Notes

NOTES INTRODUCTION 1. Exodus iii, 14. BOOK ONE—CHAPTER II 1. Matthew, xxii, 17-21. 2. Leviticus, xix, 19; Deuteronomy, xxii, 10. 3. Leviticus, xix, 36. 4. Cruden's Complete Concordance (Philadelphia, 1930), Art. Brass. 5. Exodus, xxx, 15. 6. See Leo Kadman, The Coins of the Jewish War of 66-73, Vol. Ill in the Corpus Nummorum Palaestinensium (Tel-Aviv-Jerusalem, 1960). 7. Amos, viii, 5. BOOK ONE—CHAPTER III 1. Thomas Babington Macaulay, The History of England (London, 1848), chap. xxi. BOOK TWO—CHAPTER II 1. Herodotus, Book I, sec. 94; Strabo, Geography, Book VII, chap, iii, sec. 33; Plutarch, Theseus (London, 1876), p. 150. 2. Aristotle, Politics, Book V, chap. ix. 3. Theodore Mommsen, History of Rome, translation of Rev. Wm. P. Dickson (London, 1862-1875), I, 251; Homer Iliad, VI, 236, VII, 274; Pliny, Natural History, XXXIII, 3. The "oxen" theory of money is disputed by various authorities. See Alexander Del Mar, History of Money in Ancient Countries (London, 1885), p. 195; A. R. Burns, Money and Monetary Policy in Early Times (New York, 1927), p. 6.

BOOK TWO—CHAPTER IV 1. George Grote, History of Greece, chap. xi. 2. Augustus Boeckh, Public Economy of the Athenians, translated by Anthony Lamb (London, 1857), pp. 67 ff. BOOK TWO—CHAPTER V 1. Karl Helfferich, Money, translated by Louis Infield (New York, 1927), I, 281. 2. Carl Knies, Geld und Kredit (2d ed.: Berlin, 1888), Vol. 1, Das Geld, p. 147. 292 NOTES 293 3. Irving Fisher, Purchasing Power of Money (New York, 1920), pp.31-32. 4. Helfferich, op. cit., II, 494. 5. Benjamin M. Anderson, Jr., The Value of Money (New York, 1926), p. 153. 6. Book V, chaps, viii to xii. BOOK THREE—CHAPTER II 1. Leon Homo, VEmpire Romain (Paris, 1925), p. 341. 2. Ferdinand Lot, The End of the Ancient World (New York, 1931), p. 55. BOOK THREE—CHAPTER IV 1. George Finlay, History of Greece (Oxford, 1877), Appendix I, 432. 2. Theodore Mommsen, History of Roman Money, Part III, chap, v, sec. 10 (I, 147, 148, in translation of Le due de Blacas, Paris, 1873).

3. Mommsen, op. cit., Part III, Chap, v, sec. 11 (III, 149, 150). BOOK FOUR—CHAPTER II 1. George Finlay, History of Greece (Oxford, 1877), II, 213. 2. Karl Helfferich, Money, Infield translation (New York, 1927), I, 88. See also Alexander Del Mar, History of the Precious Metals (New York, 1902), p. 199. Del Mar states the treasure in gold and silver taken from Peru to have been equivalent to 217,000 ounces of gold. 3. Helfferich, op. cit., I, 169. Charles A. Conant, History of Modern Banks of Issue (New York, 1902), p. 193 (p. 197 in revised edition of 1927). 4. Helfferich, op. cit., I, 210. 5. See Sewell, "Roman Coins in India," Journal of Asiatic Society, XXXVI (1904), 620-21. 6. See Thomas Madox, History of the Exchequer (London, 1769, 2vols.). 7. Christian Topography, Lib. XI. 8. Ibid. 9. Le livre du prefet ou I'edit de Xempereur Leon le Sage sur les corporations de Constantinople, French translation from the Geneva text by Jules Nicole, p. 38. Cited by Ernest Nys, Researches in the History of Economics, translation of N. F. and A. R. Dryhurst (London, 1899), p.203.

10. Byzantinische Kulturgeschichte (Tubingen, 1909), p. 78. BOOK FIVE—CHAPTER I 1. Herman Schmidt, Tate's "Cambist" (London, 1880), p. 43. 2. Le Vicomte G. D'Avenel, Histoire economique de la propriete, 294 MONEY AND MAN des salaires, des denrees, etc. 1200-1800 (Paris, 1894), I, 62. Also I, 37-39, 482-494. 3. Alexander Del Mar, Money and Civilization (London, 1885), pp. 11, 12. 4. Ibid., p. 10. 5. H. Pigeonneau, Histoire du commerce de la France, I, 82, cited by Ernest Nys, Researches in the History of Economics (London, 1899), p. 237. 6. Nys, op. cit., p. 239. 7. Op. cit., p. 37. 8. W. A. Shaw, History of Currency, 1252-1894 (London, 1896), pp. 4 ff. 9. See his chapter, "Sacred Character of Gold," in History of Monetary Systems (New York, 1903). BOOK FIVE—CHAPTER II 1. Article "Livre" in the Encyclopedic, quoted, Molinari, Cours d'economie politique, and in J. Schoenhof, Money and Prices (New York, 1896), p. 99.

2. W. A. Shaw, op. cit., Appendix V. 3. Ibid., p. 44. 4. History of Monetary Systems, p. 232. BOOK FIVE—CHAPTER IV 1. Cited by Nys, op. cit., p. 249. 2. Ibid., p. 252. BOOK SIX—CHAPTER I 1. Franklin W. Ryan, Usury and Usury Laws (New York, 1924), pp. 42 ff. 2. R. H. Tawney, Religion and the Rise of Capitalism (London, 1926), p.43. 3. lbid.,p. 35. 4. Ibid., p. 42. 5. Ryan, op. cit. BOOK SIX—CHAPTER II 1. Cambridge Medieval History (London, 1926), Vol. II, chap, iii, "Roman Law," by H. J. Roby. 2. Richard Ehrenberg, Capital and Finance in the Age of the Renaissance, translation of H. M. Lucas (London, 1928), pp. 34, 35. BOOK SIX—CHAPTER III 1. Jacob Strieder, Jacob Fugger the Rich, translation of Mildred L. Hartsough (New York, 1931), p. 1.

NOTES 295 2. Ibid., p. 3. 3. Nys, op. cit., pp. 284, 285. BOOK SIX—CHAPTER IV 1. William Linn Westermann, "Warehousing and Trapezite Banking in Antiquity," Journal of Economic and Business History (1930), III, 30-54; Abbott Payson Usher, "Deposit Banking in Barcelona," ibid. (1931), IV, 121-155; idem, "Origins of Banking," Economic History Review (1934), IV, 399-428. 2. Pompeo Molmenti, Venice, translated by Horatio F. Brown (London, 1906), I, 15; Nys, op. cit., p. 205; C. F. Dunbar, "The Bank of Venice," Quarterly Journal of Economics (1892), VI, 308-335. 3. Charles A. Conant, History of Modern Banks of Issue (New York, 1902), p. 195 (p. 199 in edition of 1927). BOOK SIX—CHAPTER V 1. Clive Day, History of Commerce (London, 1907, 1917), p. 155. 2. Ehrenberg, op. cit., pp. 243 ff. 3. Ibid., p. 242. 4. Ibid., p. 243. 5. Ibid. BOOK SIX—CHAPTER VI 1. J. W. Jeudwine, Studies in Empire and Trade (London, 1923), p. 278.

2. Ibid. BOOK SEVEN—CHAPTER I 1. See W. Vissering, On Chinese Currency (Leiden, 1877); also Jules Heinrich Klaproth, "Sur l'origine du papier monnaie," Journal Asiatique, Vol. I (1822). Also in pamphlet form. 2. Del Mar, History of Monetary Systems, p. 182. 3. Del Mar, Money and Civilization, p. 29. 4. Thomas Francis Carter, Invention of Printing in China and Its Spread Westward, p. 100. 5. Carl Richard Greer, Advertising and its Mechanical Preparation (New York, 1931), p. 357. 6. W. A. Shaw, Theory and Principles of Central Banking (London, 1930), pp. 26,27. 7. William B. Weeden, Indian Money as a Factor in New England Civilization, Johns Hopkins University Studies in Historical and Political Science, Second Series, VIII-IX (Baltimore, August and September, 1884). 8. Horace White, Money and Banking (New York, 1895), pp. 3-9. 9. Noble Foster Hoggson, Epochs in American Banking (New York, 1929),p.32.

296 MONEY AND MAN 10. W. Z. Ripley, Financial History of Virginia, Studies in History, Economics, and Public Law, edited by the University Faculty of Political Science of Columbia College (New York, 1893), pp. 145 ff.; Horace White, op. cit., pp. 3-9; See also C. P. Gould, Money and Transportation in Maryland (1720-1765), Johns Hopkins University Studies in Historical and Political Science, Thirty-third Series (1915). 11. Noble Foster Hoggson, op. cit., pp. 49 ff. BOOK SEVEN—CHAPTER II 1. Albert Despaux, L'Inflation dans I'Histoire (Paris, 1922), p. 159. 2. France Under the Regency (New York, 1892), p. 283. 3. Jean la Bruyere, De I'homme, chap. ii. BOOK SEVEN—CHAPTER III 1. La tres Curieuse Vie de Law, translated by G. E. C. Masse (New York, 1928). 2. Theory and Practice of Banking (new impression, London, 1923), II, 243 ff. BOOK SEVEN—CHAPTER IV 1. SaintSimon, Louis de Rouv Roy, due de, Memoires (Paris, 1788), chap. vii.

BOOK SEVEN—CHAPTER VI 1. Lettres sur le nouveau systeme des finances (May 18, 1720). BOOK SEVEN—CHAPTER VII 1. Letter in Mercure de France (May, 1720). BOOK EIGHT—CHAPTER I 1. W. A. Shaw, op. cit., pp. 18-23. BOOK EIGHT—CHAPTER II 1. Ibid., pp. 160, 161. BOOK EIGHT—CHAPTER III 1. Karl Helfferich, Money, Infield translation (New York, 1927), I, 115 ff. 2. J. Laurence Laughlin, History of Bimetallism in the United States (New York, 1885, 1886), p. 23. 3. "Report on the Establishment of a Mint" (in Report of the International Monetary Conference of 1878), pp. 454-484. Also, Reports of the Secretary of the Treasury (Report on the Finances 1790-1814) Vol. I (Washington, 1837). 4. J. Laurence Laughlin, op. cit., p. 53.

NOTES 297 5. Actually 15.98 to 1. The Act of 1837 readjusted the alloy in the silver and gold coins to bring them both to a standard fineness of .900. The result was a slight adjustment in the ratio of 16 to 1 set by the Act of 1834. 6. J. Laurence Laughlin, op. cit., pp. 66, 67. BOOK EIGHT—CHAPTER IV 1. H. Parker Willis, A History of the Latin Monetary Union (University of Chicago Press, 1901), pp. 32, 36. 2. See H. Parker Willis, op. cit., pp. 59 ff. Dr. Willis, after careful investigation, comes to the same conclusion as Dr. Soetbeer (Wdhrungsfrage, p. 29), whose views are also adopted by Laughlin (op. cit., p. 148). 3. Helfferich, op. cit., I, 148. 4. According to the tables of the United States Director of the Mint. 5. Helfferich, op. cit., I, 181. BOOK NINE—CHAPTER II 1. W. A. Shaw, Theory and Principles of Central Banking (London, 1930), pp. 31, 32. BOOK NINE—CHAPTER III 1. Charles A. Conant, A History of Modern Banks of Issue (New York, 1902), pp. 90, 91.

2. Op. cit., p. 122. BOOK NINE—CHAPTER IV 1. Noble Foster Hoggson, Epochs in American Banking (New York, 1929), p. 100. 2. This classification is based upon Charles A. Conant, A History of Modern Banks of Issue (New York, 1902, 1927), chap, xiv, whose account of the state banking systems is classic. 3. Conant, op. cit., p. 360 (1927 edition). 4. Ibid., pp. 361 ff. 5. Ibid., p. 378. 6. Money and Its Laws (New York, 1877), p. 540. 7. See the admirable work on the subject, The Legal Qualities of Money, by Arthur Kemp, (New York, 1956). BOOK NINE—CHAPTER V 1. John Stuart Mill, Principles of Political Economy, III, chap. xxiv. 2. Op. cit., p. 125 (1927 edition). 3. For further details see the author's The Decay of Money (monograph) (Washington: Institute for Monetary Research, 1962). BOOK NINE—CHAPTER VI 1. J. E. Thorold Rogers, First Nine Years of the Bank of England 298 MONEY AND MAN (Oxford, 1887), p. 8.

2. Ibid., p. 9. 3. A. Andreades, History of the Bank of England, 1640 to 1903 (London, 1924), p. 276. 4. Harry E. Miller, Banking Theories in the United States Before 1860 (Cambridge: Harvard University Press, 1927). 5. Vethake, The Principles of Political Economy (1838), cited in The New York Money Market, by Margaret G. Myers (New York, 1931), I, 87. 6. Margaret G. Myers, op. cit., I, 87. 7. Harry E. Miller, op. cit., p. 12. 8. Op. cit. I, 88. 9. Hamilton, "Report on a National Bank" (1790), American State Papers, Finance, I, 68. Also in Papers on Public Credit, Commerce and Finance (New York: Columbia University Press, 1934), pp. 53-95. 10. Albert Gallatin, Considerations on the Currency and Banking System of the United States (1831), p. 31. 11. Henry E. Miller, op. cit., p. 110. BOOK TEN—CHAPTER I 1. Reports of the Director of the Mint. 2. See the author's The Silken Metal—Silver: Past, Present, Prospective (Monograph) (Washington: Institute for Monetary Research, 1975); also, Dickson H. Leavens, Silver Money (Bloomington, Indiana 1939).

3. David Kinley, The Use of Credit Instruments in Payments in the United States, Publications of the National Monetary Commission (Washington, 1910). BOOK TEN—CHAPTER II 1. Conant, op. cit., pp. 538, 539. BOOK TEN—CHAPTER III 1. Harold G. Moulton, Principles of Money and Banking (Chicago, 1916),p.295. 2. Adapted from the Federal Reserve Act (Boston News Bureau Co., 1914), pp. 10-11, 38; Harold G. Moulton, op. cit., p. 264. 3. Subsequently, in 1968, the gold reserve requirement for notes was abolished. 4. Report of the Committee on Member Bank Reserves of the Federal Reserve System (Washington, 1931). 5. In 1965, the gold reserve requirement against deposit liabilities was abolished. 6. United States Government securities, and certain types of agricultural credit obligations, municipal warrants, trade acceptances and bankers' bills.

NOTES 299 7. Section 14, Federal Reserve Act. BOOK TEN—CHAPTER IV 1. Recent Social Changes (New York, 1933), I, 256. 2. New York American (November 9-15, 1931). 3. Letter from Moody's Investors' Service. The figures are given annually in Moody's Manual of Investments, Government and Municipal (New York), blue page section. 4. Franklin W. Ryan, "Family Finance in the United States," Journal of Business of the University of Chicago, Vol. Ill, No. 4 (October, 1930). BOOK TEN—CHAPTER V 1. Helfferich, op. cit., I, 212; Willis and Beckhart, Foreign Banking Systems (New York, 1929), p. 1205. 2. Helfferich, op. cit., I, 220. 3. W. A. Shaw, The Theory and Principles of Central Banking (London, 1930), Preface, vi. 4. Adapted from Madden and Nadler, Foreign Securities (New York, 1920), pp. 13-14. BOOK TEN—CHAPTER VI 1. League of Nations' Monthly Bulletin of Statistics, Special Number (May, 1933). 2. See, for instance, J. M. Keynes, The Economic Consequences of the Peace (New York, 1920).

BOOK ELEVEN—CHAPTER I 1. Adapted from Frank A. Vanderlip, Tomorrow's Money (New York, 1934), pp. 16-18. 2. U.S. Dept. of Com., Historical Statistics of the U.S. (Washington, 1960), and Statistical Abstract of the U.S. (annual issues). 3. Housing America, by the editors of Fortune (New York, 1933); also Fortune (March, 1932). BOOK ELEVEN—CHAPTER II 1. See Harry W. Laidler, Concentration of American Industry (New York, 1931); Maurice Wormser, Frankenstein, Incorporated (New York, 1931); Berle and Means, The Modern Corporation and Private Property (New York, 1932). 2. Berle and Means, op. cit., chap. iii. 3. Laidler, op. cit., p. 53. 4. For a detailed description of the process, see Berle and Means, op. cit.; also John T. Flynn, Security Speculation (New York, 1934).

300 MONEY AND MAN 5. Hearings of the Senate Committee on Banking and Currency on Stock Exchange Practices, Part II (May 26 to June 9, 1933). BOOK TWELVE—CHAPTER I 1. Supra, Book Six, Chapter V. 2. Supra, Book Ten, Chapter III. 3. Congressman Wright Patman, for years one of the most powerful figures in Congress as Chairman of the House Banking and Currency Committee, was never able to obtain an audit of the Federal Reserve System. Former Justice Arthur Goldberg, questioned as to the indifference of the courts to the Constitutional question stated that the courts were always reluctant to question the power of Congress, either to exercise or to delegate, on economic questions. 4. New York Times, March 7, 1934; April 22, 1934. BOOK TWELVE—CHAPTER II 1. U.S. Foreign Aid (Legislative Reference Service, Library of Congress, Washington, 1959). 2. Quoted in Prosperity Through Competition—The Economics of the German Miracle, by its creator, Ludwig Erhard, Vice Chancellor and Minister for Economic Affairs of the German Federal Republic (New York, 1958), pp. 12, 13.

3. For a critical discussion of the foreign aid program, see Foreign Aid Re-examined, a symposium held at Emory University, 1957, ed. by Wiggins and Schoeck (Washington, 1958). 4. International Monetary Fund, Annual Report for 1960 (Washington, 1960),p. 177. BOOK TWELVE—CHAPTER III 1. See his General Theory of Employment, Interest and Money (New York, 1936). 2. Supra, Book Ten, Chapter V. By 1970, of total reserves of the world's central banks, of $92^ billion, only $37 billion was in gold. 3. Supra, Book Ten, Chapter III. 4. From 23.22 fine grains gold to 13 10/14 fine grains, or a value of $35 per ounce. BOOK TWELVE—CHAPTER V 1. Genesis ii, 11, 12. 2. Supra, Book Eight, Chapter IV; Book Ten, Chapters I, II, III. 3. See the author's Introduction to Iran (New York, 1947), pp. 51, 157 ff., 164 ff., 176 ff. 4. See Maj. Gen. L. C. Dunsterville, The Adventure of Dunsterforce (London, 1921), for an account of this expedition.

5. Fifty Years in China (New York, 1954), p. 228. 6. Public Law 88-36, approved June 4, 1963.

NOTES 301 7. Since silver had not been coined since 1934, the mint was authorized to deliver silver bullion at the mint price of $1.29 an ounce. 8. "Coinage Act of 1965" (Public Law 89-81), approved July 23, 1965. BOOK TWELVE—CHAPTER VI 1. Leviticus, xix, 36. BOOK TWELVE—CHAPTER VII 1. The Internal Debts of the United States, edited by Evans Clark (New York, 1933). 2. U.S. Board of Governors of Federal Reserve System, in Statistical Abstracts of the U.S. 3. Is Capitalism Doomed? (New York, 1932), chap. iii. 4. Debt and Production (New York, 1933). 5. The Economy of Abundance (New York, 1934), p. 133.