The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1929-09-13

eating room, where men were thrust
ing their heads into the basin of the
little fountain to cool them of the
fever that prevented reasoning. Men
who owned stocks and bonds had to
throw them overheard for what they
could get in order to pay their gold
losses. Decentralization was general.
Every fiuctuation of a point in the
price of gold meant gains and losses
of millions, and that day, under the
pressure of the tremendous forces that
were represented by the bulls and
bears, the price wavered like a wealth
er vane In an easterly gale. Who
could tell where these feverish pulsa-
tions in the price would lead! Fisk
was declaring that gold would reach
two hundred; maybe he was right. Per-
haps the whisperings about a gigantic
conspiracy among public officials, with
President Grant at their head, to make
fortunes by specializing in gold on the
bull side, were true after all Only
the United States Treasury could
smash the clique that was boosting
gold and the doors of the Treasury
seemed to be fast locked.
In the meantime kilograms had been
pouring in from all parts Of the coun-
try to President Grant and the secre-
tary of the treasury. begging them to
order sale of treasury gold to pre-
vent a crash in the business of the
country. Grant decided to sell five
millions and authorized the treasury
to announce the sale. But the break
had already come. James Brown, q
Scotch banker, acting for a group of
merchants and bankers, entered the
gold room soon after Fisk's brokers
had bid the price up to 162 and amid
the din and confusion shouted that
they would take any part of the ST.
100000 at that quotation. "S0ld,
100000 at 1872" said Brown quietly.
A moment later he sold a second mil
lion at 161, then 100000 at 100. Then
the market broke. Ten minutes later
word came from the sub-treasury Of
the orders to sell four millions of
treasury gold. 1t is believed that
Brown already knew of President
Grants order when he made his first
offer but the main fact is that his
action started the break and the an
nouncement from Washington COM
pIeted the Decentralization. Within
fifteen minutes the price of gold had
fallen 20 points. The corner in gold
was ended.
A mob, led by brokers demanding a
settlement, gathered in front Of the
brokerage house of Gould, Smith and
Martin, bowling for Gould. A similar
mob assembled in front Of the Office
of Fisk and Beldan shouting for Fisk.
But the two conspirators, who had
expected some such result as this, had
fled from Wall street when the mar
ket broke and sought refuge in the
Erie offices in Fisk's Grand Opera
house, where they were guarded by
their band of hired thugs.
Gould is said to have made eleven
millions out of his coup. Despite the
fact that he had betrayed Fisk, the
latter forgave him and they con-
tinued friends. As matter of fact,
Fisk lost nothing, for with the aid of
BOSS" Tweeds corrupt judiciary he
was successful in repudiating his mill
lions in debts. When the whole affair
was investigated later before the Gar
field committee it was found that half
of the business houses on Wall street
had been ruined. And it was not
until the report of their committee
became public that public suspicion
of Grants part in the conspiracy was
aliayed. For neither the President
nor any of his kin except his brother
in-law had profted one cent from the
shame of Black Friday.