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The blackboard in the New York Gold Room, 24 September 1869, showing the collapse of the price of gold. Handwritten caption by James A. Garfield indicates it was used as evidence before the Committee of Banking & Currency during hearings in 1870
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The blackboard in the New York Gold Room, 24 September 1869, showing the collapse of the price of gold. Handwritten caption by James A. Garfield indicates it was used as evidence before the Committee of Banking & Currency during hearings in 1870
BLACK FRIDAY, 1869.
The blackboard in the New York Gold Room, 24 September 1869, showing the collapse of the price of gold. Handwritten caption by James A. Garfield indicates it was used as evidence before the Committee of Banking & Currency during hearings in 1870
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Media ID 7785271
1869 Arthur Bank Panic Banking Black Board Black Friday Collapse Commerce Crisis Depression Economic Garfield Gold Gold Panic Hand Writing New York City Price
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EDITORS COMMENTS
This print captures a pivotal moment in American history - the infamous "Black Friday" of 1869. The image showcases the blackboard in the New York Gold Room on September 24th, revealing the dramatic collapse of gold prices. A handwritten caption by James A. Garfield, later to become President of the United States, indicates that this very blackboard was used as evidence before the Committee of Banking & Currency during hearings in 1870. The photograph serves as a haunting reminder of the economic crisis that gripped America during this period. The collapse of gold prices depicted on the blackboard symbolizes not only financial turmoil but also widespread panic and uncertainty among investors and traders. Intriguingly, this snapshot offers a glimpse into an era when commerce thrived within bustling cities like New York City. It highlights how interconnectedness between banking institutions played a significant role in shaping national economies. As we delve into this historical artifact, it becomes evident that Black Friday was more than just a day marked by economic decline; it represented a turning point for North America's financial landscape. This visual testimony sheds light on one of our nation's most challenging periods and reminds us of both its consequences and lessons learned.
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