The Case For Gold: A Minority Report of the U.S. Gold Commission
Index
A | B | C | D | E
F | G | H | I | J
K | L | M | N | O
P | Q | R | S | T
U | V | W
A
Agriculture, 188–9
Arkansas, 59
Astor, John Jacob, 45
Austrian theory, 52, 156
Ayr Bank of Scotland, 148–9
B
Bailouts, 8, 124
Bank notes, 24, 40
Bank for Mutual Redemption, 73
Bank of Darien, Georgia, 42
Bank of England, 56, 147, 149, 151, 196
Bank of North America, 28–9
Bank of New York, 30, 35
Bank of Scotland, 147, 148, 149, 151
Banking, 24, 29, 34, 37, 43, 44, 47, 48, 51, 55, 66–7, 85–6, 123–4, 147, 151, 191–2
Bankruptcy, 8–9, 8tbls, 49, 149–50, 150tbls
Banks, central, 52, 54, 68, 74, 119, 181–2
Banks, national, 84, 85, 89
Banks, states, 51, 52, 53, 54, 55, 74, 90, 91,
Bechtler, Christopher, 144–6
Belmont, August, 110
Benton, Thomas Hart, 50, 51
Biddle, Nicholas, 51, 52, 54
Bimetallic coinage, 30–2, 60, 64, 140
Bland-Allison Act, 102
Bonds, 9, 81, 105tbls, 154
Bretton Woods Agreement, 16, 131
Bronson, Isaac, 41
Bryan, William Jennings, 111
C
California, 78, 145
Capital formation, 9, 107, 191
Carey, Henry C., 93–4
Catholicism, 113
Certificates of deposit, 14
Chase, Salmon P., 75–7, 82, 91, 97
Cheves, Landon, 52
Chicago Board of Trade, 14
China, 20, 24n, 55
Chrysler Corporation bailout, 8, 155–6
Civil War, 24, 74, 186
Cleveland, Grover, 110, 116
Coinage Act of 1792, 31, 60, 173
Coinage Acts of 1834, 61, 62
Colonies, money in, 17, 19, 20
Common law, 171, 176
Congress, x, 33, 35, 45, 65, 76, 89, 90, 96, 128, 169, 170, 171, 176, 197, 200
Connally, John, 135
Connecticut, 54, 73
Connecticut, use of money in colony, 21, 22
Constitution, x, 34, 36, 98, 158, 167–71, 179
Continental Congress, 28, 168
Continental paper, 25–6, 168
Cooke, Jay, 82–3, 91–2, 99–100
Copper, 143, 144
Copper-nickel pennies, 77
Cotton, 56, 57
Crash of 1929, 52
D
Dallas, Alexander J., 45
Deflation, 52, 57, 59, 103
Democratic Party, 51, 64, 66, 91, 95, 110,
112, 114–8, 128
Depression, 2, 10, 59, 98, 102, 126–9, 141
Dollar, 110, 133, 134, 200
relation to gold, l, 94
redeemability in gold, 2, 6, 15, 110, 120, 128, 131, 140, 182, 195
value of, 1–2, 132, 136, 141, 179
E
Economic calculation, 158
Economists, 16, 43, 178, 199
Economy
growth of, 11, 13, 154, 156
planned, 153, 158, 159
underground, 15, 178, 190
while on gold standard, 104–10tbls, 156
Employment, 9–10, 155–6, 163
inflation-unemployment cycle, 10, 50, 156, 195
England, 17, 19, 22, 29, 36, 49, 57, 99, 127, 133, 147, 151
bailout, 124–5
bond market, 9
monetary policy, 12, 13, 122, 127
while on gold standard, 104
English shilling, 19
Eurodollars, 158
European Common Market, 138
European Monetary System, 138–9
Exports, 191
F
Farming, 108, 188–9
Federal debt, 12, 51, 67, 81, 82, 89, 155
Federal Reserve System, iv-v, 1, 3, 11, 83, 121, 125, 141, 157, 162, 166, 173, 176, 179, 181, 185
Federalists, 35, 36, 44, 45, 50
Fiat money, i-ii, 5–6, 9, 14, 20, 25, 56, 80, 98, 165, 170, 174, 178
after War of 1812, 44
by Mexican government, 55
in Revolutionary War, 26
issued by First Bank of the United States, 33
First Bank of the United States, 33, 35, 37, 141
Fisher, Irving, 52, 123
Foreign coins, 32, 62, 66
France, 124, 127
Free markets, 50, 99, 157, 159
French Guinea, 18
Friedman, Milton, 5, 98, 99, 111, 182, 195
Futures, 14, 167
G
Georgia, 54, 62
Germany, 198
Girard, Stephen, 45
Glass-Steagall Act, 191–2
Gold, 1, 75–6, 100, 109, 127, 137, 139, 157, 159, 172, 186, 195
as cause of inflation, 159, 164
audit and inventory, 182
coins, 144–6, 180, 184
discoveries, 63, 120, 145
international exchange, 158, 185–6
legal link to dollar, iv, 15, 65, 120, 131, 167, 197
moral argument for gold standard, 172
objections to gold standard, 159–67 quantity of, 160tbls, 161tbls
relation to dollar, 1, 94
relation to silver, 17, 18, 31, 101
standard era, 102–4
tax on, 75, 184
Government, size of, 155, 159, 174, 183
Grant, Ulysses, 83, 97
Great Society programs, 133
Greenbacks, 75, 76, 78, 79–81, 85, 90, 93, 95, 97, 117, 162, 168
Gresham’s Law, 17, 19, 21, 30, 31, 32, 32n, 38, 42, 63, 65, 77, 140
H
Hamilton, Alexander, 31, 33, 35, 36
Havenstein, Rudolf, 198–9
Hayek, Friedrich von, 181
Heller, Walter, 198–9
Holland, 130
Hoover, Herbert, 128
Housing industry, 9
Hull, Cordell, 128, 130
I
Illinois, 43, 59
Immigration restrictions, 115
Imports, 49
Independent Treasury System, 60, 62
Indiana, 59, 129
Industry, 189
Inflation, iv, 2, 45, 47, 51, 53, 122, 132, 140, 156, 159, 172, 175, 188, 198, 199–200
effects of, 6, 10, 13
effect on credit, 25, 153, 157
political uses, 3, 137, 174, 175
price level, 5tbls psychology of, 13–6
unemployment-inflation cycle, 10, 50, 156, 195
while on gold standard, 104tbls
Interest rates, iii, vi-ix, 11, 153, 164, 178, 195
effect of high levels, 8, 153
level of, 6–8, 6–7tbls, 133, 188, 199
paid on bank deposits, 148
while on gold standard, 105–6, 105tbls, 106tbls
Internal Revenue Service, 180, 184–5
International Monetary Fund, 136, 139
Investment, 157, 190
J
Jackson, Andrew, 50, 51, 60
Jacksonian Movement, 50, 95
Japan, 135
Jastram, Roy, 163
Jefferson, Thomas, 1, 13
Jones, Williarn, 45, 46, 48
Julliard v. Greenman (1884), 170
K
Kendall, Amos, 50
Kentucky, 43, 47
Keynesians, 12, 95, 123, 183–4, 190, 196
King George’s War (1748), 22
Knox, John Jay, 72–3
L
Legal Tender Act of 1862, 75
Libertarians, 50, 115, 116
Lincoln, Abraham, 82, 179
Loan certificates, 27
Locke, John, 174–5
London Conference of 1933, 130
London Gold Pool, 133
Lotteries, 14
Louisiana, 47, 54, 59
Lutherans, 114, 115
M
Madison, James, 35, 45, 169
Marshall, John, 34, 34n
Maryland, 59
Maryland, use of money as a state, 41, 42
Mason, George, 168
Massachusetts, 71
Massachusetts Bank (Boston), 30
Massachusetts Land Bank, 35
Massachusetts, use of money in colony, 19, 20
McCulloch v. Maryland (1819), 34
McFadden Act, 191–2
McKinley Tariff Act of 1890, 109
Mercantilism, 19
Mexico, 31, 55
Michigan, 59, 128–9
Mises, Ludwig von, 140, 156
Mississippi, 54, 59
Missouri, 43
Monetarism, 11–3, 156
controlled inflation, 12
Monetary Crisis of 1819, 41–2, 50, 52
Monetary Crisis of 1979, 15
Monetary policy, 173
discretionary, 3, 11, 13
effect of War of 1812, 36
Jacksonian policy, 62
monetizing debt, 12, 155, 174
legislation, 179
Money
privately issued, 141, 143–6
definition of, 12, 14–5, 171, 172
Money market funds, 11
Money supply, 156–7
during 1920s, 125tbls
during Revolutionary War, 26, 170
growth of, 3–4tbls, 157, 162, 173
regulation of, 11
relation to Gross National Product, 4–5, 11
relation to prices, 13
Morgan, J. P., 110, 119, 121, 124
Morris, Gov. Robert, 26, 28, 28n, 29n, 33
Mortgages, 9
N
National Banking System, 73, 74, 79, 83, 88–9, 90–3, 98, 119, 121, 162
New England Bank of Boston, 68, 69
New Hampshire, 37, 54
New Jersey, use of money in colony, 22
New York City, 85, 86
bailout, 8
New York State, 54, 57, 109
New York Stock Exchange, 48
Nickel-copper pennies, 77
Nixon, Richard, iv, 2, 135, 136, 167, 198
Norman, Montagu, 124
North Carolina, 62
North Carolina, use of money as a state, 30, 42
Northern Pacific Railroad, 100
O
Okun, Arthur, 163
Options, 14
Oregon, 79
P
Panic of 1837, 56, 73
Panic of 1857, 67
Panic of 1873, 83, 89, 95, 98
Panic of 1893, 110
Panic of 1907, 120
Panic of 1937, 58
Paper money, see Fiat money
Party system, 111–118
Peel’s Act of 1844, 151
Pennsylvania, 37, 41, 59, 93
Pierce, Franklin, 64
Polk, James K., 50, 58
Portuguese “joe,” 18
Prices, level of, 5tbls, 13, 165–6tbls
after Revolutionary War, 29
decline after panic of 1937, 58
during and after War of 1812, 39, 48, 52
during Depression, 53
stability, 12, 157, 164
while on gold standard, 104tbls
Productivity, 4
while on gold standard, 106tbls
Property rights, 38, 174
Protestantism, 112–3, 115
Q
Quebec, attacks by Massachusetts, 20, 21, 22
R
Raguet, Condy, 43, 50
Real estate, 187
Regulation, 185
Republican Party, 51, 74, 82, 91, 95, 100, 109, 110, 112, 114–8
Reserve city banks, 85–8
Reserve requirements, 90, 120, 162
Resumption Act, 96, 97, 100
Revolutionary War, 26–8
Reynolds, Alan, 163, 164
Rhode Island, use of money in colony, 21, 22, 37
Ricardo, David, 43, 50
Roosevelt, Theodore, 119
Roosevelt, Franklin, ix, 128–30, 163
S
Savings, 154
personal, 10–11tbls
Savings and Loans, 11
bailout, 8
Schwartz, Anna J., 98, 99, 111, 182, 195
Scotland, 146–51
Scottish Banking Act of 1845, 151
Scriveners, 24
Second Bank of the United States, 38, 43–9, 50, 55, 56, 59, 141
Sherman, John, 82, 83–4, 96, 100
Sherman, Roger, 171
Sherman Silver Purchase Act of 1890, 109, 110
Silver, 17, 25, 63, 101, 140
coins, 32, 55, 61, 63, 65, 77, 143, 176
relation to gold, 17, 18, 31, 101, 120
Silver Purchase Act, 102
Silver standard, 17, 21, 23
Slavery, 115
Smithsonian Agreement, 16, 136
Socialism, 158
South Africa, 159, 160, 162
South Carolina, 37, 49
Soviet Union, 159, 160, 162
Spanish doubloon, 18
Spanish silver dollar, 18, 21, 30, 32, 61
Spaulding, Elbridge G., 80
Specie, 23, 28, 33, 34–5, 36, 37–8, 40, 44, 46–8, 54, 70, 74, 85, 96, 103, 121, 141, 147
suspension of payment, 39, 44, 57, 66–7, 75, 110, 149, 162
Speculation, 14, 15, 124, 159, 167, 174, 189
Spooner, Lysander, 145
Standard of living, 15
Strong, Benjamin, 123, 124
Suffolk Bank, 68, 69–74
Supply-siders, 12
Supreme Court, 97, 169, 171
Survivalists, 15
Switzerland, 130, 131–2, 136
T
Taft, William, 119
Tariffs, 115, 138, 175
Taxation, 155, 158, 174, 184–5
during Civil War, 81
on bank notes, 91
Proposition 13, 188
Tennessee, 43
Third World, 158
Treasury bonds, 14, 82
Treasury notes, 38, 44, 109
U
Unemployment, 9–10, 10tbls, 155–6, 163
inflation-unemployment cycle, 10, 50, 156, 195
while on gold standard, 104
Underground economy, 15, 178, 190
United States Bank of Pennsylvania, 51
Usury laws, 6
V
Van Buren, Martin, 50–1, 60
Vermont, 54
Vietnam War, 133
Virginia, 37, 54
Virginia, use of money in colony, 22
W
Wage and price controls, 198
War of 1812, 36–9, 43
Wealth, transfer of, 15, 171, 172
Webster, Daniel, 44, 169
Wells, William H., 45
West Indies, 18
Whigs, 58, 66, 74, 112, 114
Willing, Thomas, 33
Wilson, Woodrow, 119, 121, 163
World War I, 122, 124, 141
