Black Friday gold prices, 1869
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Black Friday gold prices, 1869
Black Friday gold prices. Also known as the Fisk-Gould scandal, this crisis took place at the New York Gold Exchange on 24 September 1869. Speculators, including James Fisk and Jay Gould, tried to drive gold prices up by buying large amounts of gold and hoarding it. When the government sold large amounts of gold, the price crashed, leaving many investors ruined. This is a photograph of the Exchanges blackboard, showing the collapse of the price of gold. The handwritten caption by future US President James A. Garfield, indicates this photograph was used as evidence before Garfields 1870 Congressional Committee into the crisis
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Media ID 6318447
© LIBRARY OF CONGRESS/SCIENCE PHOTO LIBRARY
1869 Black Board Buying Commerce Crashing Dropping Economics Evidence Falling Fixed Illegal Investment New York North American Prices Selling Sepia Trading Us A Black Friday James A Garfield Speculating Speculation
EDITORS COMMENTS
This print captures a defining moment in American history - the infamous Black Friday gold prices of 1869. Known as the Fisk-Gould scandal, this crisis unfolded at the New York Gold Exchange on September 24th, sending shockwaves through the nation's financial landscape. Speculators James Fisk and Jay Gould devised a scheme to artificially inflate gold prices by hoarding vast quantities of it. However, their plan unraveled when the government intervened and flooded the market with its own gold reserves. The image showcases an authentic snapshot of that fateful day, immortalized on a blackboard within the Exchange. The handwritten caption by future US President James A. Garfield adds weight to its significance as evidence presented during his 1870 Congressional Committee investigation into this calamitous event. In sepia tones, we witness firsthand how swiftly fortunes can crumble in economic turmoil. The falling numbers etched on that blackboard symbolize shattered dreams and ruined investments for countless individuals caught in this web of speculation and manipulation. This photograph serves as a poignant reminder of both the power and vulnerability inherent in our economic systems. It stands as a testament to America's industrial prowess during the 19th century while also highlighting darker aspects such as greed and illegal practices. Preserved by Library of Congress from Science Photo Library, this historical artifact offers us valuable insights into one of North America's most significant financial crises – forever etching "Black Friday" into our collective memory.
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