PROLOGUE

1. Ruskin, 1862, p. 86.

2. Crosby, 1997, p. 71, citing Journals and Other Documents on the Life and Voyages of Christopher Columbus, Samuel Eliot Morison, trans. New York: Heritage Press, 1963, p. 383.

3. Pindar, 1927, p. 613.

4. See Ruskin, 1982, p. 86.

5. Jevons, 1875, p. 202.

6. International Wildlife Magazine, May June 1998.

7. Marx, 1978, pp. 8-9.

8. Green, 1993, p. 14.

9. Herrington et al., p. 28.

10. Exodus, 25, 11.

CHAPTER 1 GET GOLD AT ALL HAZARDS

1. Chamber of Mines of South Africa and Sutherland, 1959, p. 12.

2. Bartlett, John, 1943. Familiar Quotations, 11th ed., Christopher Morley, ed. Boston: Little, Brown & Co. This line came from Will Rogers's last dispatch to the press, sent from Fairbanks and published on August 15, 1935, the day he died in an airplane crash.

3. World Gold Council.

4. Job, 31, 24-25.

5. Sutherland, 1959, p. 57.

6. Ibid., p. 57.

7. Ibid., p. 57.

8. Marx, 1978, p. 236.

9. Encyclopedia Britannica On-Line, Egypt: History: The New Kingdom: The 18th Dynasty.

10. Marx, 1978, pp. 48-53.

11. Jacob, 1831, p. 55.

12. [bid., pp. 50-59.

13. Marx, 1978, p. 44.

14. Jacob, 1831, p. 56.

15. Marx, 1978, p. 193.

16. Green, 1993, pp. 405-407.

17. Ibid., p. 17.

18. For the whole story, see Schwab, 1946, pp. 86-102.

19. Schwab, 1946, p. 87.

20. Ibid., p. 122.

CHAPTER 2 MIDAS'S WISH AND THE CREATURES OF PURE CHANCE

1. Jacob, 1831, p. 313.

2. Davies, 1995, p. 43.

3. Furness, 1910, pp. 92-100.

4. Marx, 1978, p. 44.

5. Ibid., pp. 138-139.

6. Herodotus, 1992, pp. 5-35. The Histories were written about 450 Bc to 430 BC.

7. Tassel, 1998, p. 58. This exciting article is well worth reading in full.

8. Herodotus, 1992, p. 77.

9. Burns, 1927, pp. 561 and 140.

10. Herodotus, 1992, p. 11.

11. Ibid., pp. 11-13.

12. Ibid., p. 35.

13. Ibid., p. 35.

14. Marx, 1978, p. 140.

15. Davies, 1995, p. 62.

16. See Burns, 1927, pp. 320-321.

17. Head (no date), pp. 10-13.

18. Davies, 1995, p. 63, and Burns, 1927, p. 43.

19. Tassel, 1998, p. 60.

20. Head (no date), pp. 18-19.

21. Burns, 1927, pp. 321-322.

22. Head (no date), p. 20.

23. Herodotus, 1992, pp. 17-18.

24. Ibid., pp. 18-19.

25. Ibid., p. 33.

26. Galbraith, 1954, p. 2.

CHAPTER 3 DARIUS'S BATHTUB AND THE CACKLING OF THE GEESE

1. Burns, 1927, p. 348.

2. Marx, 1978, p. 147.

3. Ibid., p. 163.

4. The material about Philip and Alexander is from Davies, 1995, pp. 78-86.

5. Ibid., p. 87.

6. Sutherland, 1959, pp. 84-88.

7. Gibbon, 1804, Vol. 1, p. 8.

8. Ibid., footnote 35.

9. Sutherland, 1959, p. 90.

10. Marx, 1978, p. 197.

11. Jacob, 1831, p. 25.

12. Encyclopedia Britannica On-Line: Carrhae, Battle of.

13. World Gold Council.

14. Kemmerer, 1944, p. 9.

15. Davies, 1995, p. 97.

16. Gibbon, 1804, Vol. I, pp. 411-412.

17. Davies, 1995, pp. 105-106.

18. Ibid., p. 106.

19. Marx, 1978, p. 235.

CHAPTER 4 THE SYMBOL AND THE FAITH

1. Sutherland, 1959, p. 107.

2. Encyclopedia Britannica On-Line: Irene.

3. Ibid.: Nicephorus.

4. Marx, 1978, p. 242.

5. Encyclopedia Britannica On-Line: Basil III.

6. Marx, 1978, pp. 241-242.

7. Ibid., pp. 231-232.

8. Cherry, 1992, especially Figs. 20, 59, and 60.

9. Langer, 1952, p. 150.

10. Marx, 1978, p. 231.

11. Ibid., p. 232.

12. Lopez, 1951, p. 228.

13. Ibid., p. 232.

14. Ibid., pp. 224-260.

15. Ibid., p. 209.

16. Sutherland, 1959, pp. 113-115.

17. Lopez, 1951, p. 211.

18. Ibid., p. 214.

19. Encyclopedia Britannica On-Line: Leo III and the Age of Iconoclasm.

20. Ibid.: Irene.

21. Ibid.: Coinage in the Byzantine Empire.

22. Lopez, 1951, p. 214.

23. Ibid., p. 215.

24. Ibid., p. 221.

25. Ibid., p. 221.

CHAPTER 5 GOLD, SALT, AND THE BLESSED TOWN

1. Marx, 1978, p. 248.

2. Ibid., p. 246.

3. Ibid., pp. 243-248.

4. Sutherland, 1959, p. 113.

5. Ibid., pp. 113-115.

6. Ibid., pp. 114-116.

7. Vilar, 1976, p. 46.

8. Bovill, 1958, p. 10.

9. Tracy, 1990, Table 10.5, p. 329.

10. Ibid., p. 342.

11. Bovill, 1958, p. 48.

12. Ibid., p. 68.

13. Ibid., p. 141.

14. Ibid., p. 195.

15. Ibid., p. 236.

16. Ibid., p. 119.

17. Ibid., p. 103.

CHAPTER 6 THE LEGACY OF EOBA, BABBA, AND UDD

1. Crosby, 1997, p. 69, citing St. Thomas Aquinas, Summa Theologiae.

2. For a detailed and illuminating description of hoarding in the Middle Ages and into the Renaissance, see North, 1990. This volume discusses a lot more than hoarding, but hoarding is a frequent subject inter alia.

3. Bloch, 1933, p. 8. Marc Bloch was one of the most brilliant young French economists of the 1930s. As a soldier in the French army in World War II, he was caught in the general Allied retreat during the German offensive of May 1940. He escaped to Britain in the massive evacuation from Dunkirk while the Germans besieged the port. Bloch voluntarily returned to France a few weeks later to fight in the underground. A Jew, he was captured and murdered in one of the death camps.

4. Fischer, 1996, p. 16.

5. Marx, 1978, p. 254.

6. Davies, 1995, p. 123.

7. Feaveryear, 1963, p. 9.

8. Ibid., pp. 123-126.

9. Lacey and Danziger, 1999, p. 68.

10. Langer, 1952, p. 155.

11. Marx, 1978, pp. 233-234.

12. Miskimin, 1977.

13. Davies, 1995, and information supplied by Professor Benjamin Friedman of the Harvard Economics Department.

14. Kindleberger, 1993, p. 22.

15. Feaveryear, 1963, p. 96.

16. Davies, 1995, p. 145.

17. Ibid., pp. 145-146.

18. Ibid., p. 139.

19. Gibbon, 1804, Vol. I, pp. 352-353.

20. Ibid., p. 164.

CHAPTER 7 THE GREAT CHAIN REACTION

1. Fischer, 1996, p. 13.

2. Ibid., p. 16.

3. See Becker et al., 1999.

4. Bryant, 1962, p. 309.

5. Watson, 1976, pp. 9-10.

6. Ibid., p. 10.

7. See Vilar, 1976, p. 34, and Watson, 1976, pp. 7-8.

8. Lopez, 1956, p. 239.

9. Langer, 1952, p. 211.

10. Lopez, 1956, p. 237.

11. Ibid., p. 230.

12. Ibid., pp. 233-234.

13. Cipolla, 1956, p. 26.

14. Lopez, 1956, p. 219.

15. Merchant of Venice, Act III, Scene 1.

16. Fischer, 1996, p. 25.

17. Feaveryear, 1963, pp. 22-29.

18. Tuchman, 1978, p. 96.

19. Feaveryear, 1963, p. 24.

CHAPTER 8 THE DISINTEGRATING AGE AND THE KINGS' RANSOMS

1. Tuchman, 1978, pp. xiii-xiv.

2. Ibid., p. 41.

3. Miskimin, 1977, Table 1, p. 21, and Tuchman, 1978, p. 94.

4. Tuchman, 1978, pp. 96-100.

5. Langer, 1952, p. 222.

6. Fischer, 1996, p. 41.

7. Bainton, 1952, p. 12.

8. Tuchman, 1978, p. 353.

9. Miskimin, 1989, VII, p. 486.

10. Ibid., pp. 484-485.

11. Miskimin, 1977, pp. 20-21.

12. Day, 1987, p. 191.

13. Miskimin, 1989, VII, p. 487.

14. Day, 1987, p. 191; see also Miskimin, 1989, VII, p. 488.

15. Tuchman, 1978, p. 123.

16. Miskimin, 1989, VII, pp. 488-489.

17. Davies, 1995, p. 164.

18. Feaveryear, 1963, pp. 33-34.

19. Davies, 1995, p. 162.

20. Tuchman, 1978, p. 378.

21. Marx, 1978, pp. 256-259.

22. Tuchman, 1978, p. 130.

23. Ibid., p. 144.

24. Ibid., p. 150.

25. Ibid., p. 152.

26. Ibid., p. 151.

27. Bryant, 1964, p. 139.

28. Tuchman, 1978, p. 189.

29. Ibid., p. 191.

30. Ibid., p. 191.

31. Tuchman, 1978, p. 198.

32. Davies, 1995, p. 165, says three million gold crowns were equal to £500,000. Feaveryear, 1963, p. 21, comments that laborers earned Is 8d per week, and that both one sheep and six gallons of ale fetched the same amount.

33. Leary, 1959, p. 343.

34. Miskimin, 1977, p. 21.

35. The population number is from Vilar, 1976, p. 49.

36. See Kindleberger, 1993, p. 24.

37. One metric ton = 32,150 oz. Four metric tons = 129,000 oz. 129,000 X 28.35 = 3,646,000 grams. 3,646,000 _ 3.5 = 1,042,000 ducats.

38. Day, 1978, p. 9.

39. Kindleberger, 1993, p. 24.

40. Vilar, 1976, p. 19.

41. Day, 1978, p. 13.

42. Ibid., p. 15.

43. Ibid., p. 16.

44. Challis, 1992, pp. 198-201.

45. Day, 1978, p. 60.

46. Kindleberger, 1993, p. 24. See also Davies, 1995, p. 184.

47. Day, 1978, p. 142. See also Davies, 1995, pp. 184-186.

48. Vilar, 1976, p. 45.

49. Fischer, 1996, p. 51.

50. Feaveryear, 1963, Appendix II.

51. Davies, 1995, p. 175.

52. Vilar, 1976, p. 64.

CHAPTER 9 THE SACRED THIRST

1. Brimelow, 1998.

2. Austen, 1990, in Tracy, 1990, Tables 10.1 and 10.6, pp. 315 and 332-333.

3. Wright, 1970, pp. 15-16.

4. Ibid., p. 41.

5. Vilar, 1976, p. 55.

6. Ibid., pp. 55-56.

7. Wright, 1970, pp. 57-59.

8. Ibid., p. 62.

9. Ibid., pp. 60-68.

10. Marx, 1978, p. 300.

11. Vilar, 1976, p. 63.

12. Marx, 1978, p. 323.

13. Ibid., p. 323.

14. Green, 1993, p. 11.

15. Ibid., pp. 329-330.

16. Prescott, 1847, p. 91.

17. Ibid., p. 91.

18. Emmerich, 1965, p. 79.

19. Wright, 1970, p. 229; see footnote.

20. Emmerich, 1965, p. 42, says 3.5 million to 7.0 million.

21. Wright, 1970, p. 236.

22. Prescott, 1847, p. 199.

23. Ibid., p. 203.

24. Ibid., p. 206.

25. Ibid., p. 207.

26. Ibid., p. 207.

27. Ibid., p. 207.

28. Ibid., p. 213.

29. Page 100.

30. Emmerich, 1965, pp. 173-174.

31. Ibid., pp. 25-40.

32. Vilar, 1976, p. 91, ascribes this measurement to jean Bodin's work of 1578, Response to Malestroit, and says that the figures appear to be genuine.

33. Emmerich, 1965, pp. 43, 48.

34. Each peso was equal to 3.5 grams; there are 1000 grams in a metric ton. Therefore, 1,326,529 pesos d'oro weighed 4,642,887 grams, or 4.6 metric tons. A metric ton is equal to 1.102 U.S. tons. Therefore, 4.6 metric tons is equal to 5.0 tons, or 10,000 pounds avoirdupois. If the output of the mines was 190 tons, the gold in the chamber was the equivalent of about twenty years' production from the mines.

35. Prescott, 1847, p. 241.

36. Smith, 1776, p. 421.

37. Emmerich, 1965, p. 154.

38. Gibbon, 1804, Vol. I, p. 179.

CHAPTER 10 THE FATAL POISON AND PRIVATE MONEY

1. Brace, 1910, p. 9, quoting Jacob, 1831.

2. Parry, 1967, pp. 200-201, in Rich and Wilson, 1967.

3. Ibid., pp. 127, 137.

4. Sutherland, 1959, p. 135.

5. See both Andrews, 1978, and Andrews, 1984, for a full discussion of the role of piracy in the development of British, French, and Dutch interests in the riches of the New World.

6. Hamilton, 1934, p. 19.

7. Parry, 1967, p. 202.

8. Andrews, 1978, pp. 19-31.

9. Encyclopedia Britannica On-Line: Drake, Sir Francis.

10. Sutherland, 1959, p. 139. See also Wright, 1970, pp. 307-327.

11. Marx, 1978, p. 364.

12. Hamilton, 1934, Table 3, p. 42.

13. Kindleberger, 1989, p. 28.

14. Vilar, 1976, pp. 166-168.

15. Ibid., p. 160.

16. See Mauro, 1990, in Tracy, 1990, pp. 279 et seq.

17. Boyer-Xambeu et al., 1994, p. 116.

18. Ibid., p. 116.

19. Vilar, 1976, p. 149.

20. Kindleberger, 1989, pp. 30-31.

21. Ibid., p. 47.

22. For a discussion of the impact of this innovation on business practice, and the admirable monk Luca Paccioli who introduced it, see Bernstein, 1996, pp. 41-43.

23. Feaveryear, 1963, pp. 51-52.

24. Marx, 1978, p. 296.

25. Ibid., p. 292.

26. Sutherland, 1959, p. 142.

27. Encyclopedia Britannica On-Line: Francis I.

28. Hackett, 1929, p. 12.

29. Ibid., p. 113.

30. Bowle, 1964, pp. 96-99.

31. Hackett, 1929, p. 112.

32. Bowle, 1964, p. 99.

33. Fischer, 1996, pp. 65-91. See also the full text of Braudel and Spooner, 1967, in Rich and Wilson, 1967.

34. Fischer, 1996, p. 74.

35. Davies, 1995, p. 211.

36. Hamilton, 1934, pp. 291-292.

37. Miskimin, 1977, p. 21.

38. Fischer, 1996, p. 73.

39. Ibid., p. 334.

40. Kindleberger, 1989, p. 6.

41. Feaveryear, 1963, p. 52.

42. Cited in Hamilton, 1934, p. 283.

43. Vilar, 1976, p. 91.

44. Wilkie, 1994, p. 3.

45. Kindleberger, 1989, Tables 1 and 2, pp. 13-15. See also Morineau, 1985, for a full-scale attack on the notion that the peak was reached before 1600.

46. Schwartz, 1973.

47. Vilar, 1976, p. 174.

48. Ibid., p. 174.

49. Feaveryear, 1963, Appendix II, p. 347.

50. Gould, 1976, p. 272.

51. Smith, 1776, p. 333.

52. See Boyer-Xambeu et al., 1994, pp. 68-95; Kindleberger, 1989, pp. 39-41; Kindleberger, 1993, p. 37; and citations covering many localities in Postan and Habakkuk, 1952.

53. Mauro, 1990, pp. 263-266.

54. Boyer-Xambeu et al., 1994, Table 5.2, pp. 114-115.

55. Crosby, 1997, p. 202.

56. See Boyer-Xambeu et al., 1994, and Kindleberger, 1993, pp. 41-43.

57. Kindleberger, 1989, p. 10.

58. Boyer-Xambeu et al., 1994, p. 93.

59. Ibid., the whole book, but especially pp. 3-16 and 104-129.

CHAPTER 11 THE ASIAN NECROPOLIS AND HIEN TSUNG'S INADVERTENT INNOVATION

1. Kindleberger, 1989, pp. 15-18.

2. Ibid., p. 78.

3. Hume, 1752, p. 334.

4. Mun, c. 1620, p. 49. For an authoritative analysis of this fascinating man, his times, his importance, and his role in the development of theories of trade and foreign exchange, see Kindleberger, 1990.

5. Kindleberger, 1989, p. 25.

6. Hume, 1752, p. 335.

7. Ibid., p. 335.

8. Kindleberger, 1989, p. 31.

9. Hamilton, 1934, p. 302.

10. The Economist, January 15, 1998, p. 67.

11. Polo, 1289, p. 123.

12. Ibid., p. 122.

13. Ibid., p. 125.

14. All quotations regarding Japan are from ibid., p. 244.

15. Vilar, 1976, p. 94.

16. Polo, 1289, p. 178.

17. Ibid., p. 187.

18. Vilar, 1976, p. 94.

19. Ibid., p. 97.

20. Davies, 1995, p. 56, and Kindleberger, 1989, p. 69.

21. Cribb et al., 1990, pp. 198-206.

22. Davies, 1995, pp. 180-181.

23. Ibid., pp. 182-183.

24. Polo, 1289, p. 147.

25. Ibid., p. 147.

26. Ibid., pp. 147-148.

27. Ibid., p. 148.

28. Ibid., p. 148.

29. Kindleberger, 1989, p. 58.

30. Marx, 1978, p. 302.

31. Cribb et al., 1990, p. 208.

32. Kindleberger, 1996b.

33. Smith, 1776, p. 183.

34. Ibid., p. 183.

35. Kindleberger, 1986, p. 55.

36. Smith, 1776, p. 75.

37. Ibid., p. 78.

CHAPTER 12 THE GREAT RECOINAGE AND THE LAST OF THE MAGICIANS

1. Jacob, 1831, p. 322.

2. Challis, 1992, p. 16.

3. Davies, 1995, p. 241.

4. For a detailed description of the moneyers' elaborate and time-consuming methods, see Challis, 1992, pp. 305-307.

5. Ibid., Table 34, pp. 309-311.

6. Ibid., p. 302.

7. Davies, 1995, pp. 241-242.

8. Ibid., p. 242. See also Quinn, 1996, p. 480.

9. Challis, 1992, p. 362.

10. Feaveryear, 1963, pp. 89-90.

11. See Davies, 1995, pp. 241-243 regarding this whole discussion.

12. Feaveryear, 1963, p. 111.

13. Li, 1963, p. 56, citing Haynes's manuscript, BriefMemoire Relating to the Silver and Gold Coins of England, written between 1700 and 1702. This work is a major source for much of the known data about the coinage during these years.

14. Challis, 1992, p. 380.

15. Feaveryear, 1963, p. 120.

16. Supple, 1959, quoting the contemporary observer Edward Misselden.

17. Li, 1963, p. 58.

18. Feaveryear, 1963, p. 115.

19. Kindleberger, 1993, p. 190.

20. Ibid., pp. 191-192.

21. Feaveryear, 1963, pp. 119-121.

22. Ibid., p. 121.

23. Ibid., pp. 122-123.

24. Li, 1963, p. 98.

25. Ibid., p. 64.

26. Ibid., pp. 104-105.

27. Cited by Haynes in his Memoire; see Li, 1963, p. 89.

28. Ibid., p. 92.

29. Ibid., p. 170.

30. Feaveryear, 1963, pp. 123-124.

31. Li, 1963, p. 114.

32. Ibid., pp. 114-115.

33. Challis, 1992, Table 55, p. 384.

34. White, 1977, p. 260.

35. Feaveryear, 1963, p. 129.

36. Challis, 1992, p. 387.

37. Feaveryear, 1963, p. 130.

38. Li, 1963, p. 138.

39. Feaveryear, 1963, p. 136.

40. White, 1977, p. 3.

41. Unless otherwise specified, all the following Newton biographical material is from White, 1977.

42. Ibid., p. 52.

43. Ibid., p. 227.

44. Ibid., p. 227.

45. Ibid., p. 253.

46. Li, 1963, p. 127.

47. McCulloch, 1856, p. 274.

48. Ibid., p. 277.

49. Ibid., p. 277.

50. Ibid., pp. 278-279.

51. Green, 1993, p. 19.

52. Li, 1963, p. 161.

CHAPTER 13 THE TRUE DOCTRINE AND THE GREAT EVIL

1. Davies, 1995, p. 298.

2. Feaveryear, 1963, pp. 212-213.

3. Ibid., p. 170.

4. Cannan, 1919, p. xi, and Table II on p. xliv.

5. Feaveryear, 1963, pp. 168-178.

6. Cannan, 1919, p. xvii.

7. Li, 1963, p. 173.

8. Jastram, 1977, p. 32, and Wilkie, 1994, p. 3.

9. For a detailed description of how the English system of money and banking evolved, see Feaveryear, 1963, pp. 160-174.

10. Cannan, 1919, p. xii.

11. Jevons, 1875, p. 68.

12. Menias, 1969, p. 18.

13. See Friedman, 1992, p. 135, and also Bordo and White, 1991, which argues that Britain's greater financial credibility permitted the British to carry on the war with a high volume of debt finance, while France's poor reputation forced reliance on taxation.

14. Wilkie, 1994, p. 3.

15. Cannan, 1919, p. xliv.

16. Ibid., p. 5.

17. See Friedman, 1992, p. 59.

18. Ricardo, 1809, p. 5.

19. The succeeding details of Ricardo's life are from Heilbroner, 1953, Chapter IV, pp. 67-95.

20. Ibid., p. 79.

21. Ibid., p. 80.

22. Ibid., p. 80.

23. Cannan, 1919, p. 3.

24. Ibid., p. x1ii.

25. Ibid., p. xxii.

26. Davies, 1995, p. 300.

27. Ibid., p. 300.

28. Cannan, 1919, p. xxii.

29. Ibid., p. 6.

30. Ricardo, 1809, p. 23.

31. Carman, 1919, p. 11.

32. Ibid., p. 16.

33. Ibid., p. 21.

34. Ibid., p. 17.

35. Ricardo, 1811b, p. 38.

36. Cannan, 1919, p. 10.

37. Green, 1993, p. 22.

38. Carman, 1919, p. 32.

39. Ibid., p. 33.

40. Ibid., p. 34.

41. Neal, 1998, p. 55.

42. Jevons, 1875, pp. 231-232; for a full account of Jevons and his contributions to economic thought, see Bernstein, 1996, pp. 190-192.

43. Cannan, 1919, p. 47.

44. Ibid., p. 48.

45. Ibid., p. 53.

46. Ibid., pp. 52-53.

47. Ricardo, 1811b, p. 6.

48. Cannan, 1919, p. 69.

49. Ibid., text of resolutions, Resolution #14.

50. Ibid., Resolution #16.

51. Feaveryear, 1963, pp. 186-187.

52. Ibid., p. 213.

53. Davies, 1995, p. 302.

54. Feaveryear, 1963, p. 190, and Davies, 1995, p. 303.

55. Green, 1993, p. 23.

CHAPTER 14 THE NEW MISTRESS AND THE CURSED DISCOVERY

1. Brace, 1910, pp. 14-15.

2. Chevalier, 1859, pp. 54-56.

3. Brace, 1910, pp. 39, 53.

4. Vilar, 1976, p. 19.

5. Green, 1993, pp. 24-25.

6. Ibid., pp. 24-25.

7. Martin, 1977, p. 644.

8. Green, 1993, p. 30, and World Gold Council.

9. Gudde, 1936, pp. 184-186.

10. Ibid., p. 186.

11. Ibid., p. 192.

12. Ibid., p. 195.

13. Ibid., p. 198.

14. Ibid., p. 208.

15. Ibid., p. 227.

16. Hughes, 1987, p. 561.

17. Ibid., p. 561.

18. Ibid., p. 562.

19. Friedman, 1992, p. 40.

20. Hughes, 1987, pp. 564-565.

21. Ibid., p. 565.

22. Ibid., p. 564.

23. Ibid., p. 571.

24. King, 1997.

25. Rosenthal, 1970, p. 212.

26. Fivaz, 1988, p. 312.

27. See Fivaz, 1988, p. 311, and Rosenthal, 1970, p. 215.

28. Ibid., p. 311.

29. Barsky and DeLong, 1991, p. 823.

30. Fivaz, 1988, p. 313.

31. Ibid., Table 1, p. 313. 120 metric tons = 3,858,438 oz. @ $20.67/oz. _ $79,753,913 = 016,410,270.

32. Rosenthal, 1970, p. 217.

33. High Court of South Africa, 1896, p. 244.

34. Fivaz, 1988, p. 317.

35. For more complete information on Chevalier, see Kindleberger, 1978, pp. 25-30.

36. Jastram, 1977, Table 2, p. 32. See also Martin, 1977, p. 645.

37. Chevalier, 1859, p. 23. Martin, 1977, p. 650, cites a number of sources supporting the notion that cyclical economic factors and military activities also influenced the rise in commodity prices.

38. Chevalier, 1859, p. 85.

39. Ibid., p. 106.

40. Ibid., p. 94.

41. Ibid., p. 95.

42. Ibid., p. 95.

43. Ibid., p. 96.

44. Ibid., p. 97.

45. Ibid., p. 98.

46. Ibid., p. 106.

47. Ibid., p. 107.

48. Ibid., p. 108.

49. Ibid., p. 109.

50. Ibid., p. 110.

51. Ibid., p. 109.

52. Ibid., pp. 113-114.

53. Jastram, 1977, Table 2, p. 32.

54. Friedman and Schwartz, 1971, pp. 34-35.

55. Bureau of the Census, 1975, Series M76, p. 588.

56. Fay, 1951, p. 30.

57. See Barsky and DeLong, 1991, for an extended discussion of informed opinion and the behavior of prices, the financial markets, and gold production from 1870 to 1914.

58. Chevalier, 1859, p. 104.

59. Ibid., p. 104.

CHAPTER 15 THE BADGE OF HONOR

1. Gallarotti, 1995, p. 143

2. Ibid., p. 144.

3. Ibid., p. 144.

4. Ibid., p. 144.

5. Flandreau, 1996, p. 873.

6. Ibid., p. 886.

7. Gallarotti, 1995, p. 147.

8. Ibid., pp. 31-32.

9. Boyle, 1967, p. 128.

10. Officer, 1996, p. 36, and Table 5.2, pp. 54-55.

11. Wall Street Journal, Op-Ed page, December 10, 1999.

12. Gallarotti, 1995, Table 5.1, p. 135.

13. Ibid., p. 115.

14. Carman, 1919, pp. 11, 21.

15. Jevons, 1875, pp. 231-232.

16. See Friedman, 1992, p. 151n.

17. Redish, 1990, p. 805.

18. Bloch, 1933, p. 3.

19. Friedman, 1992, p. 153.

20. Hawtrey, 1947, p. 79.

21. Hamilton, 1791, p. 576.

22. Ibid., p. 576.

23. Ibid., p. 578.

24. Flandreau, 1996, p. 864.

25. Friedman, 1992, p. 133.

26. Chevalier, 1836, Letter 6, January 5, quoted in Kindleberger, 1978.

27. Friedman, 1992, pp. 55-57.

28. Martin, 1977, p. 650.

29. Ibid., especially pp. 656-657.

30. Holtfrerich, 1999, p. 187.

31. Flandreau, 1996.

32. Gallarotti, 1995, Table 6.3, p. 167.

33. Noyes, 1898, p. 157.

34. Ibid., p. 157.

35. Wirth, 1893, p. 218.

36. Ibid., p. 218.

37. See, especially, Wirth, 1893, pp. 219-229, for a vivid description of the derrings-do.

38. Pressnell, 1968, p. 217; the quoted diary was by Sir Edward Hamilton.

39. Wirth, 1893, p. 232.

40. Eichengreen, 1992, pp. 49-50.

41. Pressnell, 1968, p. 199.

42. Eichengreen, 1992, p. 49.

43. Ibid., pp. 49-50.

44. Pressnell, 1968, p. 203.

45. Kindleberger, 1996a, p. 139.

46. Ibid., p. 139.

47. See Kindleberger, 1993, p. 67; this is a good story.

48. Eichengreen, 1996, p. 33.

49. See Ibid., p. 31.

50. Gallarotti, 1995, p. 145.

CHAPTER 16 THE MOST STUPENDOUS CONSPIRACY AND THE ENDLESS CHAIN

1. Harvey, 1894, p. 215.

2. Bureau of the Census, 1975, Table 433, pp. 994-995.

3. Ibid., Table 424, pp. 994-995.

4. Friedman and Schwartz, 1971, p. 44.

5. Bureau of the Census, 1975, Table 52, p. 201.

6. Ibid., Table 52, p. 201, and Table 495, p. 1004.

7. Friedman, 1992, p. 51.

8. See Rockoff, 1990.

9. Friedman, 1992, pp. 62-63.

10. All the information in this paragraph is from Harvey, 1894, p. 39, who cites many sources.

11. Noyes, 1898, pp. 54-59.

12. Ibid., p. 160.

13. Ibid., p. 173.

14. Ibid., pp. 188-191.

15. Ibid., p. 220.

16. Niedringhaus, 1998, p. 19.

17. Noyes, 1898, p. 232.

18. Ibid., p. 232.

19. Ibid., p. 233.

20. Chernow, 1990, p. 74.

21. Ibid., p. 74.

22. Ibid., p. 75.

23. Ibid., p. 75.

24. Noyes, 1898, p. 237.

25. Chernow, 1990, p. 76.

26. Noyes, 1898, p. 236.

27. Ibid., p. 241.

28. Ibid., p. 253.

29. Friedman, 1992, p. 106.

30. Chernow, 1990, p. 78.

31. Quoted in Michael Kazin, "Where's the Outrage?" New York Times Magazine, June 7, 1998, p. 79.

32. Hicks, 1931, pp. 439-444.

33. Boorstin, 1966, pp. 593-604. This text includes useful background on Bryan by Richard Hofstadter.

34. Noyes, 1898, p. 266.

35. Ibid., pp. 266-267. He cites the New York Financial Chronicle for October 31 and November 7.

36. Ibid., pp. 264-266.

37. Friedman, 1992, pp. 104-125.

38. Ibid., p. 109, citing Henry Steele Commager.

CHAPTER 17 THE NORMAN CONQUEST

1. All quotes except for The Economist from Moggridge, 1972, p. 10.

2. Eichengreen, 1992, p. 104.

3. Kindleberger, 1993, Table 16.4, p. 298.

4. Hawtrey, 1947, Appendix.

5. Jastram, 1977, pp. 32, 146.

6. Mayhew, 1999, p. 202.

7. Moggridge, 1972, p. 28.

8. Boyle, 1967, p. 133.

9. Ibid., p. 128.

10. Moggridge, 1972, pp. 26-27.

11. Ibid., p. 40.

12. Boyle, 1967, p. 185.

13. Ibid., p. 189.

14. Mayhew, 1999, p. 214.

15. Moggridge, 1972, p. 53.

16. Ibid., p. 49.

17. Chernow, 1990, pp. 274-275.

18. Kindleberger, 1993, p. 330.

19. Keynes, 1931, pp. 183-184, from Auri Sacra Fames (Accursed Greed for Gold).

20. Kindleberger, 1993, pp. 327, 331.

21. Moggridge, 1972, p. 81.

22. Keynes, 1931, p. 246, from "The Economic Consequences of Mr. Churchill."

23. Ibid., pp. 233-235, from "The Speeches of the Bank Chairmen."

24. Smith, 1996.

25. Boyle, 1967, pp. 195-196. My italics.

26. Ibid., p. 196.

27. Ibid., p. 207.

28. Keynes, 1931, pp. 248-249.

29. Moggridge, 1972, pp. 45-46.

30. Kindleberger, 1993, p. 335.

31. See Kindleberger, 1986, p. 18.

32. For an extended and vivid description of these events, see Kindleberger, 1993, pp. 339-340.

33. Ibid., p. 343.

34. Ibid., p. 344.

35. Ibid., p. 332.

36. Eichengreen, 1996, Table 3.1, p. 65.

37. Hawtrey, 1947, Appendix.

38. Eichengreen, 1996, p. 66.

39. Chernow, 1990, p. 313.

40. Kindleberger, 1993, p. 334.

41. Boyle, 1967, pp. 231-232.

42. Ibid., pp. 233-234.

43. Galbraith, 1954, p. 57.

44. Bureau of the Census, 1975, Tables 548-550, p. 1009, and Kindleberger, 1986, Table 9, p. 100.

45. Bureau of the Census, 1975, Tables 445 and 447, p. 1001.

46. Kindleberger, 1986, pp. 100-102.

47. Eichengreen, 1996, p. 71.

48. Kindleberger, 1993, pp. 355, 358.

CHAPTER 18 THE END OF THE EPOCH

1. Hoover, 1952, p. 30.

2. Chernow, 1990, p. 322.

3. See The Merchant of Venice, Act III, Scene 2.

4. Hoover, 1952, p. 31.

5. Ibid., p. 53.

6. See Kindleberger, 1986, Tables 11, 13, and 14, pp. 113, 138, 139.

7. Friedman and Schwartz, 1971, p. 382.

8. Bureau of the Census, 1975, Tables 40, 9, and 588 (pp. 200, 126, and 1021).

9. Chernow, 1990, p. 323.

10. See Kindleberger, 1986, p. 130, and Hawtrey, 1947, p. 161.

11. Ibid., p. 145.

12. Ibid., p. 128.

13. Ibid., p. 165.

14. Boyle, 1967, p. 263.

15. Ibid., pp. 263-264.

16. Ibid., p. 264.

17. Ibid., p. 267.

18. Ibid., p. 266.

19. Ibid., pp. 272-273.

20. The Economist, September 12, 1931.

21. Keynes, 1931, "Saving and Spending," pp. 152-153.

22. Ibid., "The End of the Gold Standard," pp. 288, 294.

23. Moggridge, 1972, p. 9.

24. Boyle, 1967, p. 268.

25. Eichengreen, 1996, p. 48, and Hawtrey, 1947, p. 161.

26. Hawtrey, 1947, Appendix.

27. Kindleberger, 1993, pp. 370-371.

28. Friedman and Schwartz, 1971, p. 333.

29. Hoover, 1952, p. 120.

30. Hawtrey, 1947, p. 188.

31. Bureau of the Census, 1975, Table 493, p. 1117.

32. Hoover, 1952, p. 133.

33. Ibid., Chapters 17 and 18.

34. Ibid., p. 191.

35. Ibid., p. 199.

36. Ibid., p. 202.

37. Ibid., p. 204.

38. Ibid., pp. 201-202, and Eichengreen, 1992, p. 328.

39. Federal Reserve data.

40. Friedman and Schwartz, 1971, p. 333.

41. Ibid., p. 391.

42. Eichengreen, 1992, pp. 329-330.

43. Hoover, 1952, pp. 390-391.

44. Ibid., p. 395.

45. U.S. Supreme Court, Perry v. United States, No. 532, dated February 18, 1935.

46. Eichengreen, 1992, p. 333.

47. Hoover, 1952, p. 367.

48. Ibid., p. 398.

49. Ibid., p. 399.

50. Kindleberger, 1993, p. 385.

51. See Ibid., p. 387.

52. Jastram, 1977, Tables 3 and 8, pp. 34, 147.

53. Graham and Whittlesey, 1939, pp. 6-7.

54. Ibid., p. 9.

55. Ibid., p. 14.

56. Ibid., p. 14.

57. Ibid., p. 23.

58. Ibid., p. 20.

59. See Moggridge, 1972, pp. 81-90, for a full discussion of this view.

60. Boyle, 1967, p. 190.

61. Ibid., p. 190.

62. Chernow, 1990, p. 475.

63. Boyle, 1967, pp. 327-328.

CHAPTER 19 THE TRANSCENDING VALUE

1. de Gaulle, 1965.

2. All above quotations are from the New York Times.

3. Moggridge, 1980, p. 229.

4. Ibid., p. 230.

5. From Triffin, 1960, Table 2, p. 5.

6. Personal reminiscence of Robert Roosa.

7. Eichengreen, 1996, p. 131.

8. Weil and Davidson, 1970, p. 62.

9. U.S. Treasury Department, 1982, p. 84.

10. New York Times, October 21, 1967.

11. Ibid., March 21, 1968.

12. Ibid., November 28, 1967.

13. Weil and Davidson, 1970, p. 100.

14. For details, see Ibid., pp. 143-147.

CHAPTER 20 WORLD WAR EIGHT AND THE THIRTY OUNCES OF GOLD

1. Stein, 1984, p. 162.

2. This whole story is from Stein, 1984, pp. 162-180.

3. Ibid., p. 166.

4. Ibid., p. 176.

5. Ibid., p. 177.

6. New York Times, August 16, 1971.

7. All quotations in this paragraph are from the New York Times, August 17, 1971.

8. Ibid., August 16, 1971.

9. Ibid., August 20, 1971.

10. Ibid., August 19, 1971.

11. Ibid., August 17, 1971.

12. Eichengreen, 1996, p. 133.

13. U.S. Treasury Department, 1982, p. 93.

14. New York Times Abstracts, 1978, p. 30, col. 5.

15. New York Times, January 4, 1980.

16. Ibid., January 6, 1980.

17. This entire paragraph is from the New York Times, January 16, 1980.

18. Ibid., January 18, 1980.

19. Ibid., January 22, 1980.

20. Ibbotson and Siegel, 1983, Tables 1 and 3.

21. Pensions & Investments, March 12, 1979, October 13, 1980, and April 18, 1983. For further details about this episode, see Clowes, 2000.

22. U.S. Treasury Department, 1982, pp. 84, 199, 205.

23. New York Times, December 19, 1985.

24. U.S. Treasury Department, 1982, p. 13.

25. International Monetary Fund data.

26. Swiss Expert Group, 1997, p. 2.

27. Ibid., p. 7.

28. Advertisement of the World Gold Council in the New York Times, September 8, 1998.

29. New York Times, September 28, 1999.

30. Bankers Trust Research, Global Economics, Commodity Focus, June 27, 1997.

31. World Gold Council.

32. The Economist, January 16, 1999.

33. Mitsui Global Precious Metals, Presentation at Bank Credit Analyst Conference, February 12, 1999.

EPILOGUE

1. Shaw, 1928, p. 263.

2. Jevons, 1875, pp. 231-232.

3. Wall Street Journal, Op-Ed page, December 10, 1999.

4. From a lecture delivered at Saint Vincent College, Latrobe, Pa., on March 13, 1997.