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One Nation Under Gold: How One Precious Metal Has Dominated the American Imagination for Four Centuries
One Nation Under Gold examines the countervailing forces that have long since divided America―whether gold should be a repository of hope, or a damaging delusion that has long since derailed the rational investor. Worshipped by Tea Party politicians but loathed by sane economists, gold has historically influenced American monetary policy and has exerted an often outsized influence on the national psyche for centuries. Now, acclaimed business writer James Ledbetter explores the tumultuous history and larger-than-life personalities―from George Washington to Richard Nixon―behind America’s volatile relationship to this hallowed metal and investigates what this enduring obsession reveals about the American identity. Exhaustively researched and expertly woven, One Nation Under Gold begins with the nation’s founding in the 1770s, when the new republic erupted with bitter debates over the implementation of paper currency in lieu of metal coins. Concerned that the colonies’ thirteen separate currencies would only lead to confusion and chaos, some Founding Fathers believed that a national currency would not only unify the fledgling nation but provide a perfect solution for a country that was believed to be lacking in natural silver and gold resources. Animating the "Wild West" economy of the nineteenth century with searing insights, Ledbetter brings to vivid life the actions of Whig president Andrew Jackson, one of gold’s most passionate advocates, whose vehement protest against a standardized national currency would precipitate the nation’s first feverish gold rush. Even after the establishment of a national paper currency, the virulent political divisions continued, reaching unprecedented heights at the Democratic National Convention in 1896, when presidential aspirant William Jennings Bryan delivered the legendary "Cross of Gold" speech that electrified an entire convention floor, stoking the fears of his agrarian supporters. While Bryan never amassed a wide-enough constituency to propel his cause into the White House, America’s stubborn attachment to gold persisted, wreaking so much havoc that FDR, in order to help rescue the moribund Depression economy, ordered a ban on private ownership of gold in 1933. In fact, so entrenched was the belief that gold should uphold the almighty dollar, it was not until 1973 that Richard Nixon ordered that the dollar be delinked from any relation to gold―completely overhauling international economic policy and cementing the dollar’s global significance. More intriguing is the fact that America’s exuberant fascination with gold has continued long after Nixon’s historic decree, as in the profusion of late-night television ads that appeal to goldbug speculators that proliferate even into the present. One Nation Under Gold reveals as much about American economic history as it does about the sectional divisions that continue to cleave our nation, ultimately becoming a unique history about economic irrationality and its influence on the American psyche. 16 pages of illustrations
400 pages, Hardcover
Published June 13, 2017
42 people are currently reading
230 people want to read
About the author
James Ledbetter
9 books5 followersJames Lester Ledbetter Jr. was an American author, journalist and editor based in New York City.
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Displaying 1 - 16 of 16 reviews
July 13, 2017
James Ledbetter’s One Nation Under Gold: How One Precious Metal Has Dominated the American Imagination for Four Centuries examines the history of gold in the United States and how it has played such an important role in economic and monetary policy as well as popular imagination.
When the United States was founded, currency was a contentious issue that had not completely been sorted out and would be contentious for a long time. Over time, silver became a proxy for the poor, whereas gold became a proxy for the rich and the United States attempted to arrange a system that backed it currency with both gold and silver.
However, this became problematic and eventually unworkable over time. In the later part of the 19th century, cracks began to show in the system of basing a currency on gold and was likely a major contributor to the severity of the depression that followed the Crash of 1929.
Franklin Roosevelt made some changes to the gold system; however, the United States did not completely remove itself from the gold standard until the Nixon administration. Despite the pitfalls of a gold standard, there is still a push to return to persisting to this very day.
One Nation Under Gold is an intriguing history into not only gold itself but also people’s attraction to it. The book explains not only the history but why the economics of gold can get complicated and have negative effects, especially when a currency is based on it: i.e. you can have private gold ownership or you can have a currency based on gold but you can’t have both at the same time, at least not without major unintended economic consequences. This book is a worthwhile read for anyone interested in gold and understanding the history of the gold standard.
When the United States was founded, currency was a contentious issue that had not completely been sorted out and would be contentious for a long time. Over time, silver became a proxy for the poor, whereas gold became a proxy for the rich and the United States attempted to arrange a system that backed it currency with both gold and silver.
However, this became problematic and eventually unworkable over time. In the later part of the 19th century, cracks began to show in the system of basing a currency on gold and was likely a major contributor to the severity of the depression that followed the Crash of 1929.
Franklin Roosevelt made some changes to the gold system; however, the United States did not completely remove itself from the gold standard until the Nixon administration. Despite the pitfalls of a gold standard, there is still a push to return to persisting to this very day.
One Nation Under Gold is an intriguing history into not only gold itself but also people’s attraction to it. The book explains not only the history but why the economics of gold can get complicated and have negative effects, especially when a currency is based on it: i.e. you can have private gold ownership or you can have a currency based on gold but you can’t have both at the same time, at least not without major unintended economic consequences. This book is a worthwhile read for anyone interested in gold and understanding the history of the gold standard.
April 14, 2024
What a slog. Obviously it's my fault for picking up a book on the gold standard and expecting it to be a thrill ride, but it left a lot on the table.
This is almost exclusively a history and logistical evaluation of the gold standard, not really the economics or theory behind it. Quotes cited in the book ask, provocatively, why gold is used to back currency, but not other scare resources like diamonds or even '82 Bordeaux—without any follow-up. What could be a playful and illustrative thought experiment is foregone in lieu of diving into who the next undersecretaries of the Treasury were.
Like many other reviewers here, I leave not knowing anything more about the gold standard except: it's very complicated.
Not 1 star, which I give to books that I deem "should not have been written." I'm happy that Ledbetter wrote this—it seems like an awesome project and accomplishment for him. I just wish I hadn't stumbled upon it and gotten my hopes up for it.
This is almost exclusively a history and logistical evaluation of the gold standard, not really the economics or theory behind it. Quotes cited in the book ask, provocatively, why gold is used to back currency, but not other scare resources like diamonds or even '82 Bordeaux—without any follow-up. What could be a playful and illustrative thought experiment is foregone in lieu of diving into who the next undersecretaries of the Treasury were.
Like many other reviewers here, I leave not knowing anything more about the gold standard except: it's very complicated.
Not 1 star, which I give to books that I deem "should not have been written." I'm happy that Ledbetter wrote this—it seems like an awesome project and accomplishment for him. I just wish I hadn't stumbled upon it and gotten my hopes up for it.
July 20, 2017
A fascinating story about something I literally knew nothing about. I still don't know if I totally understand it. But what a convoluted and intriguing topic.
July 22, 2017
The cover promises to annoy gold bugs and bore anyone else. But it's content traces a fascinating development. It examines the relationship between America and gold over a very long time period. In that time, the American dollar like many currencies has used gold to establish its own legitimacy. Lending itself value through agreements that provide gold convertibility. Over time rigid systems have given way to more flexible ones. Ultimately the brand of the dollar has become strong enough to radically reduce its dependence on gold. The journey is a very interesting story.
The book also delves into the fetishistic nature of our fascination with gold. Gold discoveries and even the reintroduction of coin sales attracted bonanzas and scams. It is interesting to look at the impact on society of large migrations and the impact on currencies.
Early in the story, the dollar could easily become illiquid. Gold support was important and discovery of gold resources within America played a key role in improving liquidity and establishing the American economy.
The financial crisis that followed the San Francisco earthquake is another interesting vignette. A real disaster leading to a financial crisis was a natural chain of events, but it spawned a discussion about better ways to manage the economy and made a dramatic mark on our thinking.
The author demonstrates very broad knowledge. Not just through the length of the timeline covered but of relevant adjacent issues.
When it comes to money, it is remarkable that even now, discussion rarely hinges on evidence that would support or disprove a given theory. "As this book has repeatedly demonstrated, novel monetary strategies are devised in secret, rushed through Congress or enacted outside of Congress and justified with war or other emergencies. The Supreme Court decisions that result -- from the legal-tender cases through the gold-clause cases -- are widely acknowledged to be among the worst argued and worst handled in this country's history." This is true and the book does an excellent job of demonstrating the point.
The author does not entirely rise about the low standard of discussion. Take the following statement from the conclusion: "Most of America's financial leaders regard returning to a gold standard as a dangerous road to the past." A scientific argument should rest on evidence more than opinions.
I think there is a great story to be told within the material of this book about building the franchise of the American dollar and developing modern money. I would recommend this book to those people interested in cryptocurrencies as they struggle to establish themselves. I learned several things and find the subject very interesting. But too often the author was distracted by a morality play on gold and missed a better angle.
The book also delves into the fetishistic nature of our fascination with gold. Gold discoveries and even the reintroduction of coin sales attracted bonanzas and scams. It is interesting to look at the impact on society of large migrations and the impact on currencies.
Early in the story, the dollar could easily become illiquid. Gold support was important and discovery of gold resources within America played a key role in improving liquidity and establishing the American economy.
The financial crisis that followed the San Francisco earthquake is another interesting vignette. A real disaster leading to a financial crisis was a natural chain of events, but it spawned a discussion about better ways to manage the economy and made a dramatic mark on our thinking.
The author demonstrates very broad knowledge. Not just through the length of the timeline covered but of relevant adjacent issues.
When it comes to money, it is remarkable that even now, discussion rarely hinges on evidence that would support or disprove a given theory. "As this book has repeatedly demonstrated, novel monetary strategies are devised in secret, rushed through Congress or enacted outside of Congress and justified with war or other emergencies. The Supreme Court decisions that result -- from the legal-tender cases through the gold-clause cases -- are widely acknowledged to be among the worst argued and worst handled in this country's history." This is true and the book does an excellent job of demonstrating the point.
The author does not entirely rise about the low standard of discussion. Take the following statement from the conclusion: "Most of America's financial leaders regard returning to a gold standard as a dangerous road to the past." A scientific argument should rest on evidence more than opinions.
I think there is a great story to be told within the material of this book about building the franchise of the American dollar and developing modern money. I would recommend this book to those people interested in cryptocurrencies as they struggle to establish themselves. I learned several things and find the subject very interesting. But too often the author was distracted by a morality play on gold and missed a better angle.
July 6, 2018
What appeared intriguing from the title/synopsis ended up being vague conjectures without full developments and comments on political parties and members. Also in the span of about a dozen sentences the author claims that President Grant’s brother in law is also his son in law, so didnt quite understand that one. This was a struggle to finish.
July 24, 2018
This was not a fast read for me. It took me over a month to slog through it. Not that it was bad but it really wasn't a page turner. I feel like I would have rather read a condensed version of the book, maybe 90 pages shorter with just the facts.
Its full of interesting details and history about gold and our love affair with it. I know know more than I ever wanted to...lol.
Its full of interesting details and history about gold and our love affair with it. I know know more than I ever wanted to...lol.
November 21, 2020
Personally I learned more about Gold in our nation than I needed to know. Seems to be able to turn a country on it's nose if handled the wrong way. I guess anything could. More for the bankers and the historical readers. I did enjoy the reference to The Wizard of Oz, The Yellow Brick Road being the gold flow, and many other comparisons.
September 21, 2017
Contains some interesting facts/anecdotes, but it was frustrating to wade through the mass of poorly-supported, often contradictory, and largely unrelated assertions in search of a point that I never found.
December 30, 2017
A history of America's love affair with gold, from the earliest conquistador attempts to find fabled cities of the yellow metal, to the latest rambling demands of certain eccentric figures to re-tie the nation to a deflationary gold standard, and all the twists and turns in between.
September 12, 2018
A decent history of the Gold Standard in the United States. Could use a little more description of events happening around the good window that might effect its function, but still a great first read for anyone with interest in the topic.
September 4, 2020
3.5 stars
For those who believe that our currency should return to some type of gold standard for economic stability, this author narrates a history that is anything but stable.
Gold apparently has a mythical hold on American imaginations but the reality is messy and controversial .
For those who believe that our currency should return to some type of gold standard for economic stability, this author narrates a history that is anything but stable.
Gold apparently has a mythical hold on American imaginations but the reality is messy and controversial .
July 17, 2017
Well researched, a lot of information, but I'll have to admit that I became a bit uninterested toward the end.
September 15, 2017
the book had some interesting parts but was not especially clear in some of its arguments. It was kind of long for what it was. Some of the author's arguments were a little hard to follow.
March 22, 2018
This is a book about our nations gold policies since its beginning .it is an easy to understand
September 10, 2020
Thorough, informative, and about as engaging as any book on monetary policy throughout America's history could be.
November 16, 2017
The title is a little misleading in that most of this book is an (unfortunately dry) account of America's struggles with tying (and untying) the value of the dollar to gold. There were a few colourful anecdotes here and there (the big battle over a golden rooster was excellent) but overall, I struggled to retain most of the facts, figures and various pieces of legislation.
Displaying 1 - 16 of 16 reviews