Sinking the Standard: The Shipwreck That Broke the Banks

In September 1857, the SS Central America, a massive sidewheel steamer, was caught in a Category 2 hurricane off the coast of the Carolinas. After battling the storm for days, the ship sank, taking 425 lives with it. But the ship was also carrying a staggering 30,000 pounds of gold prospected from California. When news reached New York that the gold the physical backing required by Eastern banks...