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Wall Street is a street in the Financial District of Lower Manhattan in New York City. Eight city blocks long, it runs between Broadway in the west and South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District itself. Anchored by Wall Street, New York has been described as the world's principal fintech and financial center.
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Jason Gould was an American railroad magnate and financial speculator who founded the Gould business dynasty. He is generally identified as one of the robber barons of the Gilded Age. His sharp and often unscrupulous business practices made him one of the wealthiest men of the late nineteenth century. Gould was an unpopular figure during his life and remains controversial.
The Black Friday is the term for a gold panic on September 24, 1869, which triggered a financial crisis in the United States. It was the result of a conspiracy between two investors, Jay Gould, later joined by his partner James Fisk, and Abel Corbin, a small time speculator who had married Virginia (Jennie) Grant, the younger sister of President Ulysses S. Grant. They formed the Gold Ring to corner the gold market and force up the price of the metal on the New York Gold Exchange. The scandal took place during the Grant Presidency. The Secretary of the Treasury, George S. Boutwell, had a policy to sell Treasury gold at biweekly intervals for a sinking fund to pay off the national debt. Along with other, non-routine gold sales, this acted to stabilize the dollar and boost the economy. The country had gone through tremendous upheaval during the Civil War and was not yet fully restored.
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Ulysses S. Grant and his administration, including his cabinet, suffered many scandals, leading to a continuous reshuffling of officials. Grant, ever trusting of his chosen associates, had strong bonds of loyalty to those he considered friends. Grant was influenced by political forces of both reform and corruption. The standards in many of his appointments were low, and charges of corruption were widespread At times, however, Grant appointed various cabinet members who helped clean up the executive corruption. Starting with the Black Friday (1869) gold speculation ring, corruption would be discovered in seven federal departments. The Liberal Republicans, a political reform faction that bolted from the Republican Party in 1871, attempted to defeat Grant for a second term in office, but the effort failed. Taking over the House in 1875, the Democratic Party had more success in investigating, rooting out, and exposing corruption in the Grant Administration. Nepotism, although legally unrestricted at the time, was prevalent, with over 40 family members benefiting from government appointments and employment. In 1872, Senator Charles Sumner, labeled corruption in the Grant administration "Grantism."
The Gould family is a wealthy American family that came to prominence in the late 19th century. The family's fortune was primarily earned through a railroad empire built by Jason "Jay" Gould, a notorious "robber baron" during the Gilded Age. At its height, this network comprised the Denver & Rio Grande, Missouri Pacific, Wheeling & Lake Erie, Wabash, Texas Pacific, Western Maryland and International-Great Northern railroads among others.
References
- ↑ Trumbore, Brian. "Jay Gould". Archived from the original on 2017-05-22. Retrieved 2008-12-17.
- ↑ Donohue, William F. "An Historical Overview of the Federal Bank Crime Laws" (PDF). Carlson, Calladine & Peterson LLP. Archived from the original (PDF) on 2011-07-08. Retrieved 2008-12-17., p. 8
- ↑ "The Tenth National Bank; Jay Gould secures a referee" (PDF). The New York Times. February 4, 1880. Retrieved 2008-12-17.
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