September 24, 1869. One of the greatest convulsions of the many that Wall Street has experienced. Jay Gould and his partner, James Fisk, had engineered a bull movement in gold which had advanced to 162 1/2. The Government suddenly broke the " corner n by buying $4,000,000 of its own bonds with gold, and a financial upheaval followed.
1 Michigan, Act 265, P. A. 1905.
Bland-Allison Law. In 1878 the bill which had been introduced into the House of Representatives by Mr. Bland and afterwards amended by Mr. Allison, became a law on February 28th, which provided for the purchase from time to time of silver bullion at the market price to the amount not less than $2,000,000 per month nor exceeding $4,000,000 per month. It provided for its coinage into silver dollars of 412 1/2 grains as fast as purchased. As first introduced by Mr. Bland the bill provided for what is known as a " free coinage of silver " at the ratio of 16 to 1; namely, the coinage of silver upon the same terms as gold. The " Bland-allison Law " was repealed in 1890 and superseded by what is known as the Sherman Act, to which refer.2