Page:The Wizard of Wall Street and his Wealth.djvu/114

 figure that it had reached in three years. Jay Gould, as president of the Erie railway and the principal owner of the Tenth National Bank, had the command of large sums of money. He proposed to Fisk that they take advantage of the low price of gold and "corner" it. Fisk did not think the scheme practicable, and declined at first to go in. Subsequently he reconsidered his determination and joined in the undertaking zealously. Gould bought $7,000,000 of gold at 132 and put up the price to 140. He induced other brokers to buy heavily, and within a few days gold advanced to 144. It soon dropped back to 136. The element of uncertainty in Mr. Gould's plan was the policy of the government with reference to gold sales. Should the government at any time release some of the millions stored in the Sub-Treasury here, no "corner" could be successful.

The first step in the conspiracy after the bribing of Corbin and the purchase of a large quantity of gold was to secure the appointment of the right sort of man as Assistant Treasurer at New York. Though nominally a subordinate officer and having no original authority, the assistant treasurer draws the salary of a cabinet officer, and his influence is large. Corbin undertook this part of the scheme and secured the appointment of Gen. Butterworth, who seemed to give great satisfaction to Gould. Butterworth was afterward exonerated by Congress of all guilty connection with the gold conspiracy, but Gould purchased for his account $1,000,000 of gold. But then Gould also had the effrontery at