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

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.

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