24 sett 1869 anni - Black Friday (1869)

Descrizione:

The Black Friday gold panic of September 24, 1869, was caused by the efforts of two investors, Jay Gould and his partner James Fisk, also called the Gold Ring, to corner the gold market 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.

Abel Corbin, a small-time speculator, married Virginia Grant, the younger sister of President Grant. After the marriage, Gould and Fisk approached Corbin, taking advantage of his brother-in-law relationship with the president, and persuaded Corbin to introduce them to Grant. Gould and Fisk hoped that befriending the President would get them privy information about upcoming government gold sales—information with which they manipulated the market. It worked, resulting in a scandal that undermined 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.

During the first week of September, Grant's Secretary of the Treasury George S. Boutwell received a letter from Grant telling him gold sales would be harmful to Western farmers, a notion planted by Gould and Fisk. Boutwell suspended Treasury gold sales. At the same time, Gould and Fisk began buying gold at Gould's New York Gold Room, raising the price of gold. After learning about the nature of their scheme, Grant ordered the release of $4 million in gold on September 24. Grant's move drove down the price of gold, crushing the Gold Ring's corner on the market. A panic on Wall Street ensued and the country went through a few months of economic turmoil. Thanks to Grant's efforts, as well as those of his administration, a national depression was averted. Gould and Fisk hired the best defense available. Favored by Tweed Ring judges, the conspiratorial partners escaped prosecution. An 1870 government investigation, headed by James A. Garfield, exonerated Grant of any illicit involvement in the conspiracy.

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