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Martin Kelly

Black Friday

By September 24, 2013

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September 24, 1869 was known as Black Friday.  On this day, the bottom fell out of the gold market and many investors lost everything. The entire scandal started when Jay Gould and James Fisk decided to try and corner the gold market, buying as much gold as they could. Once the price of gold rose to a high enough level, they would then sell for a huge profit. The only fly in the ointment was President Ulysses S. Grant's plans to sell government gold as a way to get more greenbacks out of the market. They even involved Grant's sister's husband,  Abel Rathbone Corbin. Grant got wind of the scheme and promptly sold millions of dollars of government gold, resulting in an immediate drop in the gold market. Unfortunately, many investors having put a lot of money in the gold market with its rising prices lost everything. This was just one of the presidential scandals that plagued Ulysses Grant's time as president.

 

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