Gold and Economic Freedom

by Alan Greenspan, 1967

An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense-perhaps more clearly and subtly than many consistent defenders of laissez-faire — that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.

In order to understand the source of their antagonism, it is necessary first to understand the specific role of gold in a free society.

Money is the common denominator of all economic transactions. It is that commodity which serves as a medium of exchange, is universally acceptable to all participants in an exchange economy as payment for their goods or services, and can, therefore, be used as a standard of market value and as a store of value, i.e., as a means of saving.

The existence of such a commodity is a precondition of a division of labor economy. If men did not have some commodity of objective value which was generally acceptable as money, they would have to resort to primitive barter or be forced to live on self-sufficient farms and forgo the inestimable advantages of specialization. If men had no means to store value, i.e., to save, neither long-range planning nor exchange would be possible.

What medium of exchange will be acceptable to all participants in an economy is not determined arbitrarily. First, the medium of exchange should be durable. In a primitive society of meager wealth, wheat might be sufficiently durable to serve as a medium, since all exchanges would occur only during and immediately after the harvest, leaving no value-surplus to store. But where store-of-value considerations are important, as they are in richer, more civilized societies, the medium of exchange must be a durable commodity, usually a metal. A metal is generally chosen because it is homogeneous and divisible: every unit is the same as every other and it can be blended or formed in any quantity. Precious jewels, for example, are neither homogeneous nor divisible. More important, the commodity chosen as a medium must be a luxury. Human desires for luxuries are unlimited and, therefore, luxury goods are always in demand and will always be acceptable. Wheat is a luxury in underfed civilizations, but not in a prosperous society. Cigarettes ordinarily would not serve as money, but they did in post-World War II Europe where they were considered a luxury. The term “luxury good” implies scarcity and high unit value. Having a high unit value, such a good is easily portable; for instance, an ounce of gold is worth a half-ton of pig iron.

In the early stages of a developing money economy, several media of exchange might be used, since a wide variety of commodities would fulfill the foregoing conditions. However, one of the commodities will gradually displace all others, by being more widely acceptable. Preferences on what to hold as a store of value, will shift to the most widely acceptable commodity, which, in turn, will make it still more acceptable. The shift is progressive until that commodity becomes the sole medium of exchange. The use of a single medium is highly advantageous for the same reasons that a money economy is superior to a barter economy: it makes exchanges possible on an incalculably wider scale.

Whether the single medium is gold, silver, seashells, cattle, or tobacco is optional, depending on the context and development of a given economy. In fact, all have been employed, at various times, as media of exchange. Even in the present century, two major commodities, gold and silver, have been used as international media of exchange, with gold becoming the predominant one. Gold, having both artistic and functional uses and being relatively scarce, has significant advantages over all other media of exchange. Since the beginning of World War I, it has been virtually the sole international standard of exchange. If all goods and services were to be paid for in gold, large payments would be difficult to execute and this would tend to limit the extent of a society’s divisions of labor and specialization. Thus a logical extension of the creation of a medium of exchange is the development of a banking system and credit instruments (bank notes and deposits) which act as a substitute for, but are convertible into, gold.

    A free banking system based on gold is able to extend credit and thus to create bank notes (currency) and deposits, according to the production requirements of the economy. Individual owners of gold are induced, by payments of interest, to deposit their gold in a bank (against which they can draw checks). But since it is rarely the case that all depositors want to withdraw all their gold at the same time, the banker need keep only a fraction of his total deposits in gold as reserves. This enables the banker to loan out more than the amount of his gold deposits (which means that he holds claims to gold rather than gold as security of his deposits). But the amount of loans which he can afford to make is not arbitrary: he has to gauge it in relation to his reserves and to the status of his investments.

When banks loan money to finance productive and profitable endeavors, the loans are paid off rapidly and bank credit continues to be generally available. But when the business ventures financed by bank credit are less profitable and slow to pay off, bankers soon find that their loans outstanding are excessive relative to their gold reserves, and they begin to curtail new lending, usually by charging higher interest rates. This tends to restrict the financing of new ventures and requires the existing borrowers to improve their profitability before they can obtain credit for further expansion. Thus, under the gold standard, a free banking system stands as the protector of an economy’s stability and balanced growth.

When gold is accepted as the medium of exchange by most or all nations, an unhampered free international gold standard serves to foster a world-wide division of labor and the broadest international trade. Even though the units of exchange (the dollar, the pound, the franc, etc.) differ from country to country, when all are defined in terms of gold the economies of the different countries act as one — so long as there are no restraints on trade or on the movement of capital. Credit, interest rates, and prices tend to follow similar patterns in all countries. For example, if banks in one country extend credit too liberally, interest rates in that country will tend to fall, inducing depositors to shift their gold to higher-interest paying banks in other countries. This will immediately cause a shortage of bank reserves in the “easy money” country, inducing tighter credit standards and a return to competitively higher interest rates again.

A fully free banking system and fully consistent gold standard have not as yet been achieved. But prior to World War I, the banking system in the United States (and in most of the world) was based on gold and even though governments intervened occasionally, banking was more free than controlled. Periodically, as a result of overly rapid credit expansion, banks became loaned up to the limit of their gold reserves, interest rates rose sharply, new credit was cut off, and the economy went into a sharp, but short-lived recession. (Compared with the depressions of 1920 and 1932, the pre-World War I business declines were mild indeed.) It was limited gold reserves that stopped the unbalanced expansions of business activity, before they could develop into the postWorld Was I type of disaster. The readjustment periods were short and the economies quickly reestablished a sound basis to resume expansion.

But the process of cure was misdiagnosed as the disease: if shortage of bank reserves was causing a business decline-argued economic interventionists — why not find a way of supplying increased reserves to the banks so they never need be short! If banks can continue to loan money indefinitely — it was claimed — there need never be any slumps in business. And so the Federal Reserve System was organized in 1913. It consisted of twelve regional Federal Reserve banks nominally owned by private bankers, but in fact government sponsored, controlled, and supported. Credit extended by these banks is in practice (though not legally) backed by the taxing power of the federal government. Technically, we remained on the gold standard; individuals were still free to own gold, and gold continued to be used as bank reserves. But now, in addition to gold, credit extended by the Federal Reserve banks (“paper reserves”) could serve as legal tender to pay depositors.

When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. More disastrous, however, was the Federal Reserve’s attempt to assist Great Britain who had been losing gold to us because the Bank of England refused to allow interest rates to rise when market forces dictated (it was politically unpalatable). The reasoning of the authorities involved was as follows: if the Federal Reserve pumped excessive paper reserves into American banks, interest rates in the United States would fall to a level comparable with those in Great Britain; this would act to stop Britain’s gold loss and avoid the political embarrassment of having to raise interest rates.

The “Fed” succeeded; it stopped the gold loss, but it nearly destroyed the economies of the world in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market — triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. Great Britain fared even worse, and rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and inducing a world-wide series of bank failures. The world economies plunged into the Great Depression of the 1930’s.

With a logic reminiscent of a generation earlier, statists argued that the gold standard was largely to blame for the credit debacle which led to the Great Depression. If the gold standard had not existed, they argued, Britain’s abandonment of gold payments in 1931 would not have caused the failure of banks all over the world. (The irony was that since 1913, we had been, not on a gold standard, but on what may be termed “a mixed gold standard”; yet it is gold that took the blame.) But the opposition to the gold standard in any form — from a growing number of welfare-state advocates — was prompted by a much subtler insight: the realization that the gold standard is incompatible with chronic deficit spending (the hallmark of the welfare state). Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale.

Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government’s promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. They have created paper reserves in the form of government bonds which — through a complex series of steps — the banks accept in place of tangible assets and treat as if they were an actual deposit, i.e., as the equivalent of what was formerly a deposit of gold. The holder of a government bond or of a bank deposit created by paper reserves believes that he has a valid claim on a real asset. But the fact is that there are now more claims outstanding than real assets. The law of supply and demand is not to be conned. As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy’s books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by bank credit expansion.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.

Home

Top of Pg.

English Fig Wine

Take the large blue figs when pretty ripe, and steep them in white wine, having made some slits in them, that they may swell and gather in the substance of the wine.

Then slice some other figs and let them simmer over a fire in water until they are reduced [...] Read more →

The Shirk – An Old but Familiar Phenomena

STORE MANAGEMENT—THE SHIRK.

THE shirk is a well-known specimen of the genus homo. His habitat is offices, stores, business establishments of all kinds. His habits are familiar to us, but a few words on the subject will not be amiss. The shirk usually displays activity when the boss is around, [...] Read more →

Harry Houdini Investigates the Spirit World

The magician delighted in exposing spiritualists as con men and frauds.

By EDMUND WILSON June 24, 1925

Houdini is a short strong stocky man with small feet and a very large head. Seen from the stage, his figure, with its short legs and its pugilist’s proportions, is less impressive than at close [...] Read more →

Something about Caius College, Cambridge

Gate of Honour, Caius Court, Gonville & Caius

Gonville & Caius College, known as Caius and pronounced keys was founded in 1348 by Edmund Gonville, the Rector of Terrington St Clement in Norfolk. The first name was thus Goville Hall and it was dedicated to the Annunciation of the Blessed Virgin Mary. [...] Read more →

Platform of the American Institute of Banking in 1919

Resolution adapted at the New Orleans Convention of the American Institute of Banking, October 9, 1919:

“Ours is an educational association organized for the benefit of the banking fraternity of the country and within our membership may be found on an equal basis both employees and employers; [...] Read more →

The Fowling Piece – Part I

THE FOWLING PIECE, from the Shooter’s Guide by B. Thomas – 1811.

I AM perfectly aware that a large volume might be written on this subject; but, as my intention is to give only such information and instruction as is necessary for the sportsman, I shall forbear introducing any extraneous [...] Read more →

Tuna Record

TROF. C. F. HOLDFER AND HIS 183LBS. TUNA, WITH BOATMAN JIM GARDNER.

July 2, 1898. Forest and Stream Pg. 11

The Tuna Record.

Avalon. Santa Catalina Island. Southern California, June 16.—Editor Forest and Stream: Several years ago the writer in articles on the “Game Fishes of the Pacific Slope,” in [...] Read more →

Antibiotic Properties of Jungle Soil

If ever it could be said that there is such a thing as miracle healing soil, Ivan Sanderson said it best in his 1965 book entitled Ivan Sanderson’s Book of Great Jungles.

Sanderson grew up with a natural inclination towards adventure and learning. He hailed from Scotland but spent much [...] Read more →

The Public Attitude Towards Speculation

Reprint from The Pitfalls of Speculation by Thomas Gibson 1906 Ed.

THE PUBLIC ATTITUDE TOWARD SPECULATION

THE public attitude toward speculation is generally hostile. Even those who venture frequently are prone to speak discouragingly of speculative possibilities, and to point warningly to the fact that an [...] Read more →

Guaranteed 6% Dividend for Life. Any takers?

Any prudent investor would jump at the chance to receive a guaranteed 6% dividend for life. So how does one get in on this action?

The fact of the matter is…YOU can’t…That is unless you are a shareholder of one of the twelve Federal Reserve Banks and the banks under [...] Read more →

Cocktails and Canapés

From The How and When, An Authoritative reference reference guide to the origin, use and classification of the world’s choicest vintages and spirits by Hyman Gale and Gerald F. Marco. The Marco name is of a Chicago family that were involved in all aspects of the liquor business and ran Marco’s Bar [...] Read more →

Classic Restoration of a Spring Tied Upholstered Chair

?

This video by AT Restoration is the best hands on video I have run across on the basics of classic upholstery. Watch a master at work. Simply amazing.

Tools:

Round needles: https://amzn.to/2S9IhrP Double pointed hand needle: https://amzn.to/3bDmWPp Hand tools: https://amzn.to/2Rytirc Staple gun (for beginner): https://amzn.to/2JZs3x1 Compressor [...] Read more →

Clairvoyance – Methods of Development

CLAIRVOYANCE

by C. W. Leadbeater

Adyar, Madras, India: Theosophical Pub. House

[1899]

CHAPTER IX – METHODS OF DEVELOPMENT

When a men becomes convinced of the reality of the valuable power of clairvoyance, his first question usually is, “How can [...] Read more →

Stoke Park – Granted by King Charles I

Stoke Park Pavillions

 

Stoke Park Pavilions, UK, view from A405 Road. photo by Wikipedia user Cj1340

 

From Wikipedia:

Stoke Park – the original house

Stoke park was the first English country house to display a Palladian plan: a central house with balancing pavilions linked by colonnades or [...] Read more →

Glimpses from the Chase

From Fores’s Sporting Notes and Sketches, A Quarterly Magazine Descriptive of British, Indian, Colonial, and Foreign Sport with Thirty Two Full Page Illustrations Volume 10 1893, London; Mssrs. Fores Piccadilly W. 1893, All Rights Reserved.

GLIMPSES OF THE CHASE, Ireland a Hundred Years Ago. By ‘Triviator.’

FOX-HUNTING has, like Racing, [...] Read more →

King Arthur Legends, Myths, and Maidens

King Arthur, Legends, Myths & Maidens is a massive book of Arthurian legends. This limited edition paperback was just released on Barnes and Noble at a price of $139.00. Although is may seem a bit on the high side, it may prove to be well worth its price as there are only [...] Read more →

Sea and River Fishing

An angler with a costly pole Surmounted with a silver reel, Carven in quaint poetic scroll- Jointed and tipped with finest steel— With yellow flies, Whose scarlet eyes And jasper wings are fair to see, Hies to the stream Whose bubbles beam Down murmuring eddies wild and free. And casts the line with sportsman’s [...] Read more →

Audubon’s Art Method and Techniques

Audubon started to develop a special technique for drawing birds in 1806 a Mill Grove, Pennsylvania. He perfected it during the long river trip from Cincinnati to New Orleans and in New Orleans, 1821.

Home Top of [...] Read more →

Traditional JuJutsu Health, Strength and Combat Tricks

Jujitsu training 1920 in Japanese agricultural school.

CHAPTER V

THE VALUE OF EVEN TEMPER IN ATHLETICS—SOME OF THE FEATS THAT REQUIRE GOOD NATURE

In the writer’s opinion it becomes necessary to make at this point some suggestions relative to a very important part of the training in jiu-jitsu. [...] Read more →

Tuna and Tarpon

July, 16, l898 Forest and Stream Pg. 48

Tuna and Tarpon.

New York, July 1.—Editor Forest and Stream: If any angler still denies the justice of my claim, as made in my article in your issue of July 2, that “the tuna is the grandest game [...] Read more →

Mortlake Tapestries of Chatsworth

Mortlake Tapestries at Chatsworth House

Click here to learn more about the Mortlake Tapestries of Chatsworth

The Mortlake Tapestries were founded by Sir Francis Crane.

From the Dictionary of National Biography, 1885-1900, Volume 13

Crane, Francis by William Prideaux Courtney

CRANE, Sir FRANCIS (d. [...] Read more →

Indian Modes of Hunting – Musquash

Hudson Bay: Trappers, 1892. N’Talking Musquash.’ Fur Trappers Of The Hudson’S Bay Company Talking By A Fire. Engraving After A Drawing By Frederic Remington, 1892.

Indian Modes of Hunting.

IV.—Musquash.

In Canada and the United States, the killing of the little animal known under the several names of [...] Read more →

Life Among the Thugee

The existence of large bodies of men having no other means of subsistence than those afforded by plunder, is, in all countries, too common to excite surprise; and, unhappily, organized bands of assassins are not peculiar to India! The associations of murderers known by the name of Thugs present, however, [...] Read more →

Chronological Catalog of Recorded Lunar Events

In July of 1968, the National Aeronautics and Space Administration(NASA), published NASA Technical Report TR R-277 titled Chronological Catalog of Recorded Lunar Events.

The catalog begins with the first entry dated November 26th, 1540 at ∼05h 00m:

Feature: Region of Calippus2 Description: Starlike appearance on dark side Observer: Observers at Worms Reference: [...] Read more →

Vitruvius Ten Books on Architecture

VITRUVIUS

The Ten Books on Architecture

TRANSLATED By MORRIS HICKY MORGAN, PH.D., LL.D. LATE PROFESSOR OF CLASSICAL PHILOLOGY

IN HARVARD UNIVERSITY WITH ILLUSTRATIONS AND ORIGINAL DESINGS PREPARED UNDER THE DIRECTION OF HERBERT LANGFORD WARREN, A.M.

NELSON ROBINSON JR. PROFESSOR OF ARCHITECTURE IN HARVARD [...] Read more →

Method of Restoration for Ancient Bronzes and other Alloys

Cannone nel castello di Haut-Koenigsbourg, photo by Gita Colmar

Without any preliminary cleaning the bronze object to be treated is hung as cathode into the 2 per cent. caustic soda solution and a low amperage direct current is applied. The object is suspended with soft copper wires and is completely immersed into [...] Read more →

The English Tradition of Woodworking

THE sense of a consecutive tradition has so completely faded out of English art that it has become difficult to realise the meaning of tradition, or the possibility of its ever again reviving; and this state of things is not improved by the fact that it is due to uncertainty of purpose, [...] Read more →

Of Decorated Furniture

DECORATED or “sumptuous” furniture is not merely furniture that is expensive to buy, but that which has been elaborated with much thought, knowledge, and skill. Such furniture cannot be cheap, certainly, but the real cost of it is sometimes borne by the artist who produces rather than by the man who may [...] Read more →

A History of Fowling – Ravens and Jays

From A History of Fowling, Being an Account of the Many Curios Devices by Which Wild Birds are, or Have Been, Captured in Different Parts of the World by Rev. H.A. MacPherson, M.A.

THE RAVEN (Corvus corax) is generally accredited with a large endowment of mother wit. Its warning [...] Read more →

Cleaner for Gilt Picture Frames

Cleaner for Gilt Frames.

Calcium hypochlorite…………..7 oz. Sodium bicarbonate……………7 oz. Sodium chloride………………. 2 oz. Distilled water…………………12 oz.

 

Home Top of Pg. Read more →

The Kalmar War

Wojna Kalmarska – 1611

The Kalmar War

From The Historian’s History of the World (In 25 Volumes) by Henry Smith William L.L.D. – Vol. XVI.(Scandinavia) Pg. 308-310

The northern part of the Scandinavian peninsula, as already noticed, had been peopled from the remotest times by nomadic tribes called Finns or Cwenas by [...] Read more →

Sir Peter Francis Bourgeois and the Dulwich Picture Gallery

Noel Desenfans and Sir Francis Bourgeois, circa 1805 by Paul Sandby, watercolour on paper

The Dulwich Picture Gallery was England’s first purpose-built art gallery and considered by some to be England’s first national gallery. Founded by the bequest of Sir Peter Francis Bourgois, dandy, the gallery was built to display his vast [...] Read more →

A Crock of Squirrel

A CROCK OF SQUIRREL

4 young squirrels – quartered Salt & Pepper 1 large bunch of fresh coriander 2 large cloves of garlic 2 tbsp. salted sweet cream cow butter ¼ cup of brandy 1 tbsp. turbinado sugar 6 fresh apricots 4 strips of bacon 1 large package of Monterrey [...] Read more →

Commercial Tuna Salad Recipe

Tom Oates, aka Nabokov at en.wikipedia

No two commercial tuna salads are prepared by exactly the same formula, but they do not show the wide variety characteristic of herring salad. The recipe given here is typical. It is offered, however, only as a guide. The same recipe with minor variations to suit [...] Read more →

The Master of Hounds

Photo Caption: The Marquis of Zetland, KC, PC – otherwise known as Lawrence Dundas Son of: John Charles Dundas and: Margaret Matilda Talbot born: Friday 16 August 1844 died: Monday 11 March 1929 at Aske Hall Occupation: M.P. for Richmond Viceroy of Ireland Vice Lord Lieutenant of North Yorkshire Lord – in – Waiting [...] Read more →

Shooting in Wet Weather

 

Reprint from The Sportsman’s Cabinet and Town and Country Magazine, Vol I. Dec. 1832, Pg. 94-95

To the Editor of the Cabinet.

SIR,

Possessing that anxious feeling so common among shooters on the near approach of the 12th of August, I honestly confess I was not able [...] Read more →

Carpenters’ Furniture

IT requires a far search to gather up examples of furniture really representative in this kind, and thus to gain a point of view for a prospect into the more ideal where furniture no longer is bought to look expensively useless in a boudoir, but serves everyday and commonplace need, such as [...] Read more →

The Effect of Magnetic Fields on Wound Healing

The Effect of Magnetic Fields on Wound Healing Experimental Study and Review of the Literature

Steven L. Henry, MD, Matthew J. Concannon, MD, and Gloria J. Yee, MD Division of Plastic Surgery, University of Missouri Hospital & Clinics, Columbia, MO Published July 25, 2008

Objective: Magnets [...] Read more →

Producing and Harvesting Tobacco Seed

THE FIRST step in producing a satisfactory crop of tobacco is to use good seed that is true to type. The grower often can save his own seed to advantage, if he wants to.

Before topping is done, he should go over the tobacco field carefully to pick [...] Read more →

The Apparatus of the Stock Market

Sucker

The components of any given market place include both physical structures set up to accommodate trading, and participants to include buyers, sellers, brokers, agents, barkers, pushers, auctioneers, agencies, and propaganda outlets, and banking or transaction exchange facilities.

Markets are generally set up by sellers as it is in their [...] Read more →

A Conversation between H.F. Leonard and K. Higashi

H.F. Leonard was an instructor in wrestling at the New York Athletic Club. Katsukum Higashi was an instructor in Jujitsu.

“I say with emphasis and without qualification that I have been unable to find anything in jujitsu which is not known to Western wrestling. So far as I can see, [...] Read more →

Blackberry Wine

BLACKBERRY WINE

5 gallons of blackberries 5 pound bag of sugar

Fill a pair of empty five gallon buckets half way with hot soapy water and a ¼ cup of vinegar. Wash thoroughly and rinse.

Fill one bucket with two and one half gallons of blackberries and crush with [...] Read more →

The Hoochie Coochie Hex

From Dr. Marvel’s 1929 book entitled Hoodoo for the Common Man, we find his infamous Hoochie Coochie Hex.

What follows is a verbatim transcription of the text:

The Hoochie Coochie Hex should not be used in conjunction with any other Hexes. This can lead to [...] Read more →

Public Attitudes Towards Speculation

Reprint from The Pitfalls of Speculation by Thomas Gibson 1906 Ed.

THE PUBLIC ATTITUDE TOWARD SPECULATION

THE public attitude toward speculation is generally hostile. Even those who venture frequently are prone to speak discouragingly of speculative possibilities, and to point warningly to the fact that an overwhelming majority [...] Read more →

Looking for a Gift for the Book Collector in the Family?

Buying a book for a serious collector with refined tastes can be a daunting task.

However, there is one company that publishes some of the finest reproduction books in the world, books that most collectors wouldn’t mind having in their collection no matter their general preference or specialty.

Abingdon, Berkshire in the Year of 1880

St.Helen’s on the Thames, photo by Momit

 

From a Dictionary of the Thames from Oxford to the Nore. 1880 by Charles Dickens

Abingdon, Berkshire, on the right bank, from London 103 3/4miles, from Oxford 7 3/4 miles. A station on the Great Western Railway, from Paddington 60 miles. The time occupied [...] Read more →

Why Beauty Matters – Sir Roger Scruton

Roger Scruton – Why Beauty Matters (2009) from Mirza Akdeniz on Vimeo.

Click here for another site on which to view this video.

Sadly, Sir Roger Scruton passed away a few days ago—January 12th, 2020. Heaven has gained a great philosopher.

Home Top of [...] Read more →

Banana Propagation

Banana Propagation

Reprinted from the International Institute of Tropical Agriculture (IITA.org)

The traditional means of obtaining banana planting material (“seed”) is to acquire suckers from one’s own banana garden, from a neighbor, or from a more distant source. This method served to spread common varieties around the world and to multiply them [...] Read more →

Mocking Bird Food

Mocking Bird Food.

Hemp seed……….2 pounds Rape seed………. .1 pound Crackers………….1 pound Rice…………….1/4 pound Corn meal………1/4 pound Lard oil…………1/4 pound

 

Home Top of Pg. Read more →

How to Make Money – Insurance

Life insurance certificate issued by the Yorkshire Fire & Life Insurance Company to Samuel Holt, Liverpool, England, 1851. On display at the British Museum in London. Donated by the ifs School of Finance. Photo by Osama Shukir Muhammed Amin FRCP(Glasg)

From How to Make Money; and How to Keep it, Or, Capital and Labor [...] Read more →

How Long is Your Yacht?

Dominion, Royal St. Lawrence Yacht Club,Winner of Seawanhaka Cup, 1898.

The Tail Wags the Dog.

The following is a characteristic sample of those broad and liberal views on yachting which are the pride of the Boston Herald. Speaking of the coming races for the Seawanhaka international challenge cup, it says:

[...] Read more →

The First Greek Book by John Williams White

Click here to read The First Greek Book by John Williams White

The First Greek Book - 15.7MB

IN MEMORIAM

JOHN WILLIAMS WHITE

The death, on May 9, of John Williams White, professor of Greek in Harvard University, touches a large number of classical [...] Read more →

Cocillana Syrup Compound

Guarea guidonia

Recipe

5 Per Cent Alcohol 8-24 Grain – Heroin Hydrochloride 120 Minims – Tincture Euphorbia Pilulifera 120 Minims – Syrup Wild Lettuce 40 Minims – Tincture Cocillana 24 Minims – Syrup Squill Compound 8 Gram – Ca(s)ecarin (P, D, & Co.) 8-100 Grain Menthol

Dose – One-half to one fluidrams (2 to [...] Read more →

AB Bookman’s 1948 Guide to Describing Conditions

AB Bookman’s 1948 Guide to Describing Conditions:

As New is self-explanatory. It means that the book is in the state that it should have been in when it left the publisher. This is the equivalent of Mint condition in numismatics. Fine (F or FN) is As New but allowing for the normal effects of [...] Read more →

Of the Room and Furniture

Crewe Hall Dining Room

 

THE transient tenure that most of us have in our dwellings, and the absorbing nature of the struggle that most of us have to make to win the necessary provisions of life, prevent our encouraging the manufacture of well-wrought furniture.

We mean to outgrow [...] Read more →

Horn Measurement

Jul. 23, 1898 Forest and Stream, Pg. 65

Horn Measurements.

Editor Forest and Stream: “Record head.” How shamefully this term is being abused, especially in the past three years; or since the giant moose from Alaska made his appearance in public and placed all former records (so far as [...] Read more →

King William III on Horseback by Sir Godfrey Kneller

Reprint from The Royal Collection Trust website:

Kneller was born in Lubeck, studied with Rembrandt in Amsterdam and by 1676 was working in England as a fashionable portrait painter. He painted seven British monarchs (Charles II, James II, William III, Mary II, Anne, George I and George II), though his [...] Read more →

Preserving Iron and Steel Surfaces with Paint

Painting the Brooklyn Bridge, Photo by Eugene de Salignac , 1914

 

Excerpt from: The Preservation of Iron and Steel Structures by F. Cosby-Jones, The Mechanical Engineer January 30, 1914

Painting.

This is the method of protection against corrosion that has the most extensive use, owing to the fact that [...] Read more →

U.S. Coast Guard Radio Information for Boaters

VHF Marifoon Sailor RT144, by S.J. de Waard

RADIO INFORMATION FOR BOATERS

Effective 01 August, 2013, the U. S. Coast Guard terminated its radio guard of the international voice distress, safety and calling frequency 2182 kHz and the international digital selective calling (DSC) distress and safety frequency 2187.5 kHz. Additionally, [...] Read more →

Mrs. Beeton’s Poultry & Game – Choosing Poultry

To Choose Poultry.

When fresh, the eyes should be clear and not sunken, the feet limp and pliable, stiff dry feet being a sure indication that the bird has not been recently killed; the flesh should be firm and thick and if the bird is plucked there should be no [...] Read more →

Proper Wines to Serve with Food

Foie gras with Sauternes, Photo by Laurent Espitallier

As an Appetizer

Pale dry Sherry, with or without bitters, chilled or not. Plain or mixed Vermouth, with or without bitters. A dry cocktail.

With Oysters, Clams or Caviar

A dry flinty wine such as Chablis, Moselle, Champagne. Home Top of [...] Read more →

Gold and Economic Freedom

by Alan Greenspan, 1967

An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense-perhaps more clearly and subtly than many consistent defenders of laissez-faire — that gold and economic freedom are inseparable, that the gold standard is an instrument [...] Read more →

A Creative Approach to Saving Ye Olde Cassette Tapes

Quite possibly, the most agonizing decision being made by Baby Boomers across the nation these days is what to do with all that vintage Hi-fi equipment and boxes full of classic rock and roll cassettes and 8-Tracks.

I faced this dilemma head-on this past summer as I definitely wanted in [...] Read more →

The Intaglio Processes for Audubon’s Birds of America

Notes on the intaglio processes of the most expensive book on birds available for sale in the world today.

The Audubon prints in “The Birds of America” were all made from copper plates utilizing four of the so called “intaglio” processes, engraving, etching, aquatint, and drypoint. Intaglio [...] Read more →

Texas Tarpon

Early Texas photo of Tarpon catch – Not necessarily the one mentioned below…

July 2, 1898. Forest and Stream Pg.10

Texas Tarpon.

Tarpon, Texas.—Mr. W. B. Leach, of Palestine, Texas, caught at Aransas Pass Islet, on June 14, the largest tarpon on record here taken with rod and reel. The [...] Read more →

Herbal Psychedelics – Rhododendron ponticum and Mad Honey Disease

Toxicity of Rhododendron From Countrysideinfo.co.UK

“Potentially toxic chemicals, particularly ‘free’ phenols, and diterpenes, occur in significant quantities in the tissues of plants of Rhododendron species. Diterpenes, known as grayanotoxins, occur in the leaves, flowers and nectar of Rhododendrons. These differ from species to species. Not all species produce them, although Rhododendron ponticum [...] Read more →

The Standard Navy Cutter and a Whale Boat Design

Dec. 24, 1898 Forest and Stream Pg. 513-514

The Standard Navy Boats.

Above we find,

The accompanying illustrations show further details of the standard navy boats, the lines of which appeared last week. In all of these boats, as stated previously, the quality of speed has been given [...] Read more →

Origin of the Apothecary

ORIGIN OF THE APOTHECARY.

The origin of the apothecary in England dates much further back than one would suppose from what your correspondent, “A Barrister-at-Law,” says about it. It is true he speaks only of apothecaries as a distinct branch of the medical profession, but long before Henry VIII’s time [...] Read more →

Books Condemned to be Burnt

BOOKS CONDEMNED TO BE BURNT.

By

JAMES ANSON FARRER,

LONDON

ELLIOT STOCK, 62, PATERNOSTER ROW

1892

———-

WHEN did books first come to be burnt in England by the common hangman, and what was [...] Read more →

Popular Mechanics Archive

Click here to access the Internet Archive of old Popular Mechanics Magazines – 1902-2016

Click here to view old Popular Mechanics Magazine Covers

Home Top of Pg. Read more →

Clover Wine

Add 3 quarts clover blossoms* to 4 quarts of boiling water removed from heat at point of boil. Let stand for three days. At the end of the third day, drain the juice into another container leaving the blossoms. Add three quarts of fresh water and the peel of one lemon to the blossoms [...] Read more →

Making Apple Cider Vinegar

The greatest cause of failure in vinegar making is carelessness on the part of the operator. Intelligent separation should be made of the process into its various steps from the beginning to end.

PRESSING THE JUICE

The apples should be clean and ripe. If not clean, undesirable fermentations [...] Read more →

Blunderbuss Mai Tai Recipe

Blackbeard’s Jolly Roger

If you’re looking for that most refreshing of summertime beverages for sipping out on the back patio or perhaps as a last drink before walking the plank, let me recommend my Blunderbuss Mai Tai. I picked up the basics to this recipe over thirty years ago when holed up [...] Read more →

The Stock Exchange Specialist

New York Stock Exchange Floor September 26,1963

The Specialist as a member of a stock exchange has two functions.’ He must execute orders which other members of an exchange may leave with him when the current market price is away from the price of the orders. By executing these orders on behalf [...] Read more →

Artist Methods

Como dome facade – Pliny the Elder – Photo by Wolfgang Sauber

Work in Progress…

THE VARNISHES.

Every substance may be considered as a varnish, which, when applied to the surface of a solid body, gives it a permanent lustre. Drying oil, thickened by exposure to the sun’s heat or [...] Read more →

Beef Jerky

BEEF JERKY

Preparation.

Slice 5 pounds lean beef (flank steak or similar cut) into strips 1/8 to 1/4 inch thick, 1 to 2 inches wide, and 4 to 12 inches long. Cut with grain of meat; remove the fat. Lay out in a single layer on a smooth clean surface (use [...] Read more →

Copper Kills Covid-19 and the Sun is Your Friend

The element copper effectively kills viruses and bacteria.

Therefore it would reason and I will assert and not only assert but lay claim to the patents for copper mesh stints to be inserted in the arteries of patients presenting with severe cases of Covid-19 with a slow release dosage of [...] Read more →

Napoleon’s Pharmacists

NAPOLEON’S PHARMACISTS.

Of the making of books about Napoleon there is no end, and the centenary of his death (May 5) is not likely to pass without adding to the number, but a volume on Napoleon”s pharmacists still awaits treatment by the student in this field of historical research. There [...] Read more →

The Black Grouper or Jewfish.

 

Nov. 5. 1898 Forest and Stream Pg. 371-372

The Black Grouper or Jewfish.

New Smyrna, Fla., Oct. 21.—Editor Forest and Stream:

It is not generally known that the fish commonly called jewfish. warsaw and black grouper are frequently caught at the New Smyrna bridge [...] Read more →

Fortune, Independence, and Competence

THE answer to the question, What is fortune has never been, and probably never will be, satisfactorily made. What may be a fortune for one bears but small proportion to the colossal possessions of another. The scores or hundreds of thousands admired and envied as a fortune in most of our communities [...] Read more →

Some Notes on American Ship Worms

July 9, 1898. Forest and Stream Pg. 25

Some Notes on American Ship-Worms.

[Read before the American Fishes Congress at Tampa.]

While we wish to preserve and protect most of the products of our waters, these creatures we would gladly obliterate from the realm of living things. For [...] Read more →

The Legacy of Felix de Weldon

Felix Weihs de Weldon, age 96, died broke in the year 2003 after successive bankruptcies and accumulating $4 million dollars worth of debt. Most of the debt was related to the high cost of love for a wife living with Alzheimer’s. Health care costs to maintain his first wife, Margot, ran $500 per [...] Read more →

Sir Joshua Reynolds – Notes from Rome

“The Leda, in the Colonna palace, by Correggio, is dead-coloured white and black, with ultramarine in the shadow ; and over that is scumbled, thinly and smooth, a warmer tint,—I believe caput mortuum. The lights are mellow ; the shadows blueish, but mellow. The picture is painted on panel, in [...] Read more →

Slaughter in Bombay

From Allen’s Indian Mail, December 3rd, 1851

BOMBAY. MUSULMAN FANATICISM.

On the evening of November 15th, the little village of Mahim was the scene of a murder, perhaps the most determined which has ever stained the annals of Bombay. Three men were massacred in cold blood, in a house used [...] Read more →

Arsenic and Old Lace

What is follows is an historical article that appeared in The Hartford Courant in 1916 about the arsenic murders carried out by Mrs. Archer-Gilligan. This story is the basis for the 1944 Hollywood film “Arsenic and Old Lace” starring Cary Grant and Priscilla Lane and directed by Frank Capra. The [...] Read more →

Seeds for Rootstocks of Fruit and Nut Trees

Citrus Fruit Culture

THE PRINCIPAL fruit and nut trees grown commercially in the United States (except figs, tung, and filberts) are grown as varieties or clonal lines propagated on rootstocks.

Almost all the rootstocks are grown from seed. The resulting seedlings then are either budded or grafted with propagating wood [...] Read more →

Money Saving Recipe for Gold Leaf Sizing

Artisans world-wide spend a fortune on commercial brand oil-based gold leaf sizing. The most popular brands include Luco, Dux, and L.A. Gold Leaf. Pricing for quart size containers range from $35 to $55 depending upon retailer pricing.

Fast drying sizing sets up in 2-4 hours depending upon environmental conditions, humidity [...] Read more →