Ulysses S. Grant and the Black Friday Scandal To provide absolute trust and loyalty to people can be considered a fault or a virtue. During Ulysses S. Grant’s presidency this was considered a fault for him, because so many people that Grant trusted betrayed him and almost ruined the nation. Grant had to deal with corruption in his cabinet, the negative influence of people who were thought to be his friend, and scandals like the Black Friday scandal. Due to the 1869 Black Friday scandal, Ulysses S. Grant’s attitude towards like would never be the same, because not only was he personally associated with the people that were involved in this scandal, the Black Friday scandal almost destroyed the U.S. economy. As Ulysses S. Grant grew up, he …show more content…
The only road block in their plan was the fact that Ulysses S. Grant was in control of the prices that gold sold for, and to help maintain balance, Grant could raise or lower the prices when necessary. Jay and Jim stockpiled gold to sell when the prices were high enough. To help get Grant out of the way, Jim and Jay acquired Abel Corbin, Grant’s brother-in-law, to help them get Grant to raise the prices (Andrew). Abel convinced Grant to appoint General Daniel Butterfield as the United States Sub-treasurer (Andrew). Daniel helped Jay and Jim by telling them when Grant raised or lowered the prices. This gave them an advantage over Grant. To help convince Grant even more, Jay and Jim conversed with Grant at multiple social events and always talked about how an increase in gold prices would do wonders for the economy …show more content…
Some people took out loans and Grant flooding the gold market left people with no way to repay their loans, they became financially ruined (“Black Friday”). The decrease in gold also affected the stock market, “The stock market prices decreased, dropping about 20%. This bankrupted or inflicted severe damage on venerable firms” (“The Black Friday Gold Scandal”). The aftermath of this scandal not only affected the stock market; it also caused foreign trade to stop and the value of crops also decreased by 50%, financially ruining many
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If someone like Gould tried to corner the market, Grant would order the treasury to sell off large amounts of gold so the price would drive through the floor. Gould found a solution to this problem and befriended Abel Corbin, the husband of Ulysses S Grant’s sister. He persuaded Corbin to help him with his plan to corner the gold market. Corbin used his political influence so Gould would have an ear on the government’s actions. Corbin got close with Grant and tried to tell him high gold prices would benefit US farmers who sold their harvest
The three top railroads that ran through Cleveland agreed to raise their shipping fees while paying rebates to Rockefeller .Small oil refiners were hurt from these brutal tactics and Ida decided to write “ The History Of Standard Oil Company” which exposed these harsh business practices
By keeping his prices low, Rockefeller strategically lured in customers. “Rockefeller demanded rebates, or discounted rates, from the railroads. He used all these methods to reduce the price of oil to his consumers.” (Source 1 “the New Tycoons- John D. Rockefeller”) Rockefeller did whatever it took to make
The Erie, crippled by enormous debt, would not become profitable for more than 70 years. Another event that made Jay famous was the gold corner of 1869. The gold corner of 1869 was when Jay and his other partner James Fisk plotted to further his business strategies by cornering the gold market and allowing the price of gold to drop drastically, and to cause panic
John D. Rockefeller owned a bunch of oil refineries and instead of drilling for his oil, he focused on refining it. Rockefeller later became the richest man in America of his time. He didn't treat his workers very well. He made them work long shifts and offered very low wages. Vanderbilt linked a railroad connecting the
In 1962 United States Steel and other leading steel corporations increased their steel prices, despite of the fact that the United States was emerging from a recession. John F. Kennedy, the United States President at that time, felt as if steel companies were showing an unjustifiable and irresponsible defiance of public interest. Because of this he decided to release his commentary on the steel companies increased steel prices to all American citizens in a news conference. Kennedy used logos and cause and effect to convince steel companies to lower their prices, and to let America citizens know that he understood the economic struggles American citizens faced, and was not in favor of the steel companies increased steel prices.
But the profit of building the railroads was hit and the railway industry began to decline. Railway was an urgent need to operating the goods but there wasn’t enough traffic to sustain them. Oil was another lucrative business during the Gilded Age. John Rockefeller saw an opportunity that seemingly everything required oil during this era: factory, machines, ships, and, later, automobiles. The application of oil made the train speeded up.
He, along with other, more affluent men who provided financial backing for his enterprise opened his own mine, which became known as the Anaconda mine. The Anaconda mine was intended to produce silver, but after a few months of digging, the men discovered a deep underground vein of copper, three hundred feet deep and one hundred feet
The time has come to make a judgement of the great Andrew Jackson, the 7th president of the United States from 1829~1837. Although some people didn’t like Jackson very well due to very few of his decisions, he made many good decisions during his presidency. Andrew Jackson should be remembered as a hero of the common man due to his unifying leadership, generous approach of governing, and concern for economic equality. The first reason that Andrew Jackson should be remembered as a hero is because of his unifying leadership.
These men were captains of industry because they all donated money. One way Rockefeller bestowed a portion of his money away was by giving “millions of dollars to a variety of causes.” In the reading it quotes, “In 1919 Rockefeller donated $50,000,000 to the Board to raise academic Salaries.” This quote demonstrates that John D. Rockefeller was not an awful guy and cared for other people. In addition, it later says in the reading it that he also donated money for religion and medical purposes.