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|  As we prepared
this issue for press, we heard of the un-timely death of Jim Blanchard.
James U. Blanchard III led the victorious battle to allow Americans to
own gold coins and bullion, which, absurd as it may now seem, had been
illegal since 1934. Jim formed an organization called the National Committee
to Legalize Gold. Perhaps related to Jim's New Orleans roots, the NCLG
employed colorful tactics. Whenever they held a demonstration, Jim would
publicly display a 2-oz gold bar, daring the authorities to arrest him
for this "crime," which carried a prison sentence of up to 10 years. The
NCLG arranged for a biplane to tow a "Legalize Gold" banner over President
Nixon's 1973 inauguration. Flamboyant PR was backed by solid lobbying:
in 1974 Congress passed legislation permitting gold ownership.
I met Jim in 1982, at the founding convention of another organization he led, the Industry Council on Tangible Assets. ICTA's mission was to ensure that legislators heard the voice of the rare coin and precious metals community. ICTA achieved its greatest victory in the Taxpayer Relief Act of 1997, which allowed investors to hold precious metals in retirement accounts (see article, page 26). In conversations with Jim at ICTA Board meetings and coin conferences and conventions, I came to admire his dedication and drive, and his business and political acumen. Jim started out as a junior high school history teacher in New Orleans. He put his last $50 into a flyer wishfully entitled "Gold Newsletter." That newsletter quickly developed a following and has been published regularly for 27 years. In 1979 Jim founded his first coin company. By 1987, when the company was purchased by Allegiance Capital Partners and GE Capital Corp., it had annual sales of $115 million. Jim was also the publisher of Louis Rukeyser's Wall Street, the most widely circ-ulated newsletter in its field. Jim started an annual event now known as the New Orleans Investment Confer-ence. It's been taking place for over 20 years, and attracts private investors from every state in the US and from 35 other countries. He also served on the long-range planning and membership committees of the American Numismatic Association. Jim's interests transcended coins and investment. Blanchard Mozambique Enterprises is developing a 580,000-acre game reserve, an area the size of Israel, with 60 miles of Indian Ocean beach. Tourists will be able to observe protected dugongs, elephants, hippos, and many other species in their natural habitats. You can read about Jim's life in his autobiography, Confessions of a Gold Bug. Jim led the battle for ownership of gold. For six decades, other gold
bugs have been fighting for the re-linking of gold to the dollar. They
are often portrayed as quixotic warriors, tilting at windmills. But
that was how Jim and his followers were characterized when they started
their crusade. Yet by dedication, imagination, and consistent hard work,
they prevailed. To honor Jim's memory, we bring you the words of two
other campaigners for hard money. One, a congressman, fought in the
1940s; the other, a scholar, teacher, and organizer, continues the fight
today through the Foundation for the Advancement of Monetary Education
(FAME). Jim Blanchard was an enthusiastic member of FAME's Board of
Directors and dedicated time and effort to its fight for "honest money."
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