THE GOLD RING: Jim Fisk, Jay Gould, and Black Friday, 1869

THE GOLD RING: Jim Fisk, Jay Gould, and Black Friday, 1869

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In September 1869, two young speculators, Jay Gould and Jim Fisk, Jr., undertook perhaps the most audacious financial operation in American history the cornering of the national gold supply. This daring and nearly successful plot came at a time when Wall Street finance displayed all the raw emotion, cynicism, and bravado of a Wild West gunfight. Fisk and Gould manipulated prices to the point that legitimate commerce froze to a halt. When the federal Treasury finally broke the corner on Black Friday, September 24, the price of $100 gold coin fell from $160 to $130 in fifteen minutes, sparking a national financial panic, a stock market depression, and the bankruptcy of major trading houses. The scandal reached the very household of President Ulysses Grant, and only the intervention of their friend, Boss Tweed of Tammany Hall, saved Fisk and Gould from personal ruin.Calmly and politely, using his soft persuasion to best advantage in the small group, Jay told how the govemment could help ... The argument had political appeal. Not only would farmers and factory workers benefit from scarce gold and cheap money, but so would railroads like the Erie ... Frustrated by Granta#39;s inscrutability, the never-bashful Jim Fisk asked the direct question: What did the President think?

Title:THE GOLD RING: Jim Fisk, Jay Gould, and Black Friday, 1869
Author: Kenneth D. Ackerman
Publisher:Kenneth Ackerman - 2012-01-28

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