On this episode of Our American Stories, when gold prices collapsed in September 1869, it triggered one of the earliest financial panics in American history. Jay Gould and Jim Fisk had spent months driving prices higher in an attempt to corner the market, working backchannels in Washington to shield their plan from regulation. But the scheme unraveled quickly, and when it did, the damage rippled across the economy. Cornelius Vanderbilt, already one of the richest men in the country, moved fast to protect his own interests. In the process, he stabilized a market no one else could touch. T.J. Stiles tells the story of what really happened on Black Friday—and how Vanderbilt’s response changed the balance of private power in public life.

Support the show (https://www.ouramericanstories.com/donate) 

On this episode of Our American Stories, when gold prices collapsed in September 1869, it triggered one of the earliest financial panics in American history. Jay Gould and Jim Fisk had spent months driving prices higher in an attempt to corner the market, working backchannels in Washington to shield their plan from regulation. But the scheme unraveled quickly, and when it did, the damage rippled across the economy. Cornelius Vanderbilt, already one of the richest men in the country, moved fast to protect his own interests. In the process, he stabilized a market no one else could touch. T.J. Stiles tells the story of what&nbsp;really&nbsp;happened on Black Friday&mdash;and how Vanderbilt&rsquo;s response changed the balance of private power in public life.
Support the show (<a href="https://www.ouramericanstories.com/donate)">https://www.ouramericanstories.com/donate)</a>&nbsp;

Our American Stories tells stories that aren’t being told. Positive stories about generosity and courage, resilience and redemption, faith and love. Stories about the past and present. And stories about ordinary Americans who do extraordinary things each and every day. Stories from our listeners about their lives. And their history. In that pursuit, we hope we’ll be a place where listeners can refresh their spirit, and be inspired by our stories.

Our American Stories

Our American Stories tells stories that aren’t being told. Positive stories about generosity and courage, resilience and redemption, faith and love. Stories about the past and present. And stories about ordinary Americans who do extraordinary things each and every day. Stories from our listeners about their lives. And their history. In that pursuit, we hope we’ll be a place where listeners can refresh their spirit and be inspired by our stories.

Our American Stories tells stories that aren&rsquo;t being told. Positive stories about generosity and courage, resilience and redemption, faith and love. Stories about the past and present. And stories about ordinary Americans who do extraordinary things each and every day. Stories from our listeners about their lives. And their history. In that pursuit, we hope we&rsquo;ll be a place where listeners can refresh their spirit and be inspired by our stories.

How Cornelius Vanderbilt Helped Cause (and Calm) the Panic of 1869

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a1cdf35f-210e-4b32-ba3a-b330014e1201/transcript