Skip to main content
Collections Menu
Image courtesy of the Lyndon Baines Johnson Library and Museum.
Image courtesy of the Lyndon Baines Johnson Library and Museum.
What Gold Shortage?
Image courtesy of the Lyndon Baines Johnson Library and Museum.
Image courtesy of the Lyndon Baines Johnson Library and Museum.

What Gold Shortage?

Artifact ID1973.1.2913
Object Type Cartoon Drawing
Publisher ()
Medium Ink and grease pencil on drawing paper
DimensionsOverall H 14 in x W 11 in (35.6 cm x 27.9 cm )
Physical Description
Physical DescriptionOriginal cartoon drawing. LBJ pans for gold. He sifts the coins ("Tax Surcharge") falling from a man ("Lil' Ol' Taxpayer”). Caption: “What Gold Shortage?”. Artist signature lower left: "McCarty”.
Inscriptions and MarkingsHandwritten at lower right: "Best wishes, Gene McCarty". Handwritten at upper left: “Wed. Edit”. Handwritten at upper center: “2-W”.
Historical NoteWhen Lyndon B. Johnson signed the 1964 Revenue Act that decreased income taxes and refused to raise taxes, spending by consumers and businesses increased. Along with government spending from the Vietnam War and Great Society, all of this increase of demand led to inflation. Raising taxes would decrease inflation. In January 1967, Johnson pushed for a 6% surcharge on income taxes. In March 1968, there was a crisis relating to the conversion of dollars to gold, which impacted the funding of the Vietnam War and Great Society.
Additional Details
Custodial History NoteThe item was a gift from the general public to President Johnson during his term in office. It was received by President Johnson, until the President donated it to the Lyndon B Johnson Presidential Library in 1973.
Credit LineGift of Lyndon Baines Johnson
National Archives Catalog CollectionLyndon B. Johnson Library Museum Collection (National Archives Identifier 192413)
National Archives Catalog SeriesGifts from the General Public (National Archives Identifier 189698395)
Use Restriction StatusRestricted - Fully
Use Restriction NoteCopyright or other proprietary rights are held by individuals or entities other than the LBJ Presidential Library and Museum. The LBJ Presidential Library and Museum does not warrant that the use of materials will not infringe on the rights of third parties holding the rights to these works, or make any representations or warranties with respect to the application or terms of any international agreement, treaty, or protections that may apply. It is your responsibility to determine and satisfy any copyright or other use restrictions. Pertinent regulations can be found at 36 C.F.R 1254.62.
Person Referenced Lyndon Baines Johnson (United States, 1908 - 1973)
In Collection(s)
Not on view
Subjects
TaxesGold
Place of Publication
San Bernardino
Related Links