The Legal Aftermath Black Friday Of 1869 In The US

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The Black Friday crashed financial strength for months. Fisk and Corbin both claimed to be the victims and at the same time blaming each other for the disaster. By this period, The Gold Exchange Bank hardly had reserves to cover up the rising debts as the situation worsened by the hour. Usually, the Tenth National Bank closed at 3 pm, and on this time it still had speculators and depositors aggregating at the sidewalk of the bank's front door; this led to the police setting up patrol both outside and inside the bank. The stock prices fell by 20 percent with records of minimal trade. Only 4 million shares were exchanged in the stock market between January 1870 to September the same year. Brokerage firms who purchased paper gold went unpaid, while dozens of businesses became bankrupt.
Subsequently, James A. Garfield chaired a congressional investigation. The investigation was accused to be limited since the First Lady - Julia Grant and Virginia Corbin were not allowed to testify. Alan Peskin &nd...