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The Story of Silver

Page 39

by William L. Silber

Kuo, Tai-chun and Hsiao-ting Lin. 2006. T.V. Soong in Modern Chinese History. Stanford, Calif.: Hoover Institution Press.

  Kyle, Albert S. and S. Viswanathan. 2008. “Price Manipulation in Financial Markets: How to Define Price Manipulation,” American Economic Review 98, no. 2.

  Lane, Philip R. 2012. “The European Sovereign Debt Crisis,” Journal of Economic Perspectives 26, no. 3.

  Lansdown, A. 2006. “Silver in Health Care: Antimicrobial Effects and Safety in Use.” In Biofunctional Textiles and the Skin, edited by U.-C. Hipler and P. Eisner. Basel: Karger.

  Laughlin, J. Laurence. 1897. The History of Bimetallism in the United States. New York: D. Appleton and Company.

  Leavens, Dickson. 1939. Silver Money. Bloomington, Ind.: Principia Press.

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  Lichtenstein, Eugene. 1965. “Our Silver Dolors,” Fortune, March.

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  Los Angeles Times. Various dates.

  MacCambridge, Michael. 2012. Lamar Hunt: A Life in Sports. Kansas City, Mo.: Andrews McMeel Publishing.

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  Manchester Guardian. Various dates.

  Markham, Jerry W. 2014. Law Enforcement and the History of Financial Market

  Manipulation. Armonk, N.Y.: M.E. Sharpe. Moley, Raymond. 1939. After Seven Years. New York: Harper & Brothers Publishers.

  ———. 1966. The First New Deal. New York: Harcourt, Brace & World. Morgenthau, Henry, Jr. Morgenthau Diaries. Various dates.

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  New York Times. Various dates.

  Norris, Robert S. 2002. Racing for the Bomb. South Royalton, Vt.: Steerforth Press.

  Nugent, Walter K. 1968. Money and American Society; 1865–1889. New York: Free Press.

  O’Leary, Paul M. 1960. “The Scene of the Crime of 1873 Revisited: A Note,” Journal of Political Economy 68, no. 4.

  Paris, James D. 1938. Monetary Policies in the United States: 1932–1938. New York: Columbia University Press.

  Pick, Franz. Undated. Silver: How and Where to Buy and Hold It. Rev. and enlarged 3rd ed. New York: Pick Publishing Corporation.

  Reed, Cameron. 2011. “From Treasury Vault to the Manhattan Project, American Scientist 99, no. 1.

  Report from the Select Committee on Depreciation of Silver, together with the proceedings of the Committee, minutes of evidence, and appendix, ordered by the House of Commons to be printed 5 July 1876. Available at https://catalog.hathitrust.org/Record/001118659.

  Report of the International Conference on Weights, Measures, and Coins, Paris, June 1867, London: Harrison and Sons, available at http://babel.hathitrust.org/cgi/pt?id=mdp.35112103466761;view=1up;seq=1.

  Reti, Steven P. 1998. Silver and Gold: The Political Economy of International Monetary Conferences, 1867–1892. Westport, Conn.: Greenwood Press.

  Ricardo, David. 1817. On the Principles of Political Economy and Taxation. London: John Murray.

  Ritchie, Donald A. 2007. Electing FDR: The New Deal Campaign of 1932. Lawrence: University Press of Kansas.

  Roberts, George B. 1936. “The Silver Purchase Program and Its Consequences,” Proceedings of the Academy of Political Science 17, no. 1.

  Rockoff, Hugh. 1990. “The ‘Wizard of Oz’ as a Monetary Allegory,” Journal of Political Economy 98, no. 4.

  Rolnick, Arthur J. and Warren E. Weber. 1986. “Gresham’s Law or Gresham’s Fallacy,” Journal of Political Economy 94, no. 1.

  Rowan, Roy. 1980. “Talkfest with the Hunts,” Fortune, August.

  Ryan, J. P. and Katheen M. McBreen.1962. “Silver.” In Bureau of Mines, Minerals Yearbook, Metals and Minerals (except fuels) 1961, vol. 1. Washington, DC: Government Printing Office.

  Salter, Sir Arthur. 1934. China and Silver. New York: Economic Forum, Inc.

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  Schlesinger, Arthur M., Jr. 1959. The Age of Roosevelt: The Coming of the New Deal. Boston: Houghton Mifflin Company.

  Securities and Exchange Commission. 1982. The Silver Crisis of 1980: A Report of the Staff of the U.S. Securities and Exchange Commission. Washington, DC.

  Sherman, John. 1895. Recollections of Forty Years in the House, Senate, and Cabinet. Chicago: Werner Company.

  Silber, William L. 1981. “Innovation, Competition, and New Contract Design in Futures Markets,” Journal of Futures Markets, Summer.

  ———. 1984. “Marketmaker Behavior in an Auction Market: An Analysis of Scalpers in Futures Markets,” Journal of Finance 39, no. 4.

  ———. 2007. When Washington Shut Down Wall Street. Princeton, N.J.: Princeton University Press.

  ———. 2009. “Why Did FDR’s Bank Holiday Succeed?” Federal Reserve Bank of New York Economic Policy Review. July.

  ———. 2012. Volcker: The Triumph of Persistence. New York: Bloomsbury.

  Smith, Jerome F. 1972. Silver Profits in the Seventies. West Vancouver, BC: ERC Publishing Company.

  Streeter, W.J. 1984. The Silver Mania. Dordrecht, Neth.: D. Reidel Publishing Company.

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  Temin, Peter. 1968. “The Economic Consequences of the Bank War,” Journal of Political Economy 76, no. 2.

  Thompson, Christine M. 2003. “Sealed Silver in Iron Age Cisjordan and the ‘Invention’ of Coinage,” Oxford Journal of Archaeology 22, no. 1.

  Tilson, Whitney. 2006. “Berkshire Hathaway Meeting Notes,” available at http://www.designs.valueinvestorinsight.com/bonus/bonuscontent/docs/Tilson_2006_BRK_Meeting_Notes.pdf.

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  U.S. Bureau of the Census. 1975. Historical Statistics of the United States, Colonial Times to 1970. Washington, DC.

  U.S. Bureau of Mines. Various dates. The Minerals Yearbook. Washington, DC: Government Printing Office.

  ———. 1982. The Price Responsiveness of Secondary Silver. Washington, DC: Government Printing Office.

  U.S. Department of Commerce. 1933. The Minerals Yearbook: 1932–1933 Year 1931–32. Washington, DC: Government Printing Office.

  U.S. Department of the Interior & U.S. Geological Survey. Various dates. Minerals Yearbook. Washington, DC: Government Printing Office.

  U.S. Department of State. 1934 & 1935. Foreign Relations of the United States Diplomatic Papers, vol. 3, The Far East available at http://digicoll.library.wisc.edu/cgi-bin/FRUS/FRUS-idx?type=browse&scope=FRUS.FRUS1.

  U.S. Department of the Treasury. Various dates. The Annual Report of the Secretary of the Treasury. Washington, DC: Government Printing Office.

  ———. 1965. Treasury Staff Study of Silver and Coinage. Washington, DC: Government Printing Office.

  U.S. Mint. 1936. The Annual Report of the Director of the Mint. Washington, DC: Government Printing Office.

  Van Ryzin, Robert R. 2001. Crime of 1873: The Comstock Connection. Iola, Wisc.: Krause Publications.

  Volcker, Paul and Toyoo Gyohten. 1992. Changing Fortunes. New York: Times Books.

  Wachtel, Paul. 2017. “Central Bank Independence: More Myth than Reality,” a paper presented at the Colloquium on Money, Debt and Sovereignty, University de Picardie Jules Verne, Amiens, France, December 11–12.

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p; Walker, Francis A. 1893. “The Free Coinage of Silver,” Journal of Political Economy 1, no. 22.

  Wall Street Journal. Various dates.

  Washington Post. Various dates.

  Wheeler, Burton K. with Paul F. Kelley. 1962. Yankee from the West. Garden City, N.Y.: Doubleday & Company.

  Williams, Jeffrey C. 1995. Manipulation on Trial: Economic Analysis and the Hunt Silver Case. Cambridge, UK: Cambridge University Press.

  Williams, R. Hal. 2010. Realigning America. Lawrence: University Press of Kansas.

  Willis, Henry Parker. 1901. A History of the Latin Monetary Union. Chicago: University of Chicago Press.

  Wyler, Seymour. 1937. The Book of Old Silver. New York: Crown.

  Ybarra, Michael J. 2004. Washington Gone Crazy: Senator Pat McCarran and the Great American Communist Hunt. Hanover, N.H.: Steerforth Press.

  Young, Arthur N. 1953. “Saudi Arabian Currency and Finance,” Middle East Journal 7, no. 3.

  ———. 1953. “Saudi Arabian Currency and Finance: Part II,” Middle East Journal 7, no. 4.

  ———. 1971. China’s Nation-Building Effort, 1927–1937. Stanford, Calif.: Hoover Institution Press.

  Zweig, Jason. 2006. “Buffett: Real Estate Slowdown Ahead,” May 8, available at http://money.cnn.com/2006/05/05/news/newsmakers/buffett_050606/index.htm?section=money_latest.

  CONGRESSIONAL HEARINGS AND REPORTS

  An Act Regulating Foreign Coins, and for Other Purposes, 2d Cong., 2d sess., February 9, 1793. Statutes at Large of USA, vol. 1, chap. 5.

  An Act revising and amending the Laws relative to the Mints, Assay offices, and Coinage of the United States (The Coinage Act of 1873), 42d Cong., 3d sess., February 12, 1873. Statutes at Large, vol. 17, chap. 131.

  Commodity Futures Trading Commission. 1980. Report of the Commodity Futures Trading Commission on Recent Developments in the Silver Futures Markets, [prepared for] Senate Committee on Agriculture, Nutrition, and Forestry. Washington, DC: Government Printing Office.

  Congressional Record. Various dates.

  “Establishing a Mint and Regulating the Coins of the United States,” 2d Cong., 1st sess., April 2, 1792. Statutes at Large, vol. 1, chap. 14, 15, 16

  Hamilton,Alexander. “On the Establishment of a Mint.” 1st Cong., 3d sess. January 28, 1791. American State Papers, Finance, vol. 1, item 24.

  “Report and Accompanying Documents of the United States Monetary Commission,” organized under Joint Resolution of August 15, 1876, 2 vol., 44th Cong., 2d sess. S. Rept 703 Washington, DC: Government Printing Office, 1877.

  “Report of the President’s Commission on the Assassination of President Kennedy,” September 24, 1964. Washington, DC: Government Printing Office, 1964.

  “Report to the Congress in Response to Section 21 of the Commodity Exchange Act, Public Law No. 96–276,” 96th Cong., 2d sess., sect. 7, pt. 2: “A Study of the Silver Market.” June 1, 1980. Statutes at Large, vol. 94 (542).

  U.S. Congress. House Committee on Banking and Currency. Coinage Act of 1965: Hearings on H.R. 8746, 89th Cong., 1st sess., June 4, 7, 8, 1965.

  ———. House Subcommittee of the Committee on Appropriations. “Treasury Department Appropriation Bill for 1938”: Hearings, 75th Cong., 1st sess.

  ———. House Subcommittee of the Committee on Government Operations. “Silver Prices and the Adequacy of Federal Actions in the Marketplace, 1979–80”: Hearings, 96th Cong., 2d sess., March 31; April 14, 15, 29, 30; May 2, 22, 1980.

  ———. House [Subcommittee of the] Committee on Government Operations. “Silver Prices and the Adequacy of Federal Actions in the Marketplace, 1979–80,” Seventeenth Report, … together with Separate and Dissenting Views,” December 11, 1981.

  ———. House Subcommittee on Conservation, Credit, and Rural Development of the Committee on Agriculture. “Joint Agency Reports on Silver Markets”: Hearing, 97th Cong., 1st sess., October 1, 1981.

  ———. Senate Committee on Agriculture and Forestry. Commodity Futures Trading Commission Act: Hearings on S. 2485, S. 2578, S. 2837, H.R. 13113, 93d Cong., 2d sess., pt. 2, May 16,17, and 20, 1974.

  ———. Senate Committee on Banking and Currency. “Federal Reserve Direct Purchases— Old Series Currency Adjustment Act: Hearings, 86th Cong., 2d sess., June 24, 1960.

  ———. Senate Committee on Banking and Currency. “Gold Reserve Requirements”: Hearings on S. 797, S. 743, S. 814, 89th Cong., 1st sess., February 2, 3, 4, 9, 10, 1965.

  ———. Senate Committee on Banking and Currency, “Repeal of Silver Purchase Acts”: Hearing, 88th Cong., 1st sess., April 29, 1963.

  ———. Senate Committee on Banking, Housing, and Urban Affairs. “Information Related to Futures Contracts in Financial Instruments”: Hearing, 96th Cong., 2d sess., pt. 1, July 1980.

  ———. Senate Committee on Foreign Relations. “Commercial Relations with China.” Report No. 1716, 71st Cong., 3d sess., February 17 (calendar day 20), 1931.

  ———. Senate Subcommittee of the Committee on Banking and Currency. “Purchase of Silver Produced in the United States with Silver Certificates”: Hearings on S. 3606, 72d Cong., 1st sess., May 9, 1932.

  ———. Senate Subcommittee of the Committee on Banking and Currency. “To Authorize the Use for War Purposes of Silver Held or Owned by the United States”: Hearing on S. 2768, 77th Cong., 2d sess., October 14, 1942.

  ———. Senate Subcommittee on Agricultural Research and General Legislation. “Price Volatility in the Silver Futures Market”: Hearings, 96th Cong., 2d sess., pt. 1–2, May 1–2 and June 26, 1980.

  ———. Senate Subcommittee on Minerals, Materials, and Fuels of the Committee on Interior and Insular Affairs. “Gold and Silver Production Incentives”: Hearings on S.J. Res. 44, 87th Cong., 2d sess., March 15 and June 8, 1962.

  TRIAL DOCUMENTS

  Burrows, James. CFTC Report. mimeo.

  CFTC Docket No. 85–12, Complaint and Notice of Hearing, In the Matter of Nelson Bunker Hunt, et. al.

  Deposition of Lamar Hunt, Minpeco S.A., et al., Plaintiff, against Nelson Bunker Hunt, et al., Defendants, October 21, 1986, vol. 1.

  Deposition of Nelson Bunker Hunt, Minpeco S.A., et al., Plaintiff, against Nelson Bunker Hunt, et al., Defendants, April 10, 1986.

  Deposition of William Herbert Hunt, Minpeco S.A., et al., Plaintiff, against Nelson Bunker Hunt, et al., Defendants, October 29, 1986.

  Kyle, Albert S. “Report on the Behavior of Silver Prices and Economic Evidence,” February 19, 1987, mimeo.

  Minpeco S.A. plaintiff v. ContiCommodity Services, et al. Civil no. 81–7619 (M.E.L.) Fourth Amended Complaint.

  Trial Transcripts, Minpeco S.A. Plaintiff v. Nelson Bunker Hunt, et al., Defendants. Various dates.

  Videotape Depositions. Various dates.

  ABOUT THE AUTHOR

  * * *

  William L. Silber is the Marcus Nadler Professor of Economics and Finance at the Stern School of Business, New York University. He received NYU’s Distinguished Teaching Medal in 1999 and was voted Professor of the Year by Stern MBA students in 1990, 1997, and 2018. He received his PhD in economics from Princeton University and has written about monetary economics and financial history, including seven books, most recently, Volcker: The Triumph of Persistence, which chronicles the career of former Federal Reserve Chairman Paul Volcker. The Volcker biography won the China Business News Financial Book of the Year in 2013, was a finalist in the Goldman Sachs / Financial Times Business Book of the Year in 2012, and was named “One of the Best Business Books of 2012” by Bloomberg Businessweek. His first book, Money, coauthored with Lawrence Ritter, made a serious topic fun to read.

  ILLUSTRATION CREDITS

  * * *

  FIGURE 1. National Photo Company Collection, Prints & Photographs Division, Library of Congress, LC-DIG-npcc-24200

  FIGURE 2. Everett Historical / Shutterstock.com

  FIGURE 3. Brady-Handy Collection, Prints & Photographs Division, Library of Congress, LC-DIG-cwpbh-04797

&
nbsp; FIGURE 4. Prints & Photographs Division, Library of Congress, LC-USZ62-22703

  FIGURE 5. Prints & Photographs Division, Library of Congress, LC-USZ62-86702

  FIGURE 6. Bettmann / Contributor / Getty Images

  FIGURE 7. nsf / Alamy Stock Photo

  FIGURE 8. Bettmann / Contributor / Getty Images

  FIGURE 9. National Numismatic Collection, National Museum of American History

  FIGURE 10. Sueddeutsche Zeitung Photo / Alamy Stock Photo

  FIGURE 11. National Numismatic Collection, National Museum of American History

  FIGURE 12. (top) Photograph by Dimitri Karetnikov; (bottom) United States Mint

  FIGURE 13. John Marmaras Photography

  FIGURE 14. AP Photo/Charles Wenzelberg

  FIGURE 15. Central Press / Stringer / Hulton Archive / Getty Images

  FIGURE 16. doomu / Shutterstock.com

  FIGURE 17. Bettmann / Contributor / Getty Images

  FIGURE 18. Bettmann / Contributor / Getty Images

  FIGURE 19. Classical Numismatic Group, Inc. www.cngcoins.com

  FIGURE 20. Bloomberg / Contributor / Getty Images

  FIGURE 21. United States Mint

  INDEX

  * * *

  Page numbers in boldface refer to illustrations

  Abdullah bin Abdul-Aziz, 181, 186, 214

  Abramson, Harold, 233

  Acheson, Dean, 55, 57, 267n24

  Adams, Alva, 63

  Adams, Bud, 161

  Adams, Edward R., 123

  Adams, Eva, 107–8, 110, 114

  Adams, William, 202

  Advicorp PLC, 189

  Affara, Mohammed, 186

  Afghanistan, Russian invasion of, 199, 302n90

  Agricultural Adjustment Act, 49; Thomas Amendment to, 50, 51, 61, 67, 266n40, 283n27

  Al-Amoudi, Mohammad Aboud, 186, 215, 216

  Allison, William, 24

  Allott, Gordon, 117

  Alter, Jonathan, 262n1

  Amau Doctrine, 67

  Amelkin, Sol, 138

 

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