Every Thing Coming Down

This rare 1870 political cartoon conveys the disastrous impact of the collapse of the United States gold market, represented as a descending,deflating hot air balloon (with the words "THE BOTTOM OUT" printed across it); its basket is labeled "GOLD SPECULATION." Its lone passenger is a distraught man tearing his hair. Falling out of the bottom of the balloon basket are various items, labeled "CHEESE," "BUTTER," "HAM," "BEEF," "BREAD," "FAMILY GROCERIES," "DRY GOODS" "CLOTHING," "BOOKS," "SEGARS" [sic] and "REAL ESTATE." In addition, various other unmarked items also tumble out: a watch, a hat, an ax, a hammer, shoes and boots. As the title states, everything is coming down. At the bottom of the image, torn bags of gold are spilling coins; on either side, people rush to grab their share of the falling goods and gold coins.

In the late 1860s, America was still recovering from the upheavals of the Civil War (1860–1865). On September 24, 1869, a scandalous financial crisis occurred, dubbed "Black Friday." The resulting gold panic ended a conspiracy between Jay Gould, president of the Erie Railroad, and its vice president James Fisk, along with a speculator, Abel Corbin, who was married to President Ulysses Grant’s younger sister. They had formed a “Gold Ring” to corner the gold market and force up gold prices by using their political connections to access insider government information to manipulate the market. When President Grant learned of the scheme, his actions drove down the price of gold, thereby crushing Gould’s and Fiske’s “Gold Ring.” Although a major depression was averted, the stock market fell, causing business bankruptcies and months of economic turmoil.

Nathaniel Currier (1813–1888), whose successful New York-based lithography firm began in 1835, produced thousands of prints in various sizes that together create a vivid panorama of mid-to-late nineteenth century American life and its history. People eagerly acquired such lithographs featuring picturesque scenery, rural and city views, ships, railroads, portraits, hunting and fishing scenes, domestic life and numerous other subjects, as an inexpensive way to decorate their homes or business establishments. As the firm expanded, Nathaniel included his younger brother Charles in the business. In 1857, James Merritt Ives (1824–1895), the firm's accountant since 1852 and Charles's brother-in-law, was made a business partner. Subsequently renamed Currier & Ives, the firm continued via their successors until 1907.