1982 Gold Commission Reports – Annex E

1982 Gold Commission Reports

ANNEX E

Contents of the Commission’s Permanent Record

557

Contents of the Commission’s Permanent Record

I. Legislation and Legislative History

  1. P.L. 96-389, Section 10, authorizing establishment of the Commission.
  2. Congressional Record of Senate discussion of establishment of Commission, June 16, 1980, S7071-2.
  3. Congressional Record of House discussion of establishment of Commission, September 18, 1980, H9136-7.
  4. Congressional Record of House appointment of members to Commission, March 23, 1981, H1041.
  5. Congressional Record of Senate appointment of members to Commission, May 20, 1981, S5357.
  6. Congressional Record of Senate agreement to extend Commission deadline, September 22, 1981, S10248-50.
  7. Congressional Record of House agreement to extend Commission deadline, September 24, 1981, H6589.

II. Record of Meetings

  • July 16, 1981, informal notes
  • September 18, 1981, transcript.
  • October 26, 1981, transcript
  • November 12, 1981, transcript
  • November 13, 1981, transcript
  • December 11, 1981, transcript
  • January 8, 1982, transcript
  • February 12, 1982, transcript
  • March 8, 1982, transcript

III. Press Releases

  1. June 22, 1981, press release announcing establishment of the Gold Commission
  2. July 6, 1981, press release announcing that Dr. Anna Schwartz will assist in the work of the Gold Commission
  3. October 22, 1981, press release announcing that Gold Commission will hold public hearings and invite written views
  4. November 4, 1981, press release announcing that Gold Commission will hold public hearings and providing names of witnesses

IV. Written Testimony by Witnesses at November 12-13, 1981, Hearings

  1. Aliber, Robert Z., University of Chicago, “Statement Before the Gold Commission,” November 12, 1981.
  2. Benko, Ralph, Pattison, Sampron, Ginsberg & Griffin, P.C.”Memorandum to the U.S. Gold Commission; The Constitutional Requirement that U.S. Currency Be Backed by Precious Metals,’ November 12, 1981.
  3. Bernstein, Edward Me, EMB (Ltd), “What Role For Gold In The Monetary System?”, November 12, 1981.
  4. Bostian, David B. Jr., Bostian Research Associates, Inc. “The Quest for Real Long Term Economic Growth – Assessing the Role of Restoration of a Gold Standard,” November 12, 1981.
  5. Cooper, Richard N., Havard University, “Statement Before the U.S. Gold Commission,” November 13, 1981.
  6. Davies, Richard L., Gold Institute/L1 Institute de l’Or,”Facilitating the Options of Using Gold as an Auxiliary Currency,” November 13, 1981.
  7. Dornbusch, Rudiger, Massachusetts Institute of Technology, “Statement Before the Gold Commission,” November 13, 1981.
  8. Fellner, William, American Enterprise Institute, “Views Presented to the Gold Commission,” November 13, 1981.
  9. Greenspan, Alan, Townsend-Greenspan & Co., Inc., “Statement Before the Federal Gold Commission,” November 13, 1981.
  10. Holzer, Henry Mark, Brooklyn Law School, “Gold and Monetary Reform,” November 12, 1981.
  11. Jastram, Roy W., University of California, Berkeley, “Testimony Before the Gold Commission,” November 13, 1981.
  12. Junz, Helen B., Townsend-Greenspan & CO, Inc., “Statement Before the Federal Gold Commission,” November 13, 1981.
  13. Kenen, Peter B., Princeton University, “Why Gold Is Not The Answer,” November 12, 1981.
  14. Meltzer, Allan He, Carnegie-Mellon University, “Epistle to the Gold Commission,” November 12, 1981.
  15. Miles, Marc A., Rutgers University -New Brunswick, “The Case For A Price Rule Such as the Gold Standard,” Appendix A, “The Tenuous Case for a Quantity Rule,” November 13, 1981.
  16. Racz, Andrew, G.E., A. Racz & Co., Inc., “Testimony to the Gold Commission,” November 12, 1981.
  17. Reynolds, Alan, Polyconornics, Inc., “Testimony Before the United States Gold Policy Commission,” November 13, 1981.
  18. Rothbard, Murray N., Polytechnic Institute of New York, “Testimony Before the U.S. Gold Commission,” November 12, 1981.
  19. Sennholz, Hans F., Grove City College, “Federal Gold Must Be Employed Productively,’ November 13, 1981.
  20. Solomon, Robert, Brookings Institution, “Statement Before the Gold Commission,” November 12, 1981.
  21. Thompson, Earl A., UCLA, “Free Banking Under A Labor Standarda (including a Summary), November 13, 1981.
  22. Weintraub, Robert E., Joint Economic Committee, “Restoring the Gold Certificate Reserve: A Proposal Prepared for Submission to the Gold Commission,” November 12, 1981.
  23. Williamson, John, Institute for International Economics, “Monetary Stability and Gold,’ November 13, 1981.

V. Written Submissions from the Public in Response to Commission Invitation

  1. Barlow, Wallace, International Institute for Resource Economics, November 30, 1981.
  2. Blain, Robert R. “The Necessary Characteristics of a Monetary Standard,” November 24, 1981.
  3. Braun, Conrad Jules, “The Unique American Path,” November 12, 1981.
  4. Browning, George L., “Rescuing America from False Money Concepts which are producing Social Unrest, Violence and Crime instead of Social and Economic Health,” October 15, 1981.
  5. Cobb, Joe, U.S. Choice in Currency Commission, November 12, 1981.
  6. Dessaur, John P., “Returning the U.S. to the Gold Standard,” November 1981.
  7. Dockstader, C.F., “Tender and the U.S. Constitution,” November 1981.
  8. Durell, Edward, “Mr. President, Where is Our Gold?,” November 1981.
  9. Firth, Brian, “Why Not Bell the Cat?,” November 1981.
  10. Green’s Commodity Market Comments Vol XVI No 18, September 23, 1981; Vol XVI No 20, October 21, 1981; Vo1 XVI No 21, November 4, 1981.
  11. Groseclose, Elgin, Institute for Monetary Research, Inc., November 18, 1981.
  12. Harris ,John H., “As Good as Gold,” December 7, 1981.
  13. Hazlit, Henry, “The Gold Standard Misdefined,’ November 1981.
  14. Holt, Thomas J., “The Holt Economic Analysis: Too Early for Gold ,”November 1981.
  15. Johns, Richard, Foundation for the American Economic Council, November 1981.
  16. Larson, Martin, Liberty Lobby, “The Role of Gold in Monetary Systems,” November 27, 1981.
  17. Lurio, Mitchell, .A Permissive Way to Achieve a Gold Standard Without Prior Fixing of the Dollar Price of Gold,” November 14, 1981.
  18. Mallin, Tony, Chicago, Ill., November 24, 1981.
  19. Mann, Phillip H., Miami, Florida, November 3, 1981.
  20. Mason, Will E., “The Gold Standard: Retrospect and Prospect,” November 27, 1981. National Democratic Policy Committee, “A Gold Policy to Stop Depression,” September 22, 1981. New York Gold and Silver Futures Exchange, October 22, 1981.
  21. Nordt, Paul W., North Caldwell, New Jersey, November 12, 1981.
  22. North, Gary, “The Moral Issue of Honest Money,” November 1981.
  23. Ockert, Carl E., “Flexible Gold Convertibility,” November 6, 1981.
  24. Popp, Edward E. “The Coinage and Use of Full Bodied Gold and Silver Coins,” October 24, 1981; “To Stop Increasing the U.S. Government’s Interest Bearing Debts,” October 29, 1981.
  25. Puffer, K. Hart, “The Most Successful Money System,” November 1981.
  26. Racz, Andrew, “The Gold Standard,” September 17, 1981, “Silver and Gold-Indexed Bonds, a New Era,” February 21, 1981.
  27. Reisman, George, “Gold: The Solution to Our Monetary Dilemma,” November 19 8 1.
  28. Russell, Jim, B. L. Rhodes Company, Chardon, Ohio, November 9, 1981.
  29. Russell, Robert R., “The Fallacies of Monetarism,” January 8, 1982.
  30. Scharlach, Harry, Hoopeston, Ill., November 16, 1981. Sennholz, Hans,”The World Needs Honest Money,’ November 1981.
  31. Silox, John, Bank of Hanover ti Trust Co., Hanover, Pa., November 4, 1981.
  32. Solyam, Richard L., Sound Dollar Committee, January 22, 1982.
  33. Syms, Steven, U.S. Senator from Idaho, November 12, 1981.
  34. Thomas, Harold, Gold Standard Review, November 27, 1981.
  35. Van Buren, Weston I, Los Alamitos, Calif., December 11, 1981.
  36. Von des Porten, Herbert P.,”GRAMDOR: A Proposal to Establish a Resilient Gold Currency”, June 1981.
  37. Welker, Ernest P., “Why Gold?,” September 1981.
  38. Whelply, James, IS1 Corporation, Oakland, Calif., November 13, 1981.
  39. Wrisley, John, Columbia, S.C., November 10, 1981.

VI. Discussion Drafts by Dr. Schwartz

  1. Options Concerning Gold The Commission May Want to Consider, July 8, 1981.
  2. The Role of Gold in U.S. Experience 1834-1981, August 3, 1981.
  3. Summary of Discussion at July 16 meeting; Agenda for September 18 and Future Meetings, August 4, 1981.
  4. Gold Output, September 10, 1981.
  5. Removal of Federal Reserve Note Gold Requirement; Proposed Items for Agenda of Commission Meeting , October 9, September 21, 1981.
  6. International Aspects of Monetary Standards, October 8, 1981.
  7. Reflections on Discussion at the Commission’s October 26th Meeting, November 6, 1981.
  8. Draft of the Introduction to the Gold Commission Report, November 19, 1981.
  9. Recommendations with respect to Role of Gold by Witnesses at the Hearings on November 12 and 13, 1981, November 20, 1981.
  10. Proposed Statistical Appendix to the Gold Commission Report, December 9, 1981.
  11. Questions Relating to the Role of Gold, December 17, 1981.
  12. Drafts of Chapters 1 & 2 of the Commission’s Report, December 29, 1981.
  13. Revision of the Introduction, February 12, 1982.
  14. Revision of Chapter 1: Background to the Establishment of the Gold Commission, February 12, 1982.
  15. Draft of Chapter 3: Types of Monetary Standards February 12, 1982.
  16. Draft of Chapter 4: Existing Gold Arrangements, Proposals for Change, and the Gold Market, February 26, 1982.
  17. Revision of the Introduction and Recommendations, February 26, 1982.
  18. Revision of Chapter 3: Types of Monetary Standards, February 26, 1982.
  19. Revision of Chapter 2: The Past Role of Gold in the U.S. Monetary System, March 5, 1982.

VII . Treasury Staff Papers Prepared for the Commission Gold Commission:

  1. Procedural Questions, August 1981.
  2. Opinion of the General Counsel: Applicability of Certain Administrative Law Requirements to the Gold Commission, August 28, 1981.
  3. Legal Authority of U.S. to Reacquire Gold Transferred to IMF, November 25, 1981.
  4. Continuing Audit of the United States Government-Owned Gold, November 1981.
  5. U.S. Tax Treatment of Gold, November 1981.
  6. Olympic Gold Coin Legislation, November 1981.
  7. Gold Medallions, November 1981.
  8. Statistics on U.S. International Gold Trade 1975-1981, November 1981.
  9. Implications of U.S. Obligations in the IMF on Establishment of a ‘Gold Standard,’ December 24, 1981.
  10. Some Implications of Legal Tender Status of U.S. Currency, January 4, 1981.
  11. Abolition of Capital Gains Taxation on Certain Gold Assets, January 1981.
  12. 31 U.S.C. 354 Requirement for Annual Settlement, February 5, 1982.
  13. Emergency Authority with Respect to Private Gold Holdings, February 26, 1982.

VIII. Papers, Memoranda, Letters by Gold Commission Members

  1. Costamagna:
    1. Memorandum on “Convertibility,” September, 1981.
  2. Coyne:
    1. “Towards a New Gold Policy: Introductory Notes Preceding Position Paper for the U.S. Gold Commission,’ October 1981.
    2. Letter to Secretary Regan enclosing statement of views, November 18, 1981.
    3. “Statement to the U.S. Gold Commission,” December 1981.
    4. Proposed survey of Gold Commission members, December 18, 1981.
    5. Letter to Governor Wallich responding to his letter of November 30th, December 31, 1981.
    6. Letter to the Commission proposing four recommendations. January 27, 1982.
    7. Letter to Congressman Wylie concerning legal tender status, March 10, 1982.
    8. “Toward a New U.S. Gold Policy,” Working Papers for the Gold Commission, March 1982.
  3. Jepsen:
    1. A Memorandum to the Gold Commission concerning Reinstatement of the Requirement that the Federal Reserve Bank Maintain a Gold Certificate Reserve Behind Their Note Liabilities: A Proposal Developed by Dr. Robert Weintraub, Senior Economist, JEC, July 22, 1981.
    2. Letter co-signed by Senator Schmitt to Herbert Coyne, December 14, 1981.
  4. Lehrman:
    1. “Monetary Policy, the Federal Reserve System, and Gold,” Morgan Stanley Investment Research Publication, January 29, 1980.
    2. Gold is Not a Side Show,” Wall Street Journal, February 20, 1980.
    3. Statement before the Subcommittee on International Finance, Senate Committee on Ranking, Housing and Urban Affairs, April 15, 1980.
    4. “Stop the Battle for Reagan’s Soul,” Wall Street Journal, June 16, 1980.
    5. “Real Money,” Harper’s Magazine, August, 1980.
    6. “How to End Inflation,” Washington Post, January 18, 1981.
    7. “The Means to Establishing Financial Order,” Wall Street Journal, February 18, 1981.
    8. “The Case for the Gold Standard: Reflections on the Struggle for Financial Order,” Morgan Stanley Investment Research publications, May 1981.
    9. “A Glittering Economy,” Washington Post, July 22, 1981.
    10. “The Case for the Gold Standard,” Wall Street Journal, July 30, 1981.
    11. “Conservative Reform and Coherent Economic Policy,” USA Today, September, 1981.
    12. Should the U.S. return to the Gold Standard?,” The Christian Science Monitor, September 21, 1981.
    13. “Time to Return to a Gold Standard?,” U.S. News and World Report, Inc., 1981. .
    14. “The Creation of International Monetary Order,” a Chapter from “Money and the Coming World Order,” 1979.
  5. Neal:
    1. Letter Requesting Analysis of the Proposal to Abolish the Taxation of Capital Gains on Gold, December 1981.
  6. Paul:
    1. Paper on A Decade of Inconvertible Money, 1971-1981, July 1981.
    2. Comments on Dr. Schwartz’s Memo of July 8, 1981, July 24, 1981.
    3. Memorandum to Gold Commission on the Price of Gold, November 30, 1981.
    4. Memorandum Responding to Dr. Schwartz’ Memorandum of November 6, 1981, November 30, 1981.
    5. Paper on the Gold Audit, January 8, 1982.
    6. Paper on “A Precedent for a Return to Gold 1879-1889” January 8, 1982.
  7. Reuss:
    1. Letter concerning proposed gold bullion coin recommendation and other matters, February 2, 1982.
    2. Letter proposing alternative language for Commission recommendations, February 5, 1982.
  8. Schmitt:
    1. Statement before the Gold Commission, October 26, 1981.
    2. Letter to Mr. Coyne co-signed by Senator Jepsen, December 14, 1981.
  9. Wallich:
    1. “Gold and the Dollar,” Remarks at the Seventh International Working Conference sponsored by FOREX Research and the International Herald Tribune, Paris, France, November 23, 1981.
    2. “Are There Alternative Ways of Fighting Inflation,’ Remarks at Cornell University, Ithaca, New York, October 29, 1981.
    3. Letter to Herbert Coyne responding to his letter of November 18, December 1, 1981.
    4. Charts Concerning Actual and Predicted Inflation, December 11, 1981.
  10. Weidenbaum:
    1. Statement to the Gold Commission, January 8, 1982.
  11. Wylie:
    1. Explanation of Views for the Gold Commission, December 17, 1981.

IX. Material Circulated to the Gold Commission at the Request of Members

  1. Bostian, David B. Jr., Bostian Research Associates, “A Defense of the Reagan Administration’s Economic Program,” September 10, 1981.
  2. EMB (Ltd.) Research Economists, “The Nature and Causes of Deep Depressions,” August 10, 1962; “Is a Return to the Gold Standard Feasible,” October 16, 1980; “Is There an Alternative to the Gold Standard,” March 25, 1981; “Developments in the Gold Market, 1980-81,” June 17, 1981.
  3. Flood, Robert P. and Garber, Peter M., “Gold Monetization and Gold Discipline,” September 1981.
  4. House of Commons, “Report from the Select Committee on the High Price of Gold Bullion,” first printed on June 8, 1810.
  5. J. Aron & Co., Inc., “Gold Statistics and Analysis,” January, 1981; “Annual Gold Review and Outlook,” February, 1981; “Statistical Hand Book for the Symposium on Gold,” September 22, 1981.
  6. The Joint Economic Committee, “The Gold Standard: Its History and Record Against Inflation. A study prepared for the use of the Subcommittee on Monetary and Fiscal Policy,” September 18, 1981.
  7. Kadlec, Charles W., “The Quality of Money,” May 22, 1981.
  8. Kadlec, Charles W. and Laffer, Arthur B., “The Monetary Crisis: A Classical Perspective,” November 12, 1979.
  9. Laffer, Arthur B., “Reinstatement of the Dollar: The Blue Print,’ February 29, 1980; “A Return to Convertibility,” December 19, 1980.
  10. Natter, Raymond, Congressional Research Service, “Legal Considerations Relating to a Return to a Gold Standard Without New Legislation, 1981.December 3,
  11. Wake Forest University, students of the Babcock Graduate School of Business, “Some Economic and Political Considerations of a U.S. Move to a Gold Standard,” January 15, 1982.
  12. Wythe, Joseph, Santiago, Chile, “Why the U.S. Must Not Return to Gold,” November 4, 1981.

X. Other Letters and Papers Circulated to Gold Commission Members From Members of the Public

  1. American Bankers Association, Economic Advisory Committee, “Views on the Prospective Imposition of a Gold Standard,” January 21, 1982.
  2. Biederman, E.W., a letter to Mr. Ralph Korp, Director, Office of International Monetary Affairs, December 11, 1981.
  3. Bombay Bullion Association, Vol 1No 3 of the Bullion Bulletin, December, 1979; Volume I1 No 5 of the Bullion Bulletin, February, 1981.
  4. Busiek, Miley, letter and brochure suggesting a design for the proposed gold coin, March 3, 1982.
  5. California Republican Assembly, A Resolution concerning Return to the Cold Standard, September 25, 1981.
  6. Collins, Barry R., letter to Secretary Regan, July 6, 1981.
  7. Durell, Edward, two letters, February 4 and 9, 1982.
  8. Gold Bondholders Protective Council, Memorandum to the Gold Commission, September 8, 1981.
  9. Grogran, Michael, letter to Chainsan Volcker, October, 1981.
  10. Baw, Richard C., a letter to Secretary Regan with a pamphlet “Golden Age for Rhodesia,” July 1, 1381.
  11. Hopkins, Stephen D., letter to Secretary Regan, August 21, 1951.
  12. Katz, Howard S., Memorandum for the Gold Commission: A reply to Anna Schwartz, September 9, 1981.
  13. Kingsbury, Edward, letters to Secretary Regan, David Stockman, with paper attached, “The Gold Standard at the Threshold,” July 15, 1981.
  14. Jurow, Keith, an article, “Too Early for Gold,” from the Holt Investment Advisory, October 23, 1981.
  15. Larocque, Gerald L., letter to Secretary Regan, January 20, 1982.
  16. Leveson, Irving, the Hudson Institute, A Research Memorandum 1113, “A Case Against the Gold Standard,” November 1981.
  17. Mandle, Ronald I., letter to the Editor of WSJ, November 9, 1981.
  18. McMillan, George, letter to Secretary Regan, September 24, 1981,
  19. Nordt, Paul W., letter to Secretary Regan and pamphlet, “Why Worry? It’s Only Money,” October 29, 1981.
  20. Popp, Edward E., letter to Secretary Regan with memorandum attached to the Gold Commission concerning the “Items that Make up the Money Supply,” October 10, 1981.
  21. Puffer, K. Hart, a paper, “Lord John Maynard Keynes,’ October 21, 1981, and Memorandum to the Go13 Commission, January 1982.
  22. Schoen, Edgar J., a paper, ‘The Undisciplined Dollar,’ April 1980.
  23. Seggerman, G. A., Memorandum to the Gold Commission, September 21, 1981.
  24. Seligman, David, newsletter, December 8, 1981.
  25. Sinclair, James E. letter to Secretary Reqan, September 21, 1981.
  26. Sykes, Grant, letter to Secretary Regan with attached paper “How to Implement a Gold Standard as an Effective Instrument of Fiscal Policy,” January 18. 1982.
  27. Travis, Lewie L,, letter to Secretary Regan with an article attached, “A Way Out of the Gold Commission’s Dilemma,” by Richard hhn[I1] , October 22, 1981,

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