Write a Summary of Black Friday on September 24 1869 (Case Study Sample)
Mainly 2 things to do
1. What were the leading causes, main events, and policy responses? (100~120 words)
2. Make a timeline graph ( timeline that will be in the appendix at the end)
The information has to be presented in the timeline graph is already
listed below, just to make it into graph
- In August, Gould and Fisk keep storing the gold, they personally owned a combined $60 million in gold—three times the amount of the public supply in New York. $100 gold piece had sold for around $132 in greenbacks, but only a few weeks later, the price spiked as high as $141
- Until September 22, the president Grant warned Corbin and Gould. Gould hid this information and planned to sell his private gold reserve secretly
- On September 23, Gould started selling his reserve, Fisk kept buying . The closed price of gold is $144.
- On September 24, the Black Friday. Before the news posted, gold price leap to $160. Shortly before noon, Grant met with Treasury Secretary George, and decide the Treasury would sell a whopping $4 million in gold the following day. Within minutes, the inflated gold prices plummeted from $160 to $133.
Summary of 1869 Black Friday
Summary of 1869 Black Friday
Black Friday in the U.S history occurred on September 24, 1869. This was the result of Jay Gould who was a financier and James Fisk a railway magnate attempting to corner the gold market. This would, in turn, lead to plummeting of the market prices (Andrews, 2014).
The Black Friday was orchestrated during president’s Ulysses S. Grant’s regime. During this period, the currency of the United States was backed by gold. This was after the civil war. After Grant had been sworn in, his plan was to pay the war debt incurred during the civil war using gold. Gould and Fisk tried to stop the sale of gold by the government through the use of Abel Corbin who had been sworn in the office of the treasury. Gold, which had previously been sold for around $100 rose in prices to $141(Andrews,2014).
Corbin was supposed to alert Gould and Fisk who had acquired an enormous amount of gold, just before the government decided to sell the gold. Gould who had previously been warned by the president decided to s...
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