The Life and Work of James A. Garfield, Twentieth President of the United States: Embracing an Account of the Scenes and Incidents of His Boyhood; the Struggles of His Youth; the Might of His Early Manhood; His Valor As a Soldier; His Career As a Statesman; His Election to the Presidency; and the Tragic Story of His Death.Ridpath, John Clark
History
The Life and Work of James A. Garfield, Twentieth President of the United States: Embracing an Account of the Scenes and Incidents of His Boyhood; the Struggles of His Youth; the Might of His Early Manhood; His Valor As a Soldier; His Career As a Statesman; His Election to the Presidency; and the Tragic Story of His Death.
Ridpath, John Clark
Garfield, James A. (James Abram), 1831-1881
As we advance through the multitude of General Garfield’s congressional
speeches, selecting here and there some typical extract, his report on
“Black Friday” attracts attention. Every one remembers the gold panic of
September 24, 1869. It was the greatest financial conspiracy known to
history. Wall Street, the scene of innumerable frauds, snares,
conspiracies, and panics, never saw any thing to compare with the
historic “Black Friday.” The House of Representatives appointed the
Committee of Banking and Currency of which General Garfield had been
made chairman at the opening of the Forty-First Congress, to investigate
the causes of that financial convulsion. He went to New York, _incog._,
managed to get into the private room of the Gold Board, where the matter
was undergoing a secret investigation. Here General Garfield made notes,
and got his clue. When he could stay no longer, he left a clever
substitute. Each witness was attached as he left the building and
hurried down to Washington before he could be primed. General Garfield’s
examination of the witnesses was adroit and successful. The taciturn and
self-poised Gould, the wily and exuberant Jim Fisk, alike were compelled
to lay open the full details of the scheme. General Garfield’s report,
made March 1,1870, goes to the bottom of this the darkest conspiracy
ever planned. It reads like a novel, and contains the material for a
whole library of fiction. Some idea of the foul plot may be had from the
following summary and extracts:
BLACK FRIDAY.
“On the first of September, 1868, the price of gold was one hundred
and forty-five. During the autumn and winter it continued to
decline, interrupted only by occasional fluctuations, till in March,
1869, it touched one hundred and thirty and one-fourth (its lowest
point for three years), and continued near that rate until the
middle of April, the earliest period to which the evidence taken by
the committee refers. At that time, Mr. Jay Gould, president of the
Erie Railroad Company, bought seven millions of gold, and put up the
price from one hundred and thirty-two to one hundred and forty.
Other brokers followed his example, and by the twentieth of May had
put up the price to one hundred and forty-four and seven-eighths,
from which point, in spite of speculation, it continued to decline,
and on the last day of July stood at one hundred and thirty-six.
Public-domain text, read in full here on John Shaqi.
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