Leo T. reviewed One Nation Under Gold: How One Precious Metal Has Dominated the American Imagination for Four Centuries on + 1775 more book reviews
Mr. Ledbetter flogged his book on WHYY Fresh Air (26 June 2017) and he apparently covers especially well the worries during the administrations of LBJ and RMN about maintaining the gold standard, i.e. buying and selling gold for $35 an ounce in the face of increasing demand. In the interview, he didn't blame the French very much; at the time, I thought they were especially persistent.
A fellow PBS member kindly supplied me with a copy and I read the earlier chapters that I was most interested in. I found them well written and factual, although I believe the author goes a little bit far in attributing events to gold.
The introduction and first chapter recalls those days of manifest destiny, i.e. the USA deserved to find gold and silver in the West. "This was something to the American psyche, a motivation for wealth quite apart from Calvinist notions of austerity or that fiancial success could only come from sustained hard work and spiritual devotion (22)." The Third Great Awakening is cited. Mr. Ledbetter fails to note that people brought gold to the mint for recoining before the N.C. and Georgia deposits were found. (See Frank Stewart's 1924 book, it is quite interesting, relating early operations that he found evidence of in research and in demolishing the 1792 building).
In Chapter 2 the corner in the gold room is related with an excellent photo of an original chalkboard with the hourly prices of gold written thereon. The author's retelling of this is benefited by his brief references to the political situation for Grant in his first term and Cleveland in his second term. The detail on Hepburn v. Grisowld and Salmon P. Chase reveals facts that I don't think I ever knew of. Mr. Ledbetter is very diligent in his research.
Chapoter Three offers details on gold vs silver particulary in both Democratic and GOP party politics. Detials such as Richard Bland, W.J. Bryan are included and it recalls that President Jackson favored the gold standard.
Chapter Four is about the USA leaving the gold standard and shows good research through the ample sources by the author. I myself feel the author goes too far in attributing the Depression to the gold standard and the opposition that lasted so long to the New Deal to the ending of the gold ownership. The Bank Holiday was based on the administration's use of the Enemy Act of 1917. The author take is one to describe the rush of business in March 1933 as 'slapdash' but I think they did well.
Chapter Five deals with the USA as the 'arsenal of gold.' Gold clauses were widespread, especially in Railroad bonds, mortgages, and even the Liberty Loans. It was thought that a Supreme Court decision against the administration that preserved the gold clauses would cost $20 billion in an annual budget of $199 billion. The inner workings of the administration are revealed and the politics well laid out.
I didn't read the RMN departure from gold chapters. As no one picked the book from the shelf at the old soldiers'
home (few readers), I pulled it after eight weeks and put it on the book truck at VA Hospital in Sawtelle (many readers). Going out there on the bus I read Chapter Nine, "This Time For Real," that dealt with the RMN administration's decision to 'close the gold window.' The chapter again demonstrates Mr. Ledbetter's careful research and evaluation skills. The worst trade deficit since 1893 forced the hand of the administration in 1971.
Note that the melt of silver coinage was at first unlawful and certainly unregulated.
Index, bibliography, endnotes.
A fellow PBS member kindly supplied me with a copy and I read the earlier chapters that I was most interested in. I found them well written and factual, although I believe the author goes a little bit far in attributing events to gold.
The introduction and first chapter recalls those days of manifest destiny, i.e. the USA deserved to find gold and silver in the West. "This was something to the American psyche, a motivation for wealth quite apart from Calvinist notions of austerity or that fiancial success could only come from sustained hard work and spiritual devotion (22)." The Third Great Awakening is cited. Mr. Ledbetter fails to note that people brought gold to the mint for recoining before the N.C. and Georgia deposits were found. (See Frank Stewart's 1924 book, it is quite interesting, relating early operations that he found evidence of in research and in demolishing the 1792 building).
In Chapter 2 the corner in the gold room is related with an excellent photo of an original chalkboard with the hourly prices of gold written thereon. The author's retelling of this is benefited by his brief references to the political situation for Grant in his first term and Cleveland in his second term. The detail on Hepburn v. Grisowld and Salmon P. Chase reveals facts that I don't think I ever knew of. Mr. Ledbetter is very diligent in his research.
Chapoter Three offers details on gold vs silver particulary in both Democratic and GOP party politics. Detials such as Richard Bland, W.J. Bryan are included and it recalls that President Jackson favored the gold standard.
Chapter Four is about the USA leaving the gold standard and shows good research through the ample sources by the author. I myself feel the author goes too far in attributing the Depression to the gold standard and the opposition that lasted so long to the New Deal to the ending of the gold ownership. The Bank Holiday was based on the administration's use of the Enemy Act of 1917. The author take is one to describe the rush of business in March 1933 as 'slapdash' but I think they did well.
Chapter Five deals with the USA as the 'arsenal of gold.' Gold clauses were widespread, especially in Railroad bonds, mortgages, and even the Liberty Loans. It was thought that a Supreme Court decision against the administration that preserved the gold clauses would cost $20 billion in an annual budget of $199 billion. The inner workings of the administration are revealed and the politics well laid out.
I didn't read the RMN departure from gold chapters. As no one picked the book from the shelf at the old soldiers'
home (few readers), I pulled it after eight weeks and put it on the book truck at VA Hospital in Sawtelle (many readers). Going out there on the bus I read Chapter Nine, "This Time For Real," that dealt with the RMN administration's decision to 'close the gold window.' The chapter again demonstrates Mr. Ledbetter's careful research and evaluation skills. The worst trade deficit since 1893 forced the hand of the administration in 1971.
Note that the melt of silver coinage was at first unlawful and certainly unregulated.
Index, bibliography, endnotes.
