Julian—Gregorian uncertainty CS1 maint: In , a crowd of approximately 2, shoppers in Valley Stream, New York , waited outside for the 5:
However, not wanting to go against the President, Boutwell ordered Butterfield to halt semi-weekly September government gold sales.
Abandoned by his associates, Gould looked to Fisk for assistance, but he was away on railroad business. Fisk returned to New York on September 8 and found Gould worried and depressed. Fisk reminded Gould that he still had "enough gold to sink a ship" while the two looked to others and devised other schemes to come out on top, but they knew by this time that if they began buying again, the Treasury would counter their efforts and begin selling at an accelerated rate once again.
Gould and Fisk had a list of every broker and speculator who had borrowed gold from the gold exchange, some of them, including Jay Cooke , the biggest financier on Wall Street. If they refused, Fisk was ready to squeeze them at an even higher rate, a scheme that bordered on blackmail.
Fisk's associates scoffed at the scheme and criticized Fisk of being true to form for suggesting such an unconventional idea. After being warned that the idea violated New York State criminal conspiracy law, Gould, Fisk and their associates chose another approach: On Friday, they would bull the price of gold to an even higher price by buying large amounts of gold at the current high price and selling even higher.
The idea that their plan could bankrupt innocent men and ruin the standing of the nation in world credit markets never entered the conversation. Fisk, however, saw the flaw to this alternative approach, fearing that pushing the price of gold up too quickly would provoke the President to step in and break the gold corner.
On September 12, Grant warned Boutwell that a "desperate struggle" was taking place between the "bulls and bears" of the gold market. Corbin told Gould he was concerned whether Grant would stop selling gold from the Treasury, so Gould told Corbin to write a letter to Grant encouraging him not to sell gold.
Interrupting Grant's crochet game, Chapin gave him Corbin's letter, whereupon Grant read the letter and told Chapin "No, nothing" when Chapin asked for a reply. Through a letter his wife was writing to her sister, Grant urged Corbin to have nothing to do with Gould and Fisk, and he promptly arranged a meeting with Boutwell.
On Thursday, September 23, Gould visited Corbin's house and was informed of Julia's letter, which had arrived that day.
After reading it and discovering that Grant was annoyed with his speculations, Gould knew he was very likely to sell gold on Friday. Corbin, I am undone if that letter gets out". Sensing bribery, Grant immediately ordered the paintings and statues boxed up and returned. On September 23, Grant and Boutwell met and the two decided to break the Gold Ring by selling gold from the treasury if the gold price continued to rise.
On Saturday, September 25, Gould, Fisk and Corbin met at Gould's office at the Opera House, each claiming to be the victim and blaming the other for the disaster. The Police set up patrols inside and outside the bank. Stock prices dropped by 20 percent from September 24 to October 1, while trade was minimal.
Between January and September , only 4 million shares of stock were exchanged. Dozens of brokerage firms went bankrupt, those who bought paper gold from Fisk's gold room going unpaid. Farmers, who constituted 50 percent of the country's workforce, suffered the worst: Treasury without an investigation in October, The subsequent Congressional investigation [f] was chaired by James A. Grant's decision to counter the escalating price of gold did not completely dispel rumors that he and his administration had profited from the affair.
Garfield's biographer, Alan Peskin, however, maintains that the investigation was quite thorough. Butterfield was implicated for serving as a double agent giving information to Gould. Dodging any financial harm, Fisk and Gould escaped conviction, spending money to buy the best legal defense, including talented attorney David Dudley Field , while Democratic Tweed Ring judges such as Albert Cardozo shielded them in court.
Fisk remained wealthy, but was caught in a scandalous romance for a lady's affection and was shot to death by a jealous lover on January 6, Boutwell served the remainder of Grant's first term, until in he resigned to be elected United States senator from Massachusetts. He served in the Senate until and afterwards retired to private life. Henry Adams believed that President Ulysses S. Grant was much too tolerant of his corrupt associates. In , Adams wrote an article, "The New York Gold Conspiracy," that detailed Gould and Fisk's scheme to corner the gold market, and hinted that Grant had participated in or at least known of the scheme.
From Wikipedia, the free encyclopedia. Jay Gould Railroad developer and speculator. Jim Fisk Stockbroker and speculator. Broke the Gold Ring corner. Grant President of the United States. Boutwell Secretary of the Treasury. Horace Porter Grant's personal secretary. Julia Grant Wife to Ulysses. But when the government gold hit the market, the premium plummeted within minutes. Thousands of speculators were left financially ruined, and at least one committed suicide. Foreign trade ground to a halt.
Farmers may have felt the squeeze most of all, with many seeing the value of their wheat and corn harvests dip by 50 percent. Retrieved from " https: Sign up ahead of time for the Early Access email program to get updates on Black Friday specials sent directly to your inbox. This way, you can be among the first to see our Black Friday ads. This helps you get a jump on your holiday shopping by grabbing up some of the best values of the year.
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