HY 104 Lecture Notes - Lecture 14: Central Pacific Railroad, Tammany Hall, Precious Metal
29 May 2018
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The Fisk-Gould Gold Scheme
Indeed, Grant had not even completed his first year in office before scandal
hit. In 1869, financial tycoons Jim Fisk and Jay Gould bribed officials in
Grant’s cabinet, including Grant’s own brother-in-law, to turn a blind eye while
the two wealthy businessmen attempted to corner the gold market. Fisk and
Gould even conned Grant himself into not releasing any more of the precious
metal into the economy.
Fisk and Gould’s attempt to corner the gold market led to the panic of
September 24, 1869, “Black Friday.” Congress was able to restore gold
prices only after releasing more gold into the economy, despite Grant’s
promise that more gold would not be released. Though Grant was
unknowingly part of the scandal, no formal charges were filed against him.
The Tweed Ring
Historians also associate the Grant presidency with corrupt political bosses
and “machines,” the most notorious of which was the Tammany
Hall machine in New York City, led by William “Boss”Tweed. Tweed, more
than anyone else, was the symbol of corruption during the Gilded Age: he
controlled nearly every aspect of political life in New York City; used bribery,
extortion, and fraud to get what he wanted; and even sponsored phony
elections to put his associates in office. Historians estimate that he may have
fleeced as much as $200 million from New Yorkers. Though it could be
argued that Tweed preyed on recent immigrants, he also provided valuable
services for them: Tammany Hall often gave newly arrived immigrants
housing, jobs, and security in exchange for votes.
The law finally caught up with Tweed in 1871, when New York
prosecutor Samuel J. Tilden helped expose the Democratic politician’s
corrupt dealings and sent him to jail. Tweed ultimately died in prison. Tilden,
for his part, capitalized on his sudden fame and entered politics; within five
years, he ran for president of the United States.
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Document Summary
Indeed, grant had not even completed his first year in office before scandal hit. In 1869, financial tycoons jim fisk and jay gould bribed officials in. Grant"s cabinet, including grant"s own brother-in-law, to turn a blind eye while the two wealthy businessmen attempted to corner the gold market. Gould even conned grant himself into not releasing any more of the precious metal into the economy. Fisk and gould"s attempt to corner the gold market led to the panic of. September 24, 1869, black friday. congress was able to restore gold prices only after releasing more gold into the economy, despite grant"s promise that more gold would not be released. Though grant was unknowingly part of the scandal, no formal charges were filed against him. Historians also associate the grant presidency with corrupt political bosses and machines, the most notorious of which was the tammany. Hall machine in new york city, led by william boss tweed.
