Clarke courier. [volume] (Berryville, Va.) 1869-1997, 1901-05-15
A Black Friday

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Friday.
What was Black Friday?
1t was the panic of Friday, Sep
TENDER "a, 1869, unwsrrsnted specu-
lation in inflated stocks at a time
when the country was in hitherto
unknown state of prosperity,
1t was the bursting of superficial
values.
In 1869 this country found it's
crops far In excess of It's needs, and
some means of stimulating exports
were sought. The government had
been selling gold in such quantities
that gold, as a commodity, was
cheaper than farm products.
Letters poured into Washington by
the thousands from leading mer-
chants and bankers, urging the gov
eminent to stop selling gold. The
supply in New York was only $25-
100000, and the government stopped
selling. Everybody bought gold,
and price rose twenty points.
Months before Jay Gould had
foreseen the wonderful possibilities
of this situation, and with every
means at his command had worked
to secure his end. But President
Grant was conservative, and had to
be convinced.
To convince him, Gould, through
his able tool, James Fisk, Jr., arrang-
ed that General Grant should accom-
pany party one evening in June to
attend the great peace jubilee con
cert given by Patrick Sarsfield Gil
more In Boston. There was a fine
champagne supper on board the Bos-
ton boat, and several gentlemen
were present who were
conversant with financial matters,
and could talk glibily on the state
Of the country.
General Grant was an eager listen
er to all that was said, but his mind
was not made up that it was the best
policy fer the prosperity of the coun-
try to stop the sale of gold. After
they had exchanged their views some
one asked the president what his
views were. He turned to Mr.. Gould
deferentially:
"ln my opinion said Mr.. Gould,
"The government ought to let gold
alone and allow it to find its COM
mercial level. 1t ought in fact, to
facilitate an upward movement of
gold in the fall"
This is sufficient to show how ably
Mr.. Gould played his part in educa-
ting the president to endorse poll
cy so vitality necessary to the success
of the gold clique.
Nothing more was said, but the
remark had great weight with the
executive. Meanwhile the wizard of
finance wove another link in the
chain of his speculative design by
securing the position of assistant Sec
rotary of the treasury for General
Daniel Butterfeld. Thus, with Abel
h. Corbin, whose wife was a sister of
Mrs. Grant, with Fisk, whose pull
with Wall street men was powerful,
and with Butterfield at the helm in
Washington, this human spider be-
gan the weaving of the web.
When all was ready Corbin was
sent to see the president. From him
the emissary received the positive
assurance that Secretary Boutwell,
was not to sell any more gold. Gould
went to the White House to hear the
glad tidings with his own ears. But
with the links all forged and the
chain perfect, with the bankers and
merchants largely In his favor
through commercial necessity, and
with the sub-treasury "fxed" as he
thought, and the treasury of the
United States itself where it could
not spoil the deal if President Grant
did not change his mind, one thing
remained to be done-to get Grant
himself out of the way.
This was the browning effort of
the conspirators.
The president was carefully shad-
owed by Gould's detectives. Great
care was taken to impress him with
the necessity of vacation, and he
was at last prevailed upon to go to
Little Washington, then obscure