Circulation of the forged proclamation · Civil War gold hoax: fake Lincoln draft proclamation published in New York

Conspirators circulated a fake proclamation calling for a 400,000-man draft, hoping to trigger a financial panic and profit from gold price increases.

Howard and Mallison bought gold on margin and attempted to circulate a false proclamation attributed to President Lincoln. The document called for a national day of prayer and the conscription of 400,000 additional men. On the evening of May 17, a young accomplice delivered forged Associated Press dispatches announcing the proclamation to several New York City newspapers, and the New York World and Journal of Commerce printed it in their morning editions on May 18, 1864. The conspirators hoped investors would believe the war was going poorly, causing them to abandon Union greenbacks and buy gold, driving up its price.

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