How Cornelius Vanderbilt Helped Cause (and Calm) the Panic of 1869
About this episode
The episode discusses how Cornelius Vanderbilt responded to the financial panic of 1869 caused by the collapse of gold prices.
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 back channels 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, author of The First Tycoon , shares the story of what really happened on Black Friday and how Vanderbilt's response changed the balance of private power and public life. Support the show ( https://www.ouramericanstories.com/donate) Support the show: https://www.ouramericanstories.com/donate See omnystudio.com/listener for privacy information.
People in this episode
Guest: T.J. Stiles
Topics covered
- financial panic
- American history
- market stabilization
- Cornelius Vanderbilt
- gold prices
- Black Friday
Keywords
- Cornelius Vanderbilt
- financial panic
- Jay Gould
- Jim Fisk
- gold prices
- Black Friday
- market stabilization
Mentioned in this episode
Books & works: The First Tycoon
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