The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1895-06-21

THE Portland Sun is Of the op-
inion that the unexpected will hap.
pen if the United States continue
ON the good basis as decreed by the
Belmont -Morgan-R Rothschild-Carl-
isle-Cleveland syndicate. The
story of what happened once be-
fore will be found on page 553 of
Ridpath's History of the United
States" 1t is the story of "Black
Friday" Of q "Gold-Basis Friday"
1t follows:
"In the autumn Of 1869 occurred
the most extraordinary momentary
excitement ever known in the Unit
ed States, or perhaps in the world.
A company Of unscrupulous specu-
lators in New York city, headed by
Jay Gould and James Fisk, jr.,
succeeded in producing what is
known as q corner in the gold
market and brought the business
interest Of the metropolis to the
verge Of ruin. During the civil
war the credit of the government
had declined to such an extent
that at one time a dollar in gold
was worth 286 cents in paper cur
rency. But after the restoration Of
national authority the value Of pa
per money appreciated and in the
fall Of 1869 the ratio Of gold to the
greenback dollar had fallen to
about 1870 to 100. There were at
this time in the banks ofNew York
$15,000,000 in gold coin and in the
subtreasury of the United States
$100,000,000 more. The plan Of
Gould and Fisk was TO get control
by purchase Of the greater part Of
the $15,000,00C to prevent the Sec
retary Of the treasurer from selling
any part of the $100,000,000 under
his authority. Then, having con.
troll of the market, to advance the
price Of gold to fabulous figure,
sell out all they had themselves
and retire from the field of slaught-
cred fortunes with their accumulat-
cd millions of spoils. Having care
fully arranged all preliminaries,
the conspirators, on the 18th of
September, began their work of
purchasing gold, at the same time
constantly advancing the price.
BY the % Of the month they had
succeeded in putting up the ratio to
140. On the next day the price
rose to IA. The members Of the
conspiracy now boldly avowed their
determination to advance the rate
to 200, and it seems that on the
morrow they would put their threat
into execution. On the morning
Of the oath, known as Black Friday,
the bidding in the goldroom began
with intense excitement. The
brokers of Fisk and Gould ad-
vanced the price to 150, 155 and
finally to 160, at which figure they
were obliged TO purchase several
millions by company of merch.
ants, who had banded themselves
together with the determination to
fight the gold gamblers to the last.
Just at this moment came dis.
patch that Secretary Boutwell, had
ordered sale Of $4,C00,000 from
the subtreasury. There was an in.
Simultaneous panic, The price Of
gold went down 20sper cent in less
than as many minutes. The spec.
ulators were blown away in an up.
roar, but they managed, by accum-
ulated frauds and corruptions, to
carry off with them more than $11,-
100000 as the fruits of their nefar-
ious scheme. Several months
elapsed before the business of the
country recovered from the effects
of the shock"
THERE is young man in Ath-
ena, who, If reports are true-and
we have heard none to the contra
ry--should be taken in hand
properly and given a good whole
some lesson in the manner in which
he should treat his mother. The