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September 24 in History

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Black Friday 1869: Fisk and Gould Crash Gold Market
1869Event

Black Friday 1869: Fisk and Gould Crash Gold Market

Jay Gould and Jim Fisk tried to buy all the gold in America. On September 24, 1869, their scheme collapsed in a matter of minutes, triggering a financial panic that ruined thousands of investors and tarnished the Grant administration before it was a year old. The plan was audacious in its simplicity. The U.S. Treasury held large gold reserves, and the government's policy of selling gold periodically kept prices stable. If Gould and Fisk could corner the private gold market while convincing President Ulysses S. Grant to halt government sales, they could drive the price as high as they wanted and sell at enormous profit. Gould cultivated access to the White House through Abel Corbin, Grant's brother-in-law, and planted Daniel Butterfield as an inside man at the Treasury. Through the summer of 1869, Gould quietly accumulated gold contracts while Fisk loudly bought on the open market, pushing the price steadily upward. Stocks fell as gold rose, and legitimate businesses dependent on stable currency markets began to panic. By the morning of September 24, gold had surged to $162 an ounce, a 30 percent premium over its price when Grant took office. Trading floors in New York were scenes of hysteria, with brokers screaming orders and grown men weeping as their positions collapsed. Grant, finally grasping the conspiracy, ordered the Treasury to sell $4 million in gold. The price crashed to $133 within fifteen minutes. The carnage was widespread. Fortunes evaporated instantly. Several brokerages failed. Foreign trade seized up for weeks as the currency markets convulsed. Gould had quietly sold his positions before the crash and escaped with his profits intact. Fisk simply repudiated his contracts, using hired thugs and corrupt judges to avoid paying his debts. A congressional investigation exposed the scheme but produced no criminal charges. Grant was personally exonerated but politically damaged by his association with Corbin and the speculators. Black Friday demonstrated how vulnerable the post-Civil War financial system was to manipulation and became a lasting cautionary tale about the dangers of unregulated markets.

Famous Birthdays

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John Kerr

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Historical Events

Eight days after proposing the Bill of Rights, the first United States Congress took on an equally foundational task: building a court system from scratch. On September 24, 1789, President George Washington signed the Judiciary Act, creating the federal court structure that still operates today and establishing the office of Attorney General.

The Constitution had provided only the barest outline for a judiciary. Article III called for "one Supreme Court" and "such inferior courts as the Congress may from time to time ordain and establish," leaving almost every practical detail to lawmakers. Senator Oliver Ellsworth of Connecticut, a future Chief Justice, drafted the bill that filled in the blanks.

The act established a Supreme Court with one Chief Justice and five Associate Justices, along with thirteen district courts and three circuit courts covering the eastern, middle, and southern regions of the country. Federal judges received lifetime appointments, insulating them from political pressure. The act also created the position of Attorney General, though the office initially had no staff and a salary so modest that the first holder, Edmund Randolph, continued his private law practice to pay his bills.

Section 25 proved the most consequential and controversial provision. It granted the Supreme Court authority to review and overturn state court decisions that conflicted with federal law or the Constitution. Anti-Federalists attacked this clause as a dangerous centralization of power, and states' rights advocates would challenge it repeatedly for the next seven decades. But Section 25 gave the federal judiciary the teeth it needed to enforce constitutional supremacy, a power that Chief Justice John Marshall would use to transformative effect in cases like Marbury v. Madison and McCulloch v. Maryland.

The Judiciary Act has been amended dozens of times, the number of Supreme Court justices has changed seven times, and the lower court system has been reorganized repeatedly. But the essential framework Ellsworth designed in 1789 remains the skeleton of American federal justice.
1789

Eight days after proposing the Bill of Rights, the first United States Congress took on an equally foundational task: building a court system from scratch. On September 24, 1789, President George Washington signed the Judiciary Act, creating the federal court structure that still operates today and establishing the office of Attorney General. The Constitution had provided only the barest outline for a judiciary. Article III called for "one Supreme Court" and "such inferior courts as the Congress may from time to time ordain and establish," leaving almost every practical detail to lawmakers. Senator Oliver Ellsworth of Connecticut, a future Chief Justice, drafted the bill that filled in the blanks. The act established a Supreme Court with one Chief Justice and five Associate Justices, along with thirteen district courts and three circuit courts covering the eastern, middle, and southern regions of the country. Federal judges received lifetime appointments, insulating them from political pressure. The act also created the position of Attorney General, though the office initially had no staff and a salary so modest that the first holder, Edmund Randolph, continued his private law practice to pay his bills. Section 25 proved the most consequential and controversial provision. It granted the Supreme Court authority to review and overturn state court decisions that conflicted with federal law or the Constitution. Anti-Federalists attacked this clause as a dangerous centralization of power, and states' rights advocates would challenge it repeatedly for the next seven decades. But Section 25 gave the federal judiciary the teeth it needed to enforce constitutional supremacy, a power that Chief Justice John Marshall would use to transformative effect in cases like Marbury v. Madison and McCulloch v. Maryland. The Judiciary Act has been amended dozens of times, the number of Supreme Court justices has changed seven times, and the lower court system has been reorganized repeatedly. But the essential framework Ellsworth designed in 1789 remains the skeleton of American federal justice.

Jay Gould and Jim Fisk tried to buy all the gold in America. On September 24, 1869, their scheme collapsed in a matter of minutes, triggering a financial panic that ruined thousands of investors and tarnished the Grant administration before it was a year old.

The plan was audacious in its simplicity. The U.S. Treasury held large gold reserves, and the government's policy of selling gold periodically kept prices stable. If Gould and Fisk could corner the private gold market while convincing President Ulysses S. Grant to halt government sales, they could drive the price as high as they wanted and sell at enormous profit.

Gould cultivated access to the White House through Abel Corbin, Grant's brother-in-law, and planted Daniel Butterfield as an inside man at the Treasury. Through the summer of 1869, Gould quietly accumulated gold contracts while Fisk loudly bought on the open market, pushing the price steadily upward. Stocks fell as gold rose, and legitimate businesses dependent on stable currency markets began to panic.

By the morning of September 24, gold had surged to $162 an ounce, a 30 percent premium over its price when Grant took office. Trading floors in New York were scenes of hysteria, with brokers screaming orders and grown men weeping as their positions collapsed. Grant, finally grasping the conspiracy, ordered the Treasury to sell $4 million in gold. The price crashed to $133 within fifteen minutes.

The carnage was widespread. Fortunes evaporated instantly. Several brokerages failed. Foreign trade seized up for weeks as the currency markets convulsed. Gould had quietly sold his positions before the crash and escaped with his profits intact. Fisk simply repudiated his contracts, using hired thugs and corrupt judges to avoid paying his debts.

A congressional investigation exposed the scheme but produced no criminal charges. Grant was personally exonerated but politically damaged by his association with Corbin and the speculators. Black Friday demonstrated how vulnerable the post-Civil War financial system was to manipulation and became a lasting cautionary tale about the dangers of unregulated markets.
1869

Jay Gould and Jim Fisk tried to buy all the gold in America. On September 24, 1869, their scheme collapsed in a matter of minutes, triggering a financial panic that ruined thousands of investors and tarnished the Grant administration before it was a year old. The plan was audacious in its simplicity. The U.S. Treasury held large gold reserves, and the government's policy of selling gold periodically kept prices stable. If Gould and Fisk could corner the private gold market while convincing President Ulysses S. Grant to halt government sales, they could drive the price as high as they wanted and sell at enormous profit. Gould cultivated access to the White House through Abel Corbin, Grant's brother-in-law, and planted Daniel Butterfield as an inside man at the Treasury. Through the summer of 1869, Gould quietly accumulated gold contracts while Fisk loudly bought on the open market, pushing the price steadily upward. Stocks fell as gold rose, and legitimate businesses dependent on stable currency markets began to panic. By the morning of September 24, gold had surged to $162 an ounce, a 30 percent premium over its price when Grant took office. Trading floors in New York were scenes of hysteria, with brokers screaming orders and grown men weeping as their positions collapsed. Grant, finally grasping the conspiracy, ordered the Treasury to sell $4 million in gold. The price crashed to $133 within fifteen minutes. The carnage was widespread. Fortunes evaporated instantly. Several brokerages failed. Foreign trade seized up for weeks as the currency markets convulsed. Gould had quietly sold his positions before the crash and escaped with his profits intact. Fisk simply repudiated his contracts, using hired thugs and corrupt judges to avoid paying his debts. A congressional investigation exposed the scheme but produced no criminal charges. Grant was personally exonerated but politically damaged by his association with Corbin and the speculators. Black Friday demonstrated how vulnerable the post-Civil War financial system was to manipulation and became a lasting cautionary tale about the dangers of unregulated markets.

Fifty-one years after the bombings of Hiroshima and Nagasaki, representatives from 71 nations gathered at the United Nations headquarters in New York on September 24, 1996, to sign the Comprehensive Nuclear-Test-Ban Treaty, the most ambitious arms control agreement since the dawn of the atomic age. President Bill Clinton was the first to add his signature, calling it "the longest-sought, hardest-fought prize in arms control history."

The road to the CTBT began in the radioactive fallout of the early Cold War. Between 1945 and 1996, the world's nuclear powers conducted over 2,000 test explosions, contaminating vast stretches of the Pacific, Central Asia, and the American Southwest. Public alarm over atmospheric testing, particularly after the 1954 Castle Bravo test showered a Japanese fishing vessel with lethal fallout, led to the 1963 Partial Test Ban Treaty, which pushed testing underground but did not stop it.

Negotiations for a comprehensive ban stalled for decades as the nuclear powers insisted they needed continued testing to maintain their arsenals. The end of the Cold War broke the impasse. France and China conducted their final tests in 1996, and the treaty opened for signature that September. By the end of the first day, 71 countries had signed; within two years, the number exceeded 150.

The treaty established the International Monitoring System, a global network of 337 seismological, hydroacoustic, infrasound, and radionuclide stations capable of detecting even small underground explosions anywhere on the planet. The system has proven remarkably effective, detecting all of North Korea's nuclear tests within minutes.

The CTBT's weakness lies in its ratification requirements. The treaty cannot formally enter into force until 44 specific nations with nuclear technology ratify it. As of 2025, eight of those nations have not done so, including the United States, China, and Israel. The U.S. Senate rejected ratification in 1999, and no subsequent administration has resubmitted it.

Despite never officially taking effect, the CTBT has established a powerful global norm. No country besides North Korea has conducted a nuclear test explosion since 1998.
1996

Fifty-one years after the bombings of Hiroshima and Nagasaki, representatives from 71 nations gathered at the United Nations headquarters in New York on September 24, 1996, to sign the Comprehensive Nuclear-Test-Ban Treaty, the most ambitious arms control agreement since the dawn of the atomic age. President Bill Clinton was the first to add his signature, calling it "the longest-sought, hardest-fought prize in arms control history." The road to the CTBT began in the radioactive fallout of the early Cold War. Between 1945 and 1996, the world's nuclear powers conducted over 2,000 test explosions, contaminating vast stretches of the Pacific, Central Asia, and the American Southwest. Public alarm over atmospheric testing, particularly after the 1954 Castle Bravo test showered a Japanese fishing vessel with lethal fallout, led to the 1963 Partial Test Ban Treaty, which pushed testing underground but did not stop it. Negotiations for a comprehensive ban stalled for decades as the nuclear powers insisted they needed continued testing to maintain their arsenals. The end of the Cold War broke the impasse. France and China conducted their final tests in 1996, and the treaty opened for signature that September. By the end of the first day, 71 countries had signed; within two years, the number exceeded 150. The treaty established the International Monitoring System, a global network of 337 seismological, hydroacoustic, infrasound, and radionuclide stations capable of detecting even small underground explosions anywhere on the planet. The system has proven remarkably effective, detecting all of North Korea's nuclear tests within minutes. The CTBT's weakness lies in its ratification requirements. The treaty cannot formally enter into force until 44 specific nations with nuclear technology ratify it. As of 2025, eight of those nations have not done so, including the United States, China, and Israel. The U.S. Senate rejected ratification in 1999, and no subsequent administration has resubmitted it. Despite never officially taking effect, the CTBT has established a powerful global norm. No country besides North Korea has conducted a nuclear test explosion since 1998.

Massive forest fires across Canada and New England pumped so much smoke into the upper atmosphere in September 1950 that the sun vanished behind a dark haze and the moon turned blue as far away as Europe. The fires burned across Alberta, British Columbia, and several northeastern U.S. states simultaneously, consuming millions of acres of timber in conditions of extreme drought. Smoke particles rose to altitudes of over twenty thousand feet and were carried eastward by upper-level winds, creating optical effects visible across the Atlantic Ocean. The blue moon phenomenon occurred because smoke particles approximately one micrometer in diameter scattered red light more effectively than blue, reversing the normal atmospheric scattering pattern. Cities across New England reported midday darkness, with streetlights turning on automatically and residents reporting an eerie, apocalyptic atmosphere. Baseball games were played under floodlights at noon. The phenomenon lasted for several days and was documented by atmospheric scientists who recognized it as evidence that large-scale wildfires could alter atmospheric optics across an entire hemisphere. The fires were the product of a severe drought that had dried out forests across the northern latitudes, combined with logging practices that left slash and debris on the forest floor. The Canadian fires alone burned over three million acres. The event demonstrated for the first time how biomass burning could produce hemispheric-scale atmospheric effects, a preview of the climate disruptions that fire seasons would increasingly produce as global temperatures rose in subsequent decades. The phrase "once in a blue moon" predates this event, but the 1950 fires provided one of its most literal demonstrations.
1950

Massive forest fires across Canada and New England pumped so much smoke into the upper atmosphere in September 1950 that the sun vanished behind a dark haze and the moon turned blue as far away as Europe. The fires burned across Alberta, British Columbia, and several northeastern U.S. states simultaneously, consuming millions of acres of timber in conditions of extreme drought. Smoke particles rose to altitudes of over twenty thousand feet and were carried eastward by upper-level winds, creating optical effects visible across the Atlantic Ocean. The blue moon phenomenon occurred because smoke particles approximately one micrometer in diameter scattered red light more effectively than blue, reversing the normal atmospheric scattering pattern. Cities across New England reported midday darkness, with streetlights turning on automatically and residents reporting an eerie, apocalyptic atmosphere. Baseball games were played under floodlights at noon. The phenomenon lasted for several days and was documented by atmospheric scientists who recognized it as evidence that large-scale wildfires could alter atmospheric optics across an entire hemisphere. The fires were the product of a severe drought that had dried out forests across the northern latitudes, combined with logging practices that left slash and debris on the forest floor. The Canadian fires alone burned over three million acres. The event demonstrated for the first time how biomass burning could produce hemispheric-scale atmospheric effects, a preview of the climate disruptions that fire seasons would increasingly produce as global temperatures rose in subsequent decades. The phrase "once in a blue moon" predates this event, but the 1950 fires provided one of its most literal demonstrations.

Before the World Wide Web, before AOL, before most Americans had ever heard the word "modem," there was CompuServe. On September 24, 1979, the Columbus, Ohio-based company launched MicroNET, the first commercial online service available to consumers with personal computers. For the first time, ordinary people could send electronic mail, read news, and access databases from their homes.

CompuServe had started in 1969 as a time-sharing computer service for businesses, renting out excess mainframe capacity to corporate clients. When personal computers began appearing in the late 1970s, company executive Jeff Wilkins recognized that those same mainframes sat mostly idle during evenings and weekends. MicroNET, later renamed the CompuServe Information Service, sold that spare capacity to home users for $5 per hour during off-peak times.

The early service was primitive by modern standards. Users connected through acoustic couplers at 300 baud, roughly 30 characters per second. The interface was entirely text-based, and navigating required memorizing page numbers or typing commands. But the appeal was immediate. CompuServe's forums, called SIGs (Special Interest Groups), became the first large-scale online communities, connecting hobbyists, professionals, and enthusiasts across geographic boundaries years before anyone coined the term "social media."

By the mid-1980s, CompuServe had grown to over 600,000 subscribers and offered services including stock quotes, airline reservations, shopping, and the CB Simulator, an early form of online chat. The company introduced the GIF image format in 1987, a file type that would outlast CompuServe itself. At its peak in the early 1990s, the service claimed over 3 million subscribers worldwide.

The arrival of the graphical World Wide Web and America Online's aggressive marketing campaigns eroded CompuServe's subscriber base throughout the 1990s. AOL acquired the service in 1997. But for nearly two decades, CompuServe proved that millions of people would pay to communicate and access information through networked computers, validating the commercial model that the entire modern internet economy rests upon.
1979

Before the World Wide Web, before AOL, before most Americans had ever heard the word "modem," there was CompuServe. On September 24, 1979, the Columbus, Ohio-based company launched MicroNET, the first commercial online service available to consumers with personal computers. For the first time, ordinary people could send electronic mail, read news, and access databases from their homes. CompuServe had started in 1969 as a time-sharing computer service for businesses, renting out excess mainframe capacity to corporate clients. When personal computers began appearing in the late 1970s, company executive Jeff Wilkins recognized that those same mainframes sat mostly idle during evenings and weekends. MicroNET, later renamed the CompuServe Information Service, sold that spare capacity to home users for $5 per hour during off-peak times. The early service was primitive by modern standards. Users connected through acoustic couplers at 300 baud, roughly 30 characters per second. The interface was entirely text-based, and navigating required memorizing page numbers or typing commands. But the appeal was immediate. CompuServe's forums, called SIGs (Special Interest Groups), became the first large-scale online communities, connecting hobbyists, professionals, and enthusiasts across geographic boundaries years before anyone coined the term "social media." By the mid-1980s, CompuServe had grown to over 600,000 subscribers and offered services including stock quotes, airline reservations, shopping, and the CB Simulator, an early form of online chat. The company introduced the GIF image format in 1987, a file type that would outlast CompuServe itself. At its peak in the early 1990s, the service claimed over 3 million subscribers worldwide. The arrival of the graphical World Wide Web and America Online's aggressive marketing campaigns eroded CompuServe's subscriber base throughout the 1990s. AOL acquired the service in 1997. But for nearly two decades, CompuServe proved that millions of people would pay to communicate and access information through networked computers, validating the commercial model that the entire modern internet economy rests upon.

1645

Parliamentarian cavalry defeated a Royalist army personally commanded by King Charles I at Rowton Heath, forcing the king to watch the destruction of his relief force from the walls of Chester. The defeat ended Charles's last serious attempt to break the Parliamentarian siege of the northwest and confirmed the irreversible decline of the Royalist military cause.

1780

Benedict Arnold learned that Major John André had been caught with the West Point plans in his boot on September 25, 1780, and had about 30 minutes before Washington arrived for breakfast. He told his wife, kissed her, and ran. He made it to the British sloop Vulture on the Hudson River, leaving André to hang. Arnold had been one of the most effective combat generals in the Continental Army — the hero of Saratoga — and had just tried to hand over the fortress guarding the Hudson Valley for £20,000. He lived another 21 years, despised by both sides.

1852

Henri Giffard's airship looked nothing like what came after — a steam engine slung beneath a 144-foot hydrogen-filled envelope, traveling at just 6 mph, barely enough to steer. But he steered it. On a calm September morning he flew 17 miles from Paris to Trappes, making gentle turns, proving that powered, controlled flight in a lighter-than-air craft was possible. The Wright Brothers were still 51 years away from being born. Giffard had just made the engine's first argument that the sky was navigable.

1869

Gold prices cratered on September 24, 1869, after President Ulysses S. Grant ordered the Treasury to sell million in bullion, crushing Jay Gould and James Fisk's scheme to corner the gold market. The crash wiped out fortunes across Wall Street in hours, bankrupting brokerage firms and triggering a broader financial panic. Black Friday exposed the vulnerability of the American financial system to manipulation and strengthened calls for federal regulation of commodity markets.

1875

Aleksis Kivi's play Heath Cobblers finally premiered in Oulu on September 24, 1875, more than a decade after its composition. The folk comedy, written entirely in Finnish rather than Swedish, proved that Finnish-language literature could command a sophisticated audience. Kivi's work became a cornerstone of Finnish national identity, and he is now recognized as the father of modern Finnish literature.

1906

Theodore Roosevelt had never actually seen Devils Tower when he signed the proclamation making it America's first National Monument in 1906. The 867-foot column of igneous rock rising from the Wyoming plains had been used as a landmark by Indigenous peoples for thousands of years — the Lakota called it Bear Lodge. Roosevelt used powers granted by the recently passed Antiquities Act, which he'd helped push through Congress. He'd go on to create 17 more national monuments, 150 national forests, and 5 national parks. He started with a tower he'd only seen in photographs.

1911

She never flew a single foot. His Majesty's Airship No. 1 — nicknamed 'Mayfly' by a press that turned out to be right — was moored at Barrow-in-Furness when a gust caught her hull during handling and snapped her in two. The wreck took three years of work with it. Britain's rigid airship program stalled for years, ceding the field to Germany's Zeppelins just as both nations were racing toward war.

1932

Gandhi had already been fasting for five days when Ambedkar sat down to negotiate. The British had granted separate electorates for Untouchables — which Gandhi opposed so fiercely he was willing to die over it. Ambedkar, who'd spent his life fighting caste discrimination, gave up that electoral separation in exchange for reserved seats: 148 instead of the original 71. He later called it the worst deal he ever made. Two men, one fast, one fury — and millions of lives bent by the outcome.

1935

Rodeos had always been daytime events — partly tradition, mostly because there was no other option. Earl and Weldon Bascom hauled in electrical equipment and rigged lights above the arena in Columbia, Mississippi, and when the sun went down, the show kept going. It seems obvious now. But in 1935, an outdoor rodeo under electric lights at night was genuinely strange, a spectacle drawing crowds as much for the lighting as the riding. The Bascom brothers also invented the one-handed bareback rigging and several other rodeo innovations. They were building the sport from scratch.

1946

Two junior aides — Clark Clifford, 39, and George Elsey, 26 — spent months quietly interviewing every senior U.S. official with Soviet knowledge, then handed Truman a 100,000-word top-secret document he read in a single sitting. His response: lock up every copy immediately. The report was too inflammatory to leak. But its core idea — contain Soviet expansion rather than confront it directly — quietly became the backbone of U.S. foreign policy for the next four decades.

Fun Facts

Zodiac Sign

Libra

Sep 23 -- Oct 22

Air sign. Diplomatic, gracious, and fair-minded.

Birthstone

Sapphire

Blue

Symbolizes truth, sincerity, and faithfulness.

Next Birthday

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Quote of the Day

“It is sadder to find the past again and find it inadequate to the present than it is to have it elude you and remain forever a harmonious conception of memory.”

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