Black Friday (1869)

The Black Friday, September 24, 1869, gold panic was caused by the efforts of two speculators, Jay Gould and his partner James Fisk, (aka 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 weekly Treasury gold 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. This period, known as the Gilded Age, was a time of great industrial growth which invited much investm
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