[105] One reason he was denied a place on Ways and Means was the opposition of the influential Republican editor Horace Greeley. [106]

President U.S. GrantMathew Brady 1870
Starting in January 1870, Garfield, then chairman of the House Banking Committee, led an investigation into the Black Friday Gold Panic scandal.[107] 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.[108] Grant personally resented Garfield for investigating Black Friday and his wife Julia concerning possible involvement in the scandal.[68]
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.