12 h, sep 24, 1869 y - Market Crash of 1869: The First Black Friday
Description:
Speculators and major shareholders of the Erie Railroad, Gould and Fisk, attempted to lobby Congress to reduce the price of acquiring gold for those who qualified for given exemptions, all of which were in favor of the two. To prevent the two from monopolizing gold stateside, President Grant released most of the gold supply at a reduced price to the general market. The accessibility of the currency caused massive deflation, making businesses go bankrupt or forcing them to reduce price dramatically to maintain traffic. This was known as Black Friday,
Added to timeline:
Black Friday Project
Caleb Wheeler
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