards, in the 
possession of your plate? What security should we have against the 
incendiary, who is never seen in the act by any human eye, but whose 
guilt, by a combination of circumstances over which he may have had 
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