The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1881-01-19
BLACK FRIDAY.
A History OF that Eventful Day and Its
Results.

paper 10 give the following grapIiC
account of this financial storm which
swept like whirlwind over New YORK;
In the iall Of 1869 Jay Gould and
James Fisk, Jr., found themselves
greatly embarrassed. Millions of money
beloneingto the Erie railroad company
had been lost in speculation, and some
decisive step had to be taken to regain
II or the two "bosses" OF the Erie were
likely to he ~overthrown. The govern
ment at This time was pursuing a
policy favorable to keeping the bus
mess of Wall street entirely to itself With
out interference from the operations OF
tne treasury. The administration wa
ayerse to doing anything which would
even look like an attempt to influence
the market price Of gold on the street,
and, with this object in view, 1t an
nounced that no sales OF gold would be
made from the treasury except at reg.
ular and stated times. Fisk and Gould
saw in this policy, if it could be main
tanned, p chance to make a corner in
gold, which would result in enriching
them and those whom they might in
duce TO ioin them. With sufficient
capital at their disposal, they felt con:
fident Of producing the "corner,' ano
the only element of uncertainty thai
entered into their scheme was the pos.
sibility that the government might
come to the rescue OF their victims oy
throwing L large quantity OF gold on
the market at the moment Wien INC
wise began to tighten. The scheme
was IL purchase all the COLO
in the country outside the treasury
vaults, all the paper representing
gold on presentation, and enough on
margin to hold the market entirely ano
supremacy, and thereby to raise the
price of specie to any rate desired
Gould ard Fisk entered into p com
bination for this purpose with Belden
Heath & Co, and a few other large
capitalists, ana the work Of hulling the
market began. The conspirators were
prepared TO secure and hold $1,000 OO(
of gold when they began operations II
thesgold room on the morning OF Mon
day, September 20. 1869.
Albert Speyers was at this time s
member Of the stock exchange and O.
the old board. and n OF the best
known men on the street. He was en-
ployed by William ?. Belden as n o.
the agents to buy the gold in the golc
room and put up the price as the pur
poses Of the conspirators required. VI
the Goth Of September gold opened a
1875, and MIR. Speyers began his opera,
tions. By Thursday he had purchased
over S35, 0OO, 600 in gold. and the price
had been raised from 1875 t. l5O. The
entire city was in a ferment OF excite
ment. The bears fought and roareC
in vain. The bulls had the situation com
pletely under control, and were deaf tt
prayers anc threats alike. Ruin stared
thousands in the face, and the effects O
the panic were not confined to Wal
street alone. They spread through the
city, and threatened dire disaster al
over the country. The mails and the
telegraph wires were burdencd Will
appeals to President Grant and Mr.
Boutwell,, secretary OF the treasury, tc
unlock the vaults of the nation anC
avert the threatened calamity by 1ht
sale Of government gold. The cub
treasury was besieged, and General But
terfield was appealed to for relief. Blu
darkness settled down on the city on tn
23a of September, and still no word o
hope lad come from Washington.
Black Friday dawned upon a city
which was apparently upon the verge o
bankruptcy. The ring had began opera
tions with the intention Of securing
Sll0,0 600, 600 of gold, about all which
the country contained, and they already
see - Of it secure in theil
grasp The failure Of the adManeA
tionto give relief, by opening tue vaults
of the treasury, resulted in the spread:
ing of the wildestrumors. 1t was SAFE
that GeperafG Grant and Secretary Bout.
Yeii were members of the ring, anc
Fisk studiously helped the rumor te
grow as it passed from mouth to mouth,
CONSERVATION was visible on all faces
1t was on this morning that Mr.. Speyers
upon going to Mr.. Belden's Office fol
further instructions, found Fisk anc
Gould in consultation with his princl
pal. He received bis orders to continue
to bur 10 to 100. and started fer tn,
gold room. In 8 sworn statement after
ward he said this order came from Fish
himself, and was Endorsed by Belden
although Fisk, when the crash came
repudiated Speyers altogether, ant
swore that he never engaged him tt
make any purchases for lis account
When MIR. Speyers reached New stree
ne found it packed with u surging mas:
of men, and all full Of excitement. HI
elbowed his way through the crowt
and reached the gold room. Taking hi!
stand ut the fountain he began to bid FOL
gold, wildly and recklessly, as it SEE MEG
to his companions. offering l60, when il
was selling in other parts of the room
for from $50 to l55. He stripped Of. his
coat and hat, and yelled his bics sc
= loudly that his Voice could be hearo
above all the din OF the packed room
He was surrounded by O mob OF angry
Infatuated men, who were being ruined
by the ring which he represented, but
he never blanched for a moment. Some
body whispered to him that a threat
had been made of shooting him in the
stock board. Upon hearing this he
rushed from the gold room, forced bis
way to the stock board through the
throng of excited and furious men
who blockaded New street, taking
his stand in the midst of the
no less excited brokers, shouted
Il under stand that threats have been
to shoot me! Here | am, gentle
men, ready to be shot; now shoot!'
The brokers Kissed and hooted at him,
and he was finally forced out of the
room By one Of his friends. The friend
called Il carriage and tried to induce
him to go home, but he refused, insist
ing on returning to the gold room,
which he did. The incident gave rise
to the rumor that Mr.. Speyers had be-
come crazy, which was promptly con-
trGGicted under his own name the next
day. it was also said atterward that q
part Of the pict OF the ring was, If the
speculation failed, to pretend that Spey-
ers was crazy. and on this ground to re.
pudiate all contracts made by him.
While MIR. Speyers was hurting de.
fance to his imaginary foe in the stock
board, an event had happened which
completely upset the calculations of his
principals, and turned the tables upon
tie ring. Secretary Boutwell, tele-
~graphed to Gen. Butterfield to announce
that the government would sell S. 30,-
COZ in gold On the next day, and tie
news was promptly made public that
the treasury had at last came to the
reliet of the city. The announcement
was received with thanksgiving, and
the news spread rapidly from one end OF
the city to the other. Within two
minutes after the reception of this
dispatch gold dropped from 1921
to l35, and 3 shout went
up from the crowded street which was
heard tar up Broadway. That shout
was the death -knell of the con%spirators,
and everybody but Mr.. Speyers seemed
to follow his instructions" and while
the bears were selling to each 0 her for
from lbs to l4O, he kept on loudly bid
ding $50 and taking millions Of dollars
at that rate. He had heard of the seccc-