New York Gold Exchange
Encyclopedia
The New York Gold Exchange was an exchange formed near the beginning of the Civil War for the purpose of creating an open market for transactions involving gold and the government-created paper currency, the greenback
. It was formed by bankers and brokers who had been involved in the New York Stock Exchange
and various mercantile exchanges who were instructed that trades in gold and greenbacks were taking up to much of the attention of the older exchanges. Among the pivotal men involved was James Boorman Colgate
. It was the locus of the Black Friday (1869)
Financial Panic when Jay Gould
and James Fisk
attempted to corner gold.
Demand Note
A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5, 10, and 20 US$...
. It was formed by bankers and brokers who had been involved in the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and various mercantile exchanges who were instructed that trades in gold and greenbacks were taking up to much of the attention of the older exchanges. Among the pivotal men involved was James Boorman Colgate
James Boorman Colgate
James Boorman Colgate , son of William Colgate, was an American financier. He was born in New York City and received his first training in the house of Boorman, Johnston, and Company...
. It was the locus of the Black Friday (1869)
Black Friday (1869)
Black Friday, September 24, 1869 also known as the Fisk/Gould scandal, was a financial panic in the United States caused by two speculators’ efforts to corner the gold market on the New York Gold Exchange. It was one of several scandals that rocked the presidency of Ulysses S. Grant...
Financial Panic when Jay Gould
Jay Gould
Jason "Jay" Gould was a leading American railroad developer and speculator. He has long been vilified as an archetypal robber baron, whose successes made him the ninth richest American in history. Condé Nast Portfolio ranked Gould as the 8th worst American CEO of all time...
and James Fisk
James Fisk (financier)
James Fisk, Jr. —known variously as "Big Jim," "Diamond Jim," and "Jubilee Jim"—was an American stock broker and corporate executive.-Early life and career:...
attempted to corner gold.