Note Small need to open the Washington main — Chapter I

Page 568. Small need to open the Washington main. Gould had persuaded President Grant that a rise in gold while the crops were moving would advantage the country, and early in September the treasury department was instructed to sell only gold sufficient to buy bonds for the sinking fund. Gould saw that the "Washington main" could not be kept closed indefinitely, however, and unloaded secretly, leaving his partner, "Jim" Fisk, to look out for himself. Fisk's broker, Speyers, continued to run up the price of gold, until his bid reached 163½, when the market broke, the price falling almost instantly to 133. Fisk saved himself by coolly repudiating his contracts.