sep 24, 1869 - The Black Friday

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Speculation of gold.

The Black Friday was caused by a conspiracy between two investors, Jay Gould and his partner James Fisk, and Abel Corbin, a small time speculator who had married Virginia (Jennie) Grant, the younger sister of President Grant. They formed the Gold Ring to corner the gold market and force up the price of that metal on the New York Gold Exchange. The scandal took place during the Presidency of Ulysses S. Grant, whose policy was to sell Treasury gold at weekly intervals to pay off the national debt, stabilize the dollar, and boost the economy. The country had gone through tremendous upheaval during the Civil War and was not yet fully restored.

Gould and Fisk hoped to take advantage of Corbin's relationship with his brother in law - the president - and Gould persuaded Corbin to introduce him to Grant. Gould and Fisk hoped that befriending the President would get them privy information about the government's gold policy—and even prevent the sale of gold—and thereby manipulate the market. It worked, resulting in a scandal that undermined both the credibility of Grant's presidency and the national economy. Gould and Fisk used their personal appearances with Grant to gain clout on Wall Street in addition to using their insider information.

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