Gould knew better than to divulge the unfortunate news to Fisk. It appeared to be his plan to let him and their brokers continue to buy gold and force up its price, while Gould himself was unostentatiously getting rid of his stock at maximum prices. Fisk entered the gold-room the next morning and struck terror into the hearts of the “bears” by offering to bet any part of $50,000 that gold would sell at 200. Thursday afternoon gold closed at about 144, and the conspirators held a meeting in the evening to lay plans for the next day’s campaign. They held calls for more than $100,000,000 in gold, and there were not more than $15,000,000 of gold and gold certificates in New York, outside of the Sub-Treasury. They had a full list of those who were short of gold, including more than two hundred and fifty prominent firms; and it was proposed to publish this list next morning, and to inform the victims that if they did not settle at 160 before three o’clock, a higher rate would be demanded. This detail was abandoned because they were advised by counsel that under the statutes of New York such a course would constitute a conspiracy. Fisk was asked the next morning why he feared any sale the Treasury could make, since the clique held calls for more gold than both the Treasury and the city could command. His answer was, “Oh, our phantom gold can’t stand the weight of the real stuff!”
About Friday noon, the blow from the Treasury fell. President Grant had returned from Pennsylvania to Washington on the previous afternoon, and in the evening had held a consultation with the Secretary of the Treasury. Both agreed that if the price of gold should be forced higher, so as to threaten a general financial panic, it would be their duty to interfere to protect business interests. Friday morning the price advanced rapidly, and telegrams poured into Washington from all parts of the country, urging the Government to interfere and if possible prevent a financial crash. At a conference, held soon after eleven o’clock, it was agreed to sell $4,000,000 of Treasury gold. The message to the assistant treasurer at New York, General Butterfield, was not sent in cipher, and soon the news was in everybody’s mouth. In the meantime, James Brown, a Scottish banker of New York, with the support of leading merchants, offered successively to sell $1,000,000 gold at 162, another $1,000,000 at 161, and $5,000,000 more at 160. The market began to break; and when ten minutes afterward the news came that the Treasury would sell, the price fell from 160 to 133.