Ways and Means was the opposition of the influential Republican editor Horace Greeley. Starting in January 1870, Garfield, then chairman of the House Banking Committee, led an investigation into the Black Friday Gold Panic scandal. In 1869, during Grant's first term in office, two New York conspirators, Jay Gould and James Fisk, launched a scheme to corner the gold market. The conspiracy was broken on Friday, September 24, 1869, when Grant and Treasury Secretary George Boutwell released gold into the market, causing widespread financial panic. During the investigation, rumors spread that Grant's family might have been involved. In order not to force Grant's wife to testify, Garfield had a private meeting with Grant at the White House. When Garfield showed Grant testimony about him and his family, Grant thanked Garfield but refused to read it or give a response. Grant personally resented Garfield for investigating Black Friday and his wife Julia concerning possible involvement in the scandal. Garfield's investigation and final majority report, released on September 12, 1870, were thorough but found no indictable offenses and exonerated Grant and Julia of wrongdoing. Garfield thought the scandal was enabled by the greenbacks that financed the speculation. Garfield was not at all enthused about President Grant's reelection in 1872—until Greeley, who emerged as the candidate of the Democrats and Liberal Republicans, became the only serious alternative. Garfield said, "I would say Grant was not fit to be nominated and Greeley is not fit to be elected." Both Grant and Garfield were overwhelmingly reelected. Crédit Mobilier scandal; salary grab The Crédit Mobilier of America scandal involved corruption in the financing of the Union Pacific Railroad, part of the transcontinental railroad which was completed in 1869. Union Pacific officers and directors secretly purchased control of the Crédit Mobilier of America company, then contracted with it to undertake construction of the railroad. The railroad paid the company's grossly inflated invoices with federal funds appropriated to subsidize the project, and the company was allowed to purchase Union Pacific securities at par value, well below the market rate. Crédit Mobilier showed large profits and stock gains, and distributed substantial dividends. The high expenses meant Congress was called upon to appropriate more funds. One of the railroad officials who controlled Crédit Mobilier was also a congressman, Oakes Ames of Massachusetts. He offered some of his colleagues the opportunity to buy Crédit Mobilier stock at par value, well below