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About: Black Friday (1869)     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:WikicatPresidentialScandalsInTheUnitedStates, within Data Space : dbpedia.org associated with source document(s)

Type: yago:WikicatStockMarketCrashesyago:Abstraction100002137yago:Act100030358yago:Attribute100024264yago:Calamity107314838yago:Clang107380144yago:Condition113920835yago:Controversy107183151yago:Crisis113933560yago:Difficulty114408086yago:Disagreement107180787yago:Dispute107181935yago:Event100029378yago:Gossip107223170yago:Happening107283608yago:Informing107212190yago:Misfortune107304852yago:Noise107387509yago:PsychologicalFeature100023100yago:Report107217924yago:WikicatGrantAdministrationControversiesyago:YagoPermanentlyLocatedEntityyago:Scandal107223811yago:Situation114411243yago:Sound107371293yago:SpeechAct107160883yago:State100024720yago:Trouble107289014yago:WikicatEconomicDisastersInTheUnitedStatesyago:WikicatFinancialCrisesyago:WikicatPresidentialScandalsInTheUnitedStates New Facet based on Instances of this Class

The Black Friday gold panic of September 24, 1869 was caused by a conspiracy between two investors, Jay Gould and his partner James Fisk, and Abel Corbin, a small time speculator who had married Virginia (Jennie) Grant, the younger sister of President Ulysses Grant. They formed the Gold Ring to corner the gold market and force up the price of metal on the New York Gold Exchange. The scandal took place during the Presidency of Ulysses S. Grant, whose policy was to sell Treasury gold at weekly intervals to pay off the national debt, stabilize the dollar, and boost the economy. The country had gone through tremendous upheaval during the Civil War and was not yet fully restored.