THE NEW YORK GOLD CONSPIRACY

THE Civil war in America, with its enormous issues of depreciating currency and its reckless waste of money and credit by the government, created a speculative mania such as the United States, with all its experience in this respect, had never before known. Not only in Broad Street, the centre of New York speculation, but far and wide throughout the North­lb /> ern States, almost every man who lad money employed a part of his capital in the purchase of stocks or of gold, of copper, of petroleum, or of domestic produce, in the hope of a rise in prices, or staked money on the expectation of a fall. To use the jargon of the street, every farmer and every shop-keeper in the country seemed to be engaged in "carrying" some favorite security "on a margin." Whoever could obtain a hundred dollars sent it to a broker with orders to buy whatever amount of stocks the broker would consent to purchase. If the stock rose, the speculator prospered; if it fell until the deposit or margin was lost, the broker demanded a new deposit, or sold the stock to protect himself. By means of

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1
From the Westminster Review, for October, 1870

-318-

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Historical Essays
Table of contents

Table of contents

  • Title Page *
  • Contents *
  • Primitive Rights of Women. 1
  • Captaine John Smith.. - Sometime Governour in Virginia, and Admirall of New England. 42
  • Harvard College. 1786-1787. 80
  • Napoleon I. at St. Domingo. 122
  • The Bank of England Restriction. - 1797-1821. 178
  • The Declaration of Paris. 1861 237
  • The Legal-Tender Act. 279
  • The New York Gold Conspiracy 318
  • The Session. 1869-1870. 367
  • Index. 413
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