The Black Friday Gold Market Scandal

History Daily

The episode recounts the dramatic financial manipulation of the 1869 gold market by Jay Gould and Jim Fisk. It details their initial struggl

Key takeaways

Jim Fisk was assassinated in 1872 by his business rival, Edward Stokes.
Jay Gould and Jim Fisk used 'cornering the market' tactics to artificially inflate gold prices.

Main topics

The assassination of Jim Fisk
The Erie Railway takeover attempt

Notable quotes

History is made every day.

Conclusion

A profound look at how individual greed and political corruption can d

Transcript preview

Speaker 1 (0:00) For many of us, going further isn't a choice. It's a feeling we can't ignore. Because ambition has a way of outgrowing where it began. Turning dreams into direction. Every journey brings us closer to the life we imagine. So, where will your journey take you? Etihad. Beyond Borders. Speaker 2 (0:39) It's around 4 p.m. on January 6, 1872, outside the Grand Central Hotel in New York City. 36-year-old railroad executive Jim Fisk squeezes his hefty frame through a carriage door, steps down to the sidewalk, and swaggers into the hotel through a private doorway. Inside the lobby, Jim collars a bellboy and asks whether a woman named Mrs. Morse is in. The boy tells him that Mrs. Morse has gone out with her younger daughter, but that the older daughter may still be upstairs. Jim asks the bellboy to let her know that he's arrived. The boy hurries away, and Jim turns toward the stairs. As he crosses the lobby, he's followed by curious eyes and whispered comments. Jim is a well-known figure in New York, renowned for his generosity towards his employees and his flamboyant public persona. But that's not really why he's famous. Two and a half years ago, Jim was at the center of a financial conspiracy that cost the U.S. economy millions of dollars. So he's a man with many enemies, and as he begins to haul himself up the stairs, he's surprised to see one of them coming down the steps toward him. Edward Stokes was once a friend and business associate, but the two men have become bitter rivals, feuding over money and women. They've been pursuing each other through the courts for a year now, and the bad blood between them seems to deepen with each passing day. But before Jim can say a word, he notices that Edward has something in his hand. There's a flash. A gunshot rings out and Jim staggers back. He's been shot in the stomach. A second shot catches Jim in the arm. Jim turns and stumbles down the stairs and across the lobby, but a gathering crowd blocks his escape. Jim wheels around, his eyes searching for his assailant, but he can't see Edward Stokes anywhere. Meanwhile, beneath him, on the fine carpet, a pool of blood steadily grows. Speaker 2 (2:37) The following morning, Jim Fisk dies from the wound to his abdomen. His body will be displayed at the Grand Opera House, a magnificent theater he owns in Manhattan, and an estimated 20,000 people will file past to pay their respects. But while Jim will be mourned by many, he will also be remembered as one of the most notorious financial operators of his age. He used bribery, political influence, and market manipulation to build a fortune. And just over two years before his death, He helped cause one of the wildest days in the history of Wall Street, the Gold Panic of September 24, 1869. Speaker 2 (3:16) Hello, History Daily listeners. The live show I've been telling you about for a few weeks has a new date, October 23rd at the Plaza Theater in Garland, Texas. This is my Days That Made America tour, a thrilling evening of history, storytelling, and music with me and a band live on stage. So if you're in the North Texas area or anywhere close, be sure to come out and see me live. More shows will be announced soon, too. So for information on tickets and upcoming dates, go to HistoryDailyLive.com. That's HistoryDailyLive.com. Come see my Days That Made America tour live on stage. Go to HistoryDailyLive.com. From Noiser and Airship, I'm Lindsey Graham, and this is History Daily. Speaker 2 (4:18) History is made every day. On this podcast, every day, we tell the true stories of the people and events that shaped our world. Today is September 24th, 1869. The Black Friday gold market scandal. Speaker 2 (4:36) It's March 10, 1868 in New York City, almost four years