The Story of Silver

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The Story of Silver Page 41

by William L. Silber

Li Ming, 66, 271n39

  Lincoln, Abraham, 17, 29

  Lindeman, H.R., 256n3

  Lindley, Ernest K., 95

  Lippmann, Walter, 50

  Livermore, Jesse, 224

  Lloyd George, David, 44

  Lombardi, Vince, 1

  London Bullion Market Association, xv, 237

  López, Roberto, 80–81

  Louis XIV, 5

  Lovell, Christopher, 236–37, 240

  Lowe, John, 110

  MacCambridge, Michael, 293n65

  Madonna, 61, 270n9

  Madison, James, 10

  Malkiel, Burton, 253n2

  Malthus, Thomas, 33

  Manhart, Joanne, 236n, 312n25, 313n35

  Manhattan Project, 97–98, 100

  manipulation, definitions of, 196, 225, 240–41, 301n79

  Mansfield, Mike, 112, 121, 124

  Manufacturers Hanover Trust Company, 232–33

  Mao Tse-tung, xviii, 8, 85, 87, 250

  Markham, Jerry W., 297nn19–20

  Marshall, John C., 97

  Marx, Groucho, 79

  Mattey, Charles, 294n1

  Mays, Willie, 137

  McCarran, Pat, 99, 100–102, 105, 107–8

  McCarthy, Joseph, 99

  McCurley, Mike, 234

  McDonald, Jesse, 58

  McFadden, L.T., 43

  McKinley, William, 8, 17, 27, 33–34, 102, 107, 146

  Mehta, Dinsa, 236

  Merrill, Charles, and Helena Meyer, 281n18

  Merrill Lynch & Company, 158, 194, 211, 213, 216–17

  Mexico, 36, 80–81, 88, 90, 168–70, 176, 196, 204, 257n16, 269n32

  Minpeco S.A., 200, 224–26, 230–33

  Mint Act, 126, 277n6

  Mintz, Lowell, 205

  Mirror Manufacturers Association, 102

  Mobruk, Ezzeldin, 155–56

  Mocatta, Moses, 148

  Mocatta & Goldsmid, 141–42, 145, 148–49, 195

  Mocatta Metals Corporation, xiii, xix, 149, 160, 168–70, 179–80, 184–85, 190–94, 206, 293n64, 300n50. See also Jarecki, Henry

  Moley, Raymond, 51, 66, 265n27

  Morashti, Omer, xiv

  Morgan, Edwin, 21

  Morgenthau, Elinor, 81

  Morgenthau, Henry, Jr., 8–9, 53, 54, 62–65, 90–91, 97, 171, 200–201; biographical sketch of, xviii; China silver crisis and, 67–75, 78, 277n75; Manhattan Project and, 96–97, 279n35; Roosevelt and, 53–55, 57, 64, 67–68; World War II and, 95–97, 100

  Morison, Elting E., 279n41

  Munger, Charlie, 238–39, 244

  Murdock, Abe, 101

  Murphy’s Law, 13

  Musco, Sebastian, 203

  Mussalem, Ali bin, 186

  Nahas, Naji, 181–82, 188–89, 211, 214, 215, 216, 223; Hunts trial and, 225, 228, 230

  Napoleon III, 20

  Nelson, Donald, 95–96

  Nessim, Raymond, 206, 208–9, 210–11

  Nevada (as Silver State), xvii, 15, 39–40, 43, 58, 90, 93, 99, 107–8, 114, 124, 219, 250

  Nevada Hills Extension Mining Company, 40

  New England Manufacturing Jewelers and Silversmiths Association, 100, 167

  Newton, Isaac, 13, 257n12

  New York Gold Refining Company, xiii

  Niagara Hudson Power Company, 100

  Nixon, Richard M., 7, 104, 147, 157, 251, 293n73

  Norris, Richard, 121

  Norris, Robert S., 279n35

  Nugent, Walter K., 255n24

  Occidental Petroleum, 219

  O’Leary, Arthur, 146–47

  O’Leary, Paul M., 259n12

  Oliphant, Herman, 55, 83

  Oppenheimer, Bob, xiv

  Oswald, Lee Harvey, xviii–xix, 104, 118

  Pacific State Telephone Company, 40

  Pahlavi, Mohammad Reza, 176, 183

  Palmieri, Don and Angelo, xiii, 253n8

  Panic of 1893, 30, 33

  paper currency, 7, 35, 46, 92, 109, 113, 114–15, 123, 187, 251–52; in Asia and the Middle East, 60, 82–83, 87, 175; Hunt’s contempt for, 157, 171, 181

  paranoia and success, 173

  Paris, James D., 255n28

  Paris Monetary Conference, 20–21, 24

  Pastore, John, 115

  Patman, Wright, 111, 127–29

  Patton, George, 172

  Paul, Ron, 248, 315n36

  Pell, Claiborne, 115

  Penrod Drilling Company, 306n61

  Peru, 168, 170, 176, 196, 200, 204, 269n32

  Peters, Gerhard, and John T. Woolley, 268n25

  Phibro, 236–37, 240

  Pick, Franz, 127, 141, 195–96, 207

  Pierce, Franklin, 45

  Pittman, Key: background of, 39–44; biographical sketch of, xvii–xviii; China and, 58, 60, 61, 65, 74–75; death of, 99; India and, 3; Morgenthau and, xviii; photographs of, iii, 42, 74; Roosevelt and, xviii, 8, 38, 41, 49, 51, 52, 57, 250; silver politics of, 52–53, 56, 62, 63, 65, 67, 80, 89, 90, 108, 172; wild side of, 52–53, 151

  Pittman, Mimosa, 39–40, 41

  Pittman Act, xviii, 43–44, 137, 263n15

  Placid Oil Company, 2, 155, 161, 213, 221–23, 232

  Platt, Edward, 43

  Platt, Robert, xiv

  Portugal, 19, 246

  private currency, 123, 215

  Progressive Ring Company, 100

  Proxmire, William, 210

  Qaddafi, Muammar, xx, 2, 155–57, 159, 161

  Racz, Andrew, 215

  Ray, Hugh, 233

  Ray, Ruth, 155

  Reagan, Ronald, 32

  Reconstruction Finance Company, 55–56, 101

  Redlich, Fritz, 135

  Reed, Cameron, 279n36

  Reti, Steven P., 260n30

  Revere, Paul, xiii, xix, 107

  Reynolds Securities, 294n3

  Ricardo, David, 7

  Ritchie, Donald A., 264n2

  Robert, Albert, xiii

  Roberts, George B., 87, 90–91

  Robertson, A. Willis, 112, 118

  Robinson, Joseph, 49, 51

  Robinson, Nathaniel, 146–47

  Rockefeller, Laurence, 106

  Rockefeller, Nelson, 2, 106

  Rockoff, Hugh, 261n45

  Rogers, James H., 67

  Rogers, Will, 48

  Rolnick, Arthur J., and Warren E. Weber, 257n11

  Rosenthal, Benjamin, 221–22

  Rosenthal, Milton, 220–21

  Roosa, Robert, 107

  Roosevelt, Franklin D., 3, 37, 44, 52, 54, 74, 104, 157; Asia and, 72, 73–74, 75, 77; biographical sketch of, xviii; early career of, 38–39, 45, 54; gold politics of, 55–57, 61, 267n24; silver politics of, xviii, 8–9, 45–51, 55, 57–58, 61–64, 68, 71, 78–79, 84, 87–89, 103, 116, 141, 172, 218, 250–51; World War II and, 93–94, 154

  Roosevelt, James and Sara, 38

  Roosevelt, Theodore, 17, 38

  Ross, John, 205

  Ross, Stephen, 230

  Rowan, Roy, 293n69

  Ruby, Jack, 104

  Ruggles, Samuel, 21

  Rundle, Rhonda L., 254n13, 301n73

  Russia, 23–24, 199, 302n90

  Russo, Tom, 192, 210

  Ruth, Babe, 220

  Rutledge, David, 197

  Ryan, J.P., and Kathleen M. McBreen, 281n4

  Ryan, Patrick, 296n11

  Salter, Arthur, 59, 269n45

  Sargent, Thomas, 253n9, 275n54

  Saudi Arabia, 4, 175–76, 180–82, 190, 296n2

  Saudi Arabian Monetary Agency, 175–76, 214

  Schacht, Hjalmer, 53

  Schlesinger, Arthur, Jr., 267n6

  Schwab, Charles M., 40

  Schwartz, Anna J., 264n7

  Scopes, John Thomas, 36

  Scopes Trial, 36–37

  Scrugham, James, 101

  September 11 attacks, 242, 313n2

  Septimus, Bernard, xiv, 301n73

  Shane, Nat, 138

  Sherer, Ron, 294n3

  Sherman, Charles and Mary, 17

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nbsp; Sherman, John, 16, 17–26, 18, 112, 118, 250, 258n3; biographical sketch of, xvii

  Sherman, William Tecumseh, 17

  Sherman Antitrust Act, xvii, 17, 225

  Sherman Silver Purchase Act, 24–25

  Shoemaker, Willie, 181

  Silber, Lillian, xiv

  silver, 173;: in antiquity, 3, 12, 31, 196, 234–35, 249, 256n10, 301n73; appeal of, 4–5, 31, 196; currency uses of, xix, 3–5, 7–8, 10, 12–14, 16, 18–19, 21, 24–25, 31–34, 41, 46, 108, 109, 120–28, 147, 207, 247–48, 249–50; in golf balls, 207, 304n28; industrial uses of, 5–6, 56, 65, 68, 95–98, 101–2, 105, 108, 117, 125–26, 144, 162, 180, 239, 243–45; medicinal uses of, 196, 301n73; nationalization of, xviii, 62, 64–66, 116, 141; “secondary,” 91; theft and burglary of, 202–3; wartime uses of, 95–98, 100–101

  Silver Act (1946), 102–3, 109

  Silver Agreement (Proclamation and Statement Ratifying the London Agreement on Silver), 52–53, 56–58, 61, 63, 74, 78, 89, 103, 268n28

  “silver bloc” senators, xvii–xviii, 8–9, 49, 62, 66–67, 71, 74, 78–79, 89, 91, 93, 99–101, 218, 250; after World War II, 103, 106–12, 115, 117, 127

  silver certificates, 91–93, 92, 109–10, 113, 115–17, 125, 128, 144, 157, 215, 270n20; Jarecki and, 131, 135, 137–42, 147–48

  silver dollars, 7, 10, 24, 32, 34, 43, 61, 91–92, 122, 204, 247, 247, 262n40, 277n6; Coinage Act of 1873 and, 4, 16, 19, 22, 112, 218, 258n5; in 1960s, 120–22, 124, 126, 131, 135

  silver futures trading, xiv, 64, 115–16, 137, 141, 167–69, 209–10, 219, 254n19; Comex and, 160, 163–64, 165–66; Fonseco and, 200; Jarecki and, 184–85, 191–92

  “silverites” vs. “goldbugs,” 25, 43, 51. See also “silver bloc” senators

  Silvermann, Susan, 138, 147–48

  silver mining, 15–16, 31, 39, 93, 102, 125, 176–77, 218, 243, 249, 257n16

  silver prices (cash prices): charts of, ii–iii, 225–26, 230; during 1800s, 7–8, 15, 16, 22, 23, 24–25, 30, 47, 258n25; during 1910s, 41–43, 258n20; during 1930s, 47, 51, 53, 56–57, 61, 63–65, 68, 78, 81, 88, 90–92, 266n40, 270n22; during 1940s, 100–103; during the 1960s, 105, 112, 116–17, 121–22, 124, 131, 135–37, 139, 142–44, 258n20; during 1970s, 1, 2, 6, 157–58, 165–67, 170–72, 180–81, 183, 185, 186–87, 190–94, 199–200, 202, 226–27, 243, 254n18; during 1980s, 3, 205, 206–7, 208–9, 212, 215, 217, 219, 225; during 1990s, 236, 237, 239, 240; during twenty-first century, 6, 242–43, 245, 246–47, 253n7, 315n27. See also under Bryan, William Jennings; Hamilton, Alexander

  Silver Purchase Act (1934), xviii, 8, 62–64, 67–68, 73, 77–79, 90–91, 93, 100, 108, 280n10; impact on China of, 77, 82, 89, 250, 275n54; repeal of, xix, 108–17, 251

  silver ring (on Comex), xiv, 158, 170, 188, 194, 299n31

  silversmithing, xiii, 4, 5, 101–2, 107

  silver smuggling: in China and Japan, xviii, 8, 68, 73, 76, 81–82, 87–88, 275n47, 277n75; in India and Dubai, 204

  silver speculators, xix, 6; in 1930s, 63–64, 66, 78–80; after World War II, 124–25, 127, 136–37, 141, 144, 158, 162–64, 195, 212–13

  silver standard, xviii, 8, 14, 23, 25, 42, 44, 61, 80, 87, 255n31

  Silver Thursday, 216–17, 219, 221

  Silver Users Association, 102

  silverware, jewelry, and housewares, 65, 100, 102, 105, 184, 202–4, 243

  Sinclair, James, 183, 197

  Sino-Japanese War, xviii, 9, 87, 250

  “16 to 1” gold to silver price ratio, 14–15, 30–31, 196, 207, 215, 257n18, 270n15, 294n75; Bryan and, 36–37, 47–48, 143, 145, 163, 250; Wheeler and, 48–49, 52, 58, 62

  Smith, Al, 45

  Smith, Elizabeth R., 109

  Smith, Jerome F., 162–64

  Smith, Keith, 141–42, 145, 147–48

  Smith, Roy, 287n41

  Somers, Andrew, 48

  Soong, T.V., 71, 74–76

  soybeans, 167, 177–78, 195

  Spain, 19, 246

  Springsteen, Bruce, 244

  squeezing. See cornering

  Stahl, Charles, 166

  Stalin, Joseph, 99, 154

  Steen, Charles, 105–6

  Steinbrenner, George, 158

  Stephenson, Edward, 181

  sterling standard, 5, 11, 146–47

  Stern, Jean, 158

  Stern, Siegfried, 69–70

  Stevenson, Adlai, 117

  Stewart, Donald, 188–89, 216

  St. Germain, Fernand, 167–68

  Stieff, Kirk, 202

  Stimson, Henry, 96–98, 279n35

  straddles, 184–85, 186, 298n16

  Strauss, Simon, 116

  Streeter, W.J., 303n12

  Streussel (chauffeur), 132

  subsidiary coins, 109, 129, 263nn14–15, 283n27

  Sunshine Mining Company, 105, 176–77, 178–79, 186, 216

  Sun Yat-sen, 68, 71

  Super Bowl trophies, 1, 5, 161, 197

  Sward, Bud, 207

  Sweden, 23

  Swiss Bank Corporation, 213, 229

  Switzerland, 23, 133; Hunt bank deposits in, 163–64, 172–73, 195, 240

  Sylla, Richard, xiv, 255n1

  Sze, Alfred Sao-ke, 71–72, 77, 83–84

  Taft, William Howard, 96

  Tea Party, 2, 7

  Temin, Peter, 257n16

  Tendler, David, 220

  Terminal Trading Company, 138, 142

  Thoesen, M.E., 34

  Thomas, Elmer, 50–51, 58

  Thomas, John, 101

  Thompson, Christine M., 256n10

  3M Company, 168, 170, 180

  Thurber, William, 102

  Tiffany & Company, 1, 161

  Tilson, Whitney, 314n10

  Tonopah Extension Mining Company, 40, 52

  Trial of the Pyx, 10–12

  Trump, Donald, 251

  Tuccille, Jerome, 291n4

  Tuchman, Barbara, 276n68

  Tuchman, Bruce, xiv

  Turner, R.H., 102

  Twain, Mark, 16

  Tye, Frania, 155

  U.S. Assay Commission, 12

  U.S. Government, financiers’ mistrust of, 6–7, 163; Hunt family, xx, 2, 4, 157, 159, 163, 173, 200

  U.S. Metals Refining Company, 97

  U.S. Secret Service, 146

  Van Ryzin, Robert R., 259n10

  Velde, François, 253n9

  vending machines, 39, 94–95, 108, 111

  Vietnam War, 120, 143, 251

  Viner, Jacob, 69

  Viswanathan, S., 312n23

  Volcker, Paul, 107, 217–18, 221–22, 251

  Wachtel, Paul, xiv, 316n3

  Wadsworth, A.W., 111

  Walker, Francis A., 19–20, 255n24

  Wall Street Crash. See Great Crash of 1929

  Waltuch, Norton, 187–89, 194, 195, 208

  Warburg, James, 52–53

  Warner, A.J., 26, 118

  War Production Board (WPB), 93–96, 100, 101

  Warren Commission, xix, 104, 118, 281n3; LBJ on, 281n1

  Washington, George, 10, 152

  Weidenmier, Marc, 278n9

  Weisman, John, 140

  Welch, J.R., 293n59

  Weston, George M., 19–20

  West Point Depository, 90, 92–93, 96–98, 100, 101, 102, 140

  Wheeler, Burton, 47–50, 52, 58, 62, 91

  White, Compton, 112–13

  Williams, Jeffrey, xiii, 230, 298n16

  Williams, John Henry, 68–69

  Williams, R. Hal, 262n33

  Williams, Roger, 99

  Willis, Henry Parker, 260n29

  Wilson, Joseph, 39

  Wilson, Woodrow, 36, 38–41, 54

  Wonderful Wizard of Oz, The (Baum), xvii, 4, 25–26, 231, 261n45

  Woody Herman and His Orchestra, 151

  World Monetary and Economic Conference, 52–53

  World War I, 3, 35, 38, 41–43; debts from, 51

  World War II, 9, 47, 49, 87, 93–101

  Wyler, Seymour, 253n9

  Ybarra, Michael J., 280n2
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  Young, Arthur N., 175–76, 272n5, 273n22, 296n2

  Zimmerman, Donald, 203

  Zweig, Jason, 314n10

 

 

 


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