The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-24
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such results Black Friday was solely and
entirely the work Of clique, Of which Jay
Gould was the head. During the crash Of
failures on that dismal day the cry was not
that "somc one had Numbered" but that
great crime was being committed. The his
tory of this crime is the history Of Black
Friday, which was massacre in the midst
of financial peace. In August 1869, there
was from $50, 900, 900 to 5000 200, 900 of
floating gold and gold was weak at 1871.
There was $4,000 900 in the Sub-Treas-
ury, but somebody had promised that the
Government would not sell. The clique
therefore could buy gold without fear. In
the middle of September it bought $4,000
900 at 1873 l-2 at 1874 in one batch. On the
morning of We dncsday, the 22d, it held
several millions more than there was in the
City ofNew York outside the Sub-Treasury,
and yet the price had been forced no higher
than l4l. The clique settled its plans on
Thursday evening. 1t had loaned gold in
immense sums at 1873. The plan at first
was to call in all this, lock it up, and force
the bears to settle by buying in under the
rule. The Tenth National Bank was to
have been used to shift the immense sums,
but the appearance of the bank examiners
unsettled hs plan, and the progr imme was
to put gold up swiftly and Brighten the
bears into direct set ements. As it was,
the officials of the bank agreed to certify to
an unlimited extent night candy day. On
Thursday it did certify checks amounting to
S25,000000, and on Friday, spite of the
presence of the examiners, 100000
more. All this time an army of holders, in
the pay Of the clique, under the leadership
of one Albert Spcyers, was buying up all
the gold that was offered and endeavorng
tn, hripo IL tn, Ehnir off
more than successful. Gold reached l60,
and for an instant touched 1865. This was,
the harvest time for the clique, and while
some of his agents were thus keeping up
the price by bawlng bids for millions at
100, Gould was unloading through dozen
different brokers at far lower figures. but
yet at an immense profit to himself He
hal however, pushed the price too far, and
when the news came that Secretary
Boutwell, would sell S4,O00,000 OF
gold the price fell even more sud
denly than il had risen. and general ru-
in and utter confusion fell upon Wall street
to II certain extent even involving those
who had been chiefly instrumental in pre-
ducing it. Down, down went the falsely
bolstcred price. The day was the blacklist
that ever set on Wall street. Men knew
not where they stood. The confusion and
madness was 50 great that II was supposed
that all the clique had gone down. OF the
times that followed It is impossible to give
an idea. There was Il run on the Tenth
National Bank next day, and million was
drawn out. The Gold Cica ring house kept
Sli,000,000 inextricably locked up. The
| $500, 900. 900 of clcarings demanded in one
day of the bank dizzied its incapacity.
| Gould had not yet done his work. When
/ it was publicly known that only the account
of his firm wa, needed to finish the clear
anccs for Black Friday, and when upon that
account fortunes were pending hourly,
| Gould telcgraphcd from his barracks at the
Grand Opera House. where he was guarded
from the mob by police, not to send it
down. The bank went into the hands of q
receiver. Then came crash. Four firms
were declared suspended. Then n rumor
came that Lockwood & Co., Vanderbilt's
brokers, had gone under--the strongest
| house an the street. They had been car
| rying Pacific Mail, Lake Shore, Chicago
and Northwest, on which the loss was mil.
lions, with money at 800 TO l 200 per cent.
q year. Tht firm went down But Van
derbilt poured in millions and sent up Lake
Shore, Northwest. and Central, held them,
and saved himself. On Saturday, October
/, Gould began his clcarances-not till
then. The delay of the clique in settling is
accountable. with the cumbruus machinery
of the Gold Exchange and bank, for the
terrible wear and tear of the week that fol-
lowed the fatal Friday.-N. !. World.