The Story of Silver
Page 40
American Bimetallic League, 26, 30, 118
American Silver Recovery, Inc., 203
American Smelting and Refining Company, 43, 116, 136
Amin, Haji Ashraf, 204
anti-communism, 153–54, 157, 176
anti-Semitism, 132, 133, 154
Apuzzo, Patricia, xiii
Ariyoshi, Akira, 76–77
Arnold-Hamilton, Carol, xiv
Astaire, Fred, 67
Australia: Hunt’s farmland in, 151, 158, 213, 233; silver production in, 21, 23–24, 53, 248, 269n32
Azzara, Sal, 219
Bache & Company, 158, 165–66, 194, 211, 213, 214, 216–19, 223, 294n3
backwardation, 239–40
Bailey, Benton, 125
Bankers Trust Company, 140
bank holidays, 48–49, 80–81, 265n20
Bank of New York, 10, 32
Barclays Bank International, 211
Barnett, Paul, 259n13
Barnhart, Russell, 288n15
Barro, Robert, 129, 287n52
Baruch, Bernard M., 75
Baum, L. Frank. See Wonderful Wizard of Oz, The
Beatles, the, 120
Belgium, 23
Beretz, Hal, 308n108
Berkowitz, Eugene, 205
Berkshire Hathaway Company, 4, 237, 239–45, 253n7
Berndt, Lee, 209
Bernstein, Peter L., 256n10, 308n104
Bethlehem Steel Company, 40
Bible, Alan, 107, 110, 114
biblical references, xi, 27–28, 187, 301n73
Biddle, Francis, 95
Bieber, Justin, 61, 270n9
bimetallism, xvii, 12–15, 22, 30, 33, 63
Bismarck, Otto von, 20, 23, 24, 36
Blake, Geoffrey, xiii
Bland, Richard, 24
Bland-Allison Act, 24–25
Bledsoe, William, 294n1
Blinder, Alan, 315n29
Blum, John Morton, 255n32, 267n16
Boleyn, Anne, 5
Boraiko, Allen, 303n12
Bordo, Michael D., and Athanasios Orphanides, 317
Borg, Dorothy, 272n48
Boyd, Jack, 212
Brandeis, Goldschmidt & Co., 208
Brandt, Loren, 275n54
Brannan, Dennis, 232
Bratter, Herbert M., 255n27, 258n20
Brennan, Pat, 149
Brimmer, Andrew, 194
Brodsky, Alvin, 158, 165–67, 171, 215
Brooks, William F., 254n12
Broun, Heywood, 45
Bruns, Franklyn R., 120
Bryan, Silas and Mariah Elizabeth, 27–29
Bryan, William Jennings, ii, 3–4, 8, 16, 26, 27–37, 28, 37;40, 47, 50, 80, 99, 105–6, 137, 207, 250; biographical sketch of, xvii; “Cross of Gold” speech by, xvii, 3, 33, 62, 143; on silver pricing, 30–31, 34–36, 49, 102, 145, 163; in The Wonderful Wizard of Oz, xvii
Buffet, Warren, iii, 4, 236n, 238; biographical sketch of, xx; silver investments by, xx, 3, 237–47, 249
Bullitt, Orville H., 273n9
Bullitt, William C., 72–73, 75–76, 77, 85
Burdekin, Richard, 276n54
Burns, Arthur R., 192–93
Burr, Aaron, 14–15
Burrough, Bryan, 291
Burrows, James, 300n70
Burton, Theodore, 258n3
California Gold Rush, 21, 23–24
Caminschi, Andrew, 313n2
Canada, 36, 168, 176, 196, 213, 248, 269n32
Cárdenas, Lázaro, 80
Carnahan, Mel, 282n11
Caro, Robert, 281n1
Carroll, John, 110
Carter, Jimmy, 12, 186–87, 212, 213
Carusi, Ugo, 57
Castro, Fidel, 2
Caughey, John Walton, 260n35
Chiang Kai-shek, xviii, 8, 65, 71, 76–77, 87
Chicago Board of Trade (CBOT), 177, 179–80, 191–92, 194–95, 208–9
Chico, Luis, 169, 170–71
China, xviii, 3, 4, 8–9, 42, 44, 58–59, 60–62, 65–89, 162, 218, 255n31; currency system in, 60–61, 87, 275n47, 276n73; Silver Purchase Act and, 77, 82, 89, 250, 275n54. See also silver smuggling:a> in China and Japan; Sino-Japanese War
China Development Finance Company, 75
Church, Frank, 106, 117
Churchill, Winston, 46–47, 97, 154
Civil Rights Act, 119, 124
Clark, Worth, 101
Clayton Brokerage, 185
Coen, Joel, 147–48, 204
Coinage Act of 1873 (“Crime of 1873”), xvii, 4, 16, 17–26, 33, 80, 142, 170, 207, 218, 250, 258nn4–5, 285n14; Adams on, 63; McCarran on, 102; Robertson on, 112; Warner on, 118; Wheeler on, 53
Coinage Acts: of 1792, 4, 10, 12, 13, 18, 31, 256n3, 257n15; of 1834 and 1837, 256n3; of 1853, 285n14; of 1965, 126–29
coin collecting, 111, 120–22, 122, 124, 148, 203–4, 205; Hunt brothers’ coin collections, 232–35, 234, 247
coins. See silver: currency uses of; silver dollars; subsidiary coins
coin shortages, 41, 110–11, 113, 122–26, 131
Coletta, Paolo, 261n11
Colorado Mining Association, 58
Comex (New York Commodity Exchange), xiv, xv, xix, 64, 115–16, 137, 140, 158, 159–60, 163–64, 170–71, 178–80, 191–92, 205; barring of Hunts from, 207–10; Nelson Bunker Hunt’s visit to, 171; new regulations by, 194–95, 205–6, 208–10; Silver Thursday and, 217–18; Special Silver Committee of, 194–95; Waltuch’s presence at, 187–88
Commodities Future Trading Commission (CFTC), 178–79, 189, 191, 192, 194–96, 218, 233, 240; founding of, 167; in 1990s, 236, 240–41
Commodity Exchange Act, 196
Commodity Futures Trading Act, 168
Comstock Lode, 15–16, 24, 258n22
ContiCommodity Investor Services, 187–88, 194
Coolidge, Calvin, 39
copper, 93–96, 100, 210, 244, 245–246
cornering: defined, 165; Jarecki’s advice on, 184–86, 220
Couzins, Bart, 191, 193
Cox, James, 39
Cragg, John, 256n5
Crime of 1873. See Coinage Act of 1873
Croesus, 256n10
Crowl, William, 148
Cummings, Homer, 55, 57
Curran, Paul, 226, 228, 230
Curtis, Jamie Lee, 244
Cymrot, Mark, 225–30
Daley, Richard, 104
Darrow, Clarence, 36
Darwin, Charles, 36
Davis, J.C., 203
Defense Plant Corporation, 96
Delorey, Thomas K., 256n8
Denmark, 23
Despres, Leon, 45–46
Detre, Thomas P., 148
Dial, Scott, 185–86
Dillon, Douglas, 105–9, 111, 115, 117, 120, 127, 131
Dillon Read & Company, 106
Ditchik, Seth, xiv
Dodd, Thomas, 115
Doihara, Kenji, 86
Dominick, Peter, 117, 128, 129, 144
Donnelly, Richard A., 294n5
Doolittle, Adam, 314n15
Dougherty, Peter, xiv
D. Penellier & Company, 203
Drake, Harold, 296n9
Drexel Burnham Lambert Inc., 216
Dubai, 204
DuPont, 180
Eastman Kodak Company, 5–6, 105, 160, 164, 168–69, 170, 178, 180, 293n64
Eccles, Marriner, 45
Edison, Thomas A., 245
Edward III, 213
Edwards, Frank, 230
Edwards, Jerome E., 280n3
E.F. Hutton, 194, 211
EFP transactions, 193, 206
Egypt, ancient, 5, 196
Einzig, Paul, 266n36
Eisenberg, Henry, 208
Eisenhower, Dwight D., 106
Eliasoph, Gene, 145
Eliot, T.S., 49, 265n21
Elizabeth I, 5, 13, 254n9
Elizabeth II, 159
Engelhard Minerals & Chemicals Corporation, 116–17, 125, 146, 194, 206, 209, 210–12, 214, 220–21, 236�
�37
Estes, Alicia, xiv
Ethiopia, 87
Everest, Allan S., 275n41, 277n73
Faisal bin Abdul-Aziz, 176
Faisal bin Abdullah, 186, 214, 215, 216, 230
Faisal bin Musaid, 176
Farm Credit Association (FCA), 55
Fay, Stephen, 253n3
Feavearyear, A.E., 253n9
Federal Coin & Currency, Inc., 138, 147
Federal Resources Company, 125
Federal Reserve Act, 114
Federal Reserve Bank, 107, 117, 136
Federal Reserve System, xix, 32, 45, 51, 91, 117–18, 129, 144, 157, 251–52; currency notes issued by, 109–11, 114–15, 283n25; antispeculation guidance by, 212–14
fiat currency. See paper currency
Figlewski, Stephen, 300n51
Financial Crisis of 2008, 4, 6, 245–46, 249
Foley, Edward, 95
Folsom, Burton, Jr., 262n2
Fonseco, Ismael, 199–200
Forbes, J.S., 253n8
Ford, Gerald, 172
Forman, Harry, 203–4
Fowler, Henry (“Joe”), 127–29, 147, 287n41
France, 5, 19, 20, 24, 36; French franc, 21–22, 23, 51, 265n36, 266n43
Franco, Francisco, 99
Friedman, Milton, 46, 260n43, 264n7; on China crisis, 255n31, 275n54, 277n73
Funck, N.R., 69–70
Fustok, Mahmoud, 181–82, 188–89, 214, 215, 216; Hunts trial and, 223, 224–25, 228, 230
Gale, N.H., and Z.A. Stos-Gale, 301n73
Garbade, Kenneth D., xiv, 268n26, 293n60
Garner, John Nance, 74
Gem Certification & Assurance Lab, xiii, 253n8
Gemini Industries, 203
George III, 10
George V, 44
Geraci, Phil, xiii, 229, 309n12
Germany, 24, 36, 41, 44, 133, 252; Imperial Coinage Law in, 23, 260n30
Getty, J. Paul, 150
Gibson, Paul, 139
Glad, Betty, 263n3
Glass, Carter, 32
Goizueta, Robert, 237–38
gold: Buffet on, xx, 238; currency uses of, 12–15, 18, 21, 23–24, 31; discoveries in 1850s of, 21, 23–24, 259n20; flakes of, 13, 257n13; Hamilton on, 12; Hunt and, 163; investment in, xx, 6, 107, 144, 163, 167, 171, 172, 180, 190, 243, 245–46; Jennings’s opposition to, 33; Roosa on, 107; Roosevelt and, 55–57, 61, 144, 267n24
“gold fixing,” 148–49
gold mining, 23–24, 219
Gold Reserve Act, 61–62
Goldschmidt, Walter, 194
Goldsmith Brothers Smelting and Refining Company, 68
gold standard, xvii, xviii, 4, 7, 21, 23–24, 30, 35–36, 46, 87, 106, 129, 250; Roosevelt’s suspension of, 50–51, 55, 105; “sound currency” euphemism for, 46, 48
Goldwater, Barry, 32
Goodnight, Emily, xiii
Gorham Manufacturing Company, 65
Grant, Ulysses S., 17, 26
Great Britain, 10–12, 19, 23, 36, 42–43, 64–65, 87; gold sovereign in, 133; Libyan oil operations and, 155–57; London forward market in, 141–42, 229; pound sterling in, 5, 13, 35, 83, 144, 253n9; silver scrapping in, 203; silver storage in, 240
Great Crash of 1929, 44, 224
Great Depression, xviii, 3, 8, 30, 33, 37, 46, 48–49, 52, 66, 91, 247
Great Inflation, xix, 120, 129, 157, 167, 172, 181, 186–87, 226, 239, 247, 251
Great Moderation, 242
Great Recession, 245–47
Great War. See World War I
Great Western United, 177, 179
Greece, 4, 246
Green, Theodore, 99–101
Greenspan, Alan, 172
Gresham, Thomas (and Gresham’s law), 13, 14, 21, 25, 127
Grew, Joseph C., 85, 276n62
Grosvenor, Charles H., 255n26
Groves, Leslie R., 98
Gut, Rainer, 190
Gyohten, Toyoo, 282n15
Hambros, Jocelyn, 148, 170
Hamilton, Alexander, ii, 7, 10–15, 11, 14, 18, 22, 25, 30, 63, 249–50; biographical sketch of, xvii; silver price set by, ii, xvii, xix, 13, 15, 72, 102, 116, 143, 172
Hammer, Armand, 219
Handy & Harman, xv, 43, 56, 65, 78, 144, 158, 160, 164, 255n27, 266n37
Hanna, Mark, 34
Hardy, Robert, 105
Hayes, Rutherford B., 17
Henry VIII, 5
Herodotus, 256n10
Hertesbergh, Giles de, 11
Hibben, Paxton, 27
Hilliard, Henry E., 311n13
Hirota, Koki, 76, 85–86
Hitler, Adolf, 47
Hoffstatter, Edward, 208
Holland, 23
Hoover, Herbert, 45
Houthakker, Hendrik, 230
Hughes, Sarah, 119
Hull, Cordell, 52, 65, 67, 72, 77, 82, 86
Hunt, Caroline, 151, 154
Hunt, Douglas, 178
Hunt, Elizabeth, 178
Hunt, Ellen, 178
Hunt, Hassie, 152–53
Hunt, Herbert, xx, 1–3, 152–55, 153, 161–63, 165, 185–86, 191–93, 210–11, 214, 217, 219, 229; post-trial life of, 232–35, 249. See also Hunt brothers
Hunt, H.L., 2, 150, 151–55, 172, 199, 249 Hunt, Houston, 178, 234 Hunt, Lamar, xx, 1–3, 152, 153, 154, 161, 197, 198, 222–23; post-trial life of, 232; silver investments of, 214, 220, 224–25, 230, 302n85
Hunt, Lamar, Jr., 1
Hunt, Lyda Allred, 233
Hunt, Lyda Bunker, 151–52, 155
Hunt, Mary, 178
Hunt, Nelson Bunker, xiii, xiii, 2, 9, 150–51, 153, 159, 217, 248; background of, 151–55; biographical sketch of, xix–xx; death of, xiii, 249; horse ownership of, 151, 158–59, 181–82, 223, 316n1; Iran and, 176, 183; Kennedy opposition by, 117–18, 150; oil business of, xx, 2, 150, 152, 156–57, 158, 159, 161, 174, 176, 195, 207; post-trial life of, 231–34, 249, 316n1; Saudi connections of, 176, 180–82, 186–87, 193, 216; silver-backed bonds scheme of, 215, 220, 227–28; silver investments of, xx, 1–3, 151, 157–68, 174, 178–79, 181, 189, 196, 200–201, 204, 206–7, 209, 211, 214–15, 228–29, 237, 239. See also Hunt brothers
Hunt, Sharron, 1
Hunt brothers: bankruptcy filings of, 231–33; House Subcommittee investigation of, 216, 217, 218, 219; Jarecki and, 149, 169–70, 179–80, 174, 179, 185–86, 190–94, 208, 220; oil and gas businesses of, 154–55, 161, 211, 221, 222, 249; silver investments of, xix, xx, 1–3, 4, 5, 7, 161, 164, 165–68, 171–72, 177, 179, 185–86, 190–91, 195–97, 199, 206–9, 213–20, 236, 239, 246, 302n85; soybean market and, 177–78, 195, 211; trial of, xiii, 3, 186, 216, 224–31, 241, 301n76, 309n2; unapologetic attitude of, 3, 219, 220–21, 225, 231–32
Hunt Hill, Margaret, 3, 150, 151, 154, 222–23, 291n4
Hurt, Harry, III, 154, 291n13
Ibn Saud, Abdul-Aziz, 175–76, 181
Idris of Libya, 2, 154
illegal coin and silver melting, 146–47, 202
India, xviii, 3, 42–43, 44, 88, 162, 204
International Metals Investment Company (IMIC), 186, 193, 213, 224
International Silver Company, 65, 105
Iran, 6, 176, 183, 187, 190; hostage crisis in, 199, 216, 226
Ireland, 4, 246
Israel, Fred L., 263n8, 269n95
Italy, 4, 23, 246
Jacobs, Harry, 217–18
James, Ronald M., 258n21
Japan, xviii, 44, 67–68, 72, 73–78, 84–85, 87, 88, 101, 277n75; military aggression by, 3, 8–9, 73, 75–76, 81–82, 85–87, 89, 218, 250. See also Sino-Japanese War
Jarecki, Gloria, 134, 137–38, 140, 145
Jarecki, Henry, xiii, 143; background of, 132–35; biographical sketch of, xix; Hunt brothers and, 149, 169–70, 179–80, 174, 179, 185–86, 190–94, 208, 220; paranoia and, 173–74; silver arbitraging by, 131–32, 135–42, 145, 147–49, 162–64, 168–71, 179–80, 183, 190–92, 203, 204, 210, 219–20, 295n18; “Silver Threads among the Gold” article by, 184–86, 220
Jarecki, Max, 132, 134, 148
Jarecki, Richard, 131, 132, 135–36
J. Aron & Company, 194
Jastram, Roy, 258n20
Jay, John, 10
Jefferson, Thomas, 14
Jewel Tea Company currency, 123
John Birch Society, xix, 2, 104, 117–18, 150
Johnson, Lyndon Baines, 32, 104, 119; biographical sketch of, xix; gold politics of, 129, 287n51; silver politics of, 120, 124–30, 136, 139, 159, 162; on Warren Commission, 281n1
Johnson, Nelson, 82, 87
Johnson, Phillip McBride, 301n74
Johnson, Sam, 128
Johnson Matthey, 203
Jones, James K., 34
Jones, John P., 20
Kann, Eduard, 269n2, 268n6
Kaufman, Henry, 190
Kawashima, Yoshiyuki, 85–86
Kazin, Michael, 262n50
Keating, Kenneth, 115
Kelley, Paul F., 264n14
Kennedy, David, 147
Kennedy, Jacqueline, 119
Kennedy, John Fitzgerald: assassination of, xviii–xix, 104, 117–19, 150; biographical sketch of, xviii–xix; Kennedy half-dollar, 121, 122, 126; silver politics of, 103, 104–10, 114–20, 137
Kennedy, Joseph P., Sr., 106
Key, Francis Scott, 114
Keynes, John Maynard, 35
Khalid Ibn Abdul-Aziz, 176
Khomeini, Ruhollah, 183, 187, 207, 242
Kisluck-Grosheide, Daniëlle, and Jeffrey Munge, 254n11
Klejna, Dennis A., 240–41
Kletter, Raz, and Etty Brand, 256n10
Klondike Gold Rush, 39, 139
Koenig, Louis W., 261n3
Kohnstamm, Louis, 32
Kolasky, William, 258n2
Kopplemann, Herman, 103
Kreiling, Randy, 172
Kreuger, Ivar, 224
Kung, H.H., 65, 67, 71, 77, 82–84, 277n73
Kunstmann, Arthur, 132
Kunstmann, Gerda, 132
Kuo, Tai-chun, and Hsiao-ting Lin, 273n15
Kuwait, 195
Kyle, Albert S., 312n23
La Follette, Robert, 48
Landskroner, Yoram, 300n51
Lane, Francis K., 38
Lane, Philip R., 315n30
Langley, Anna Belle, 232
Lanier, Willie, 230
Lansdown, Alan B.G., 301n73
Lasker, Morris, 224–25, 230
Laughlin, J. Laurence, 30, 257nn16 and 18
Leavens, Dickson, 263nn18 and 27, 267n12, 270n15; on China crisis, 273n20, 275n47, 276n73
Legal Tender Act, 248
Lehman Brothers, iii, 245–46
Leith-Ross, Frederick, 83, 84
Lenin, Vladimir, 99, 183
Leong, Yau Sing, 278n10
Lester, Richard A., 66
Levine, Erwin L., 280n5
Libyan oil fields, xx, 2, 150, 154, 155–57, 161, 195, 207
Lichtenstein, Eugene, 288n1
Lightner, Kendra, 279n32