On September 24, 1869, a gold panic broke out in the United States, triggering a financial crisis. The panic, which became known as Black Friday, was the result of a conspiracy between two investors, Jay Gould, later joined by his partner James Fisk, and Abel Corbin, a small time speculator who had married Virginia (Jennie) Grant, the younger sister of President Ulysses S. Grant. They formed the Gold Ring to corner the gold market and force up the price of the metal on the New York Gold Exchange. The scandal took place during the Grant Presidency. The Secretary of the Treasury, George S. Boutwell, had a policy to sell Treasury gold at biweekly intervals for a sinking fund to pay off the national debt.
Black Friday: Panic on Wall Street after investors Jay Gould and James Fisk attempt to corner the gold market
On September 24, 1869, a gold panic broke out in the United States, triggering a financial crisis.
Historical Significance
On September 24, 1869, a gold panic broke out in the United States, triggering a financial crisis.
Events Before
US House of Representatives votes 126 to 47 to impeach President Andrew Johnson
The impeachment of Andrew Johnson for "high crimes and misdemeanors" was initiated by the United States House of Representatives on February 24, 1868.
American religious leader Brigham Young weds his 53rd wife, American actress and future polygamy critic Anna Webb (24),
American religious leader Brigham Young weds his 53rd wife, American actress and future polygamy critic Anna Webb (24), in Salt Lake City, Utah
The Shogunate is abolished in Japan
The first human inhabitants of the Japanese archipelago have been traced to the Paleolithic, around 38–39,000 years ago.
Abyssinian War ends as British and Indian troops capture Magdala and Ethiopian Emperor Tewodros II commits suicide
Abyssinian War ends as British and Indian troops capture Magdala and Ethiopian Emperor Tewodros II commits suicide
US Senate fails to impeach President Andrew Johnson by one vote
The impeachment of Andrew Johnson for "high crimes and misdemeanors" was initiated by the United States House of Representatives on February 24, 1868.
Events After
American lawman Wyatt Earp (21) weds Urilla Sutherland (20) in Lamar, Missouri, until her death in August of the same ye
American lawman Wyatt Earp (21) weds Urilla Sutherland (20) in Lamar, Missouri, until her death in August of the same year
American writer (Huckleberry Finn) Samuel Langhorne Clemens, pen name Mark Twain, (34) marries Olivia Langdon (24) in El
American writer (Huckleberry Finn) Samuel Langhorne Clemens, pen name Mark Twain, (34) marries Olivia Langdon (24) in Elmira, NY
Iowa ratifies the 15th Amendment to the United States Constitution, allowing suffrage for all races and colors
Iowa ratifies the 15th Amendment to the United States Constitution, allowing suffrage for all races and colors
Impressionist Painter Claude Monet (29) weds model Camille Doncieux in Paris
Impressionist Painter Claude Monet (29) weds model Camille Doncieux in Paris
The 15th Amendment to the US Constitution is adopted, guaranteeing the right to vote regardless of race
The Fifteenth Amendment (Amendment XV) to the United States Constitution prohibits the federal government or any state from denying or abridging a citizen's right to vote "on account of race, color,…
More from the 1860s
Abraham Lincoln issues the Emancipation Proclamation to free enslaved people in Confederate states
Abraham Lincoln (February 12, 1809 – April 15, 1865) was the 16th president of the United States, serving from 1861 until his assassination in 1865.
Slavery is abolished in the Dutch East Indies for areas under direct rule
The Dutch East Indies, also known as the Netherlands East Indies, was a Dutch colony with territory mostly comprising the modern state of Indonesia, which declared independence on 17 August 1945.
birth
Alfred Stieglitz is born
Alfred Stieglitz, American photographer, known for american photographer, was born on 1864-01-01.
birth
Qi Baishi is born
Qi Baishi, Chinese painter, known for chinese painter, was born on 1864-01-01. Qi Baishi (1 January 1864 – 16 September 1957) was a Chinese painter, noted for the whimsical, often playful style of…
Frequently Asked Questions
- What happened on September 24, 1869?
- On September 24, 1869, a gold panic broke out in the United States, triggering a financial crisis. The panic, which became known as Black Friday, was the result of a conspiracy between two investors, Jay Gould, later joined by his partner James Fisk, and Abel Corbin, a small time speculator who had married Virginia (Jennie) Grant, the younger sister of President Ulysses S. Grant.
- Why is Black Friday: Panic on Wall Street after investors Jay Gould and James Fisk a... significant?
- On September 24, 1869, a gold panic broke out in the United States, triggering a financial crisis.