`` Gold Grab `` : Relationship Between Robber Barons Jay Gould And Jim Fisk

Andrew Jackson had men watching the bank for a long time they used the money from the bank and they gambled with it.

These two lucrative thought up a genius way to make huge profits with little risk to themselves. Their plan was to buy up a majority of the gold in circulation, cause the price of gold to go through the roof, then sell it off for massive profits. To pull it off, Gould enlisted the help of President Ulysses S. Grant's brother-in-law, Abel Corbin. Gould and Fisk met with Grant through Corbin's help numerous times. Their goal was to convince Grant to put a hold on government sale gold, because if people noticed that the price of gold was going up because of the lack of it on the market, the government could change that in an instant by flooding the market with gold, in turn ruining Gould and Fisk's plan. They effectively got their hands on control of the governments gold by convincing Grant to hire Daniel Butterfield as assistant Treasurer of the United States. Butterfield agreed to warn Gould and Fisk if the government was planning to sell gold in return for money. Finally, Gould and Fisk had all the pieces of their plan assembled. Now it was time for action. Together, Gould and Fisk started buying as much gold as they could. Combined they bought about 75% of the gold on the market. On September 20, 1869 gold prices rose 20%, causing huge ripples in the financial world. Everybody was unprepared for the sudden rise in prices and many firms

Often considered as the most unscrupulous of the robber barons, Jay Gould was involved with Tammany Hall and William “Boss” Tweed from the initial stages of his business career. Shortly after hurting his reputation in a gold speculation that induced the Black Friday panic 1in 1869, he went on to gain control of western railroads such as the Union Pacific and Missouri Pacific railroads. By 1882, Gould had a firm grip on 15% of the United States’ total trackage. Although many of his contemporaries feared him because of his ability to influence the market, he was recognized by other magnates as a rather skilled businessman. From his rather corrupt business practices, Jay Gould built up and ultimately established his reputation in the 19th century through his involvement with the Erie railway, the panic of Black Friday, and Tammany Hall which reassured his position as one of the leading robber barons during the Industrial Revolution.

The Black Friday scandal also has another name it goes by people sometimes call it " Deadly Friday. " Two men tried to control the gold market of New York's gold exchange, these men were James Fisk and Jay Gould.The Black Friday scandal had another name as well it also went by the name of " Fisk-Gould Scandal. " The U.S. Government during the civil war gave out greenback which were backed out by nothing but credit. After the civil war most people believed that they could buy back the greenbacks with gold. Fisk and Gould tried to profit from this by cornering the gold market. They hired Abel Corbin Ulysses S. Grant's brother-in-law, and they hired him to get closer to Ulysses S. Grant to argue against him when the government discussed

Jim Fisk and Jay Gould devised a plot to drastically raise the price of the gold market in 1869. On "Black Friday," September 24, 1869, the two bought a large amount of gold, planning to sell it for a profit. In order to lower the high price of gold, the Treasury was forced to sell gold from its reserves.

This intricate financial scheme was primarily conceived and administered by Wall Street manipulator Jay Gould and his partner James Fisk in September 1869. They managed to involve Grant's brother-in-law, Abel Rathbone Corbin, in the scheme in order to access Grant himself. Gould also had given a $10,000 bribe to the assistant secretary of the Treasury, Daniel Butterfield, in exchange for inside information. Corbin himself had $2 million invested in the gold market, and had given both First Lady Julia Grant and Grant's personal secretary, Horace Porter, $500,000 speculative accounts. On September 6, 1869, Gould bought the Tenth National Bank with the intention of using it as a buying house for gold, and Gould and Fisk began buying gold in earnest. Secretary Boutwell tracked the situation and found that the profits made in the manipulated rising gold market could ruin the nation's economy for several years to come. By September 21, the price of gold had jumped from $137 to $141; Gould and Fisk jointly owned upwards of $60 million of it. Boutwell and Grant finally met on September 23 and agreed to release gold from the Treasury if its price continued to rise. On the same day, Boutwell also ordered the closing of the Tenth National Bank. Then, on September 23, 1869 (known infamously as "Black Friday"), the price of gold soared to $160 dollars an ounce. This spurred Boutwell to release $4 million in gold specie into the market and buy $4 million in bonds. The gold market crashed, foiling Gould and Fisk, while ruining many investors financially. The gold panic devastated the U.S. economy for months. Stock prices plunged, and the price of food crops such as wheat and corn dropped severely, devastating

Instead, overproduction in wheat and excessive partaking in various markets caused a great panic, leaving these farmers tied up in their debts and looking to silver as their “get out of jail free card.” In this sense, it is obvious that while farmers were valid in their discontent with railroad companies, it was their exaggeration of the effects of monopolies and passionate desire for silver that was invalid and unnecessary and without this would ended the depression much sooner, and resolving the constant conflicting issue of currency between the Democratic and Republican

In 1933, America’s wealthiest industrialist and bankers conspired to topple the government of Franklin Delano Roosevelt. Threatened by new policies that would redistribute wealth from the rich to the poor, Wall-street plotted of a military coupe to seize Washington and bring forth a fascist state. Through this paper we set to examine the background history, plot, and evidence to delve into the soundness of the conspiracy referred to as the Business Plot.

Some Robber Barons manipulated the stock

James Marshall was working in a saw mill and he saw something shining in the water, it was a discovery of gold. According to history.com, gold rush “A total of $2 billion worth of precious metals was found.”Many people started to come for the gold, but James and his friend wanted to keep it a secret this is what James Marshall said to John Sutter “ in a private room, he showed me the first specimen of gold, that he was not certain if it was gold or not, but he thought it might be; imminently I made the proof and found that it was gold-John Sutter-. They could be richer than anyone in America. This makes me think that James should have not told anyone so the word wouldn't spread at all

Black Friday: The black friday scandal was a scandal that started on September 24, 1969. There were a lot of people involved but the two biggest people were Jay Gould and Jim Fisk. Jay and Jim both planed on covering the nations gold market, the robber barons wanted to make a mint by driving the gold price into the stratosphere. The two of them built a network of corruption all the way from Wall street and the New York City Government all the way to the family of President Ulysses S. Grant. Jay and Jim wanted to corner the gold market and by doing this they had planed for them two to buy a whole bunch of gold controlling the gold market as the prices go up because they manipulated President Ulysses S. Grant by persuading him to not open the

When storekeeper, James Marshall, found gold at John A. Sutter’s Sutter Mill on January 24, 1848. He discovered that the rivers were filled with gold and tried to keep the secret to himself. People soon grew suspicious of the man so they took a trip to the sawmill. The men who when to the sawmill came back with gold dust. Once they heard that someone had found gold anyone was desperate for gold. From that point on the race for gold was on.

So, the influence of the Gold Rush had to overcome a punishing voyage, unhappy living, dreadful working environments, and coming home successful or busted. The trials and tribulations the men encountered were forever engraved into the American history, also with the strength of President Polk 's words, about the announcement of gold in California, were the most influential call to action. His announcement had Farmers leaving their farms, dealers closed up their place of business, the military men deserted their command post, and everyone made way to California for big hopes of striking it rich. But during all the excitement

Here we are 118 years removed from this attempt to create a monopoly of the gold market and we still have some of the same issues going on to this day. The 1869 Black Friday scandal might have been prevented if the Sherman Antitrust Act of 1890 was in place, but

There was a low demand for gold so in the demand and supply of economics law, the price of gold dropped and its quantity became less.