Intraparty Feuding Over Presidential Politics Not New

This 1900 William McKinley reelection poster realized $17,925 at a May 2010 auction.

By Jim O’Neal

“Now look! That damn cowboy is president!” – Mark Hanna (1901)

Major William McKinley was the last veteran of the Civil War to be nominated for president by any party. With the backing of Ohio businessman and U.S. Senator Mark Hanna, McKinley won the 1896 presidential election and was inaugurated on March 4, 1897. This was the last presidential inauguration of the 19th century and the first to be recorded on film.

His vice president, Garret Hobart, died in 1899 at age 55 from heart disease. He would become the last man to serve in that office in the 19th century and the last vice president to die while in office. The vice presidency was then vacant until the next election.

As the incumbent, McKinley was the strong favorite in 1900, but a major dispute erupted over the choice for VP. There was a lot of support for Theodore Roosevelt after his high-profile exploits in the Spanish-American War, however, “King Maker” Hanna was very much opposed. He viewed TR as a maverick who would be hard to control and made his opinion well known:

“Matter! Matter! Why, everybody’s gone crazy. What is the matter with all of you? Here’s this convention going headlong for Roosevelt for vice president! Any of you realize that there’s only one life between that madman and the presidency? … What harm can he do as governor of New York compared to the damage he will do as president if McKinley should die?”

There was also a major dispute over the party platform, and the new Silver Republican Party decided to back Democrat William Jennings Bryan when the main Republican Party supported the gold standard. Silver Republicans included the senators from Utah, Idaho, Colorado, South Dakota, Montana and Nevada.

Of course, McKinley did win the election and after he was assassinated in 1901, that “damn cowboy” did become president. By then, Hanna’s health was failing and he and the new president reached an accommodation. TR would stop calling him “old man” and Hanna would stop calling Roosevelt “Teddy” (he disliked that name). The Silver Republican Party faded away and the 20th century was waiting impatiently.

Jim O'NielIntelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

Paul Revere Was a Patriot – and Silversmith – Who Helped Win Our Independence

This set of six silver tablespoons made by Paul Revere sold for $83,650 at an April 2011 Heritage auction.

By Jim O’Neal

In the January 1861 issue of The Atlantic, they published a (now) well-known poem by Henry Wadsworth Longfellow that begins:

Listen, my children, and you shall hear

Of the midnight ride of Paul Revere,

On the eighteenth of April, in seventy-five;

Hardly a man is now alive

Who remembers that famous day and year.

It was an attempt to bolster the North’s courage and resolve on the eve of the Civil War. Longfellow hoped to illustrate how much impact individuals can have during times of dramatic, historic occasions. He used Paul Revere as an example in the hope it would inspire others as the nation stared into the abyss of war.

At the time, it was titled Paul Revere’s Ride and also known as The Midnight Ride of Paul Revere or The Landlord’s Tale; Paul Revere’s Ride. (Take your pick since HWL fictionalized the facts for poetic effect.)

Paul Revere

We do know that PR was at various times a silversmith, engraver and patriot. He was even a part-time dentist when the Boston-area economy was slow. As a militant, he was one of the “Indians” at the Boston Tea Party and probably participated in the Stamp Act Riots.

He joined the “Sons of Liberty” in 1765, acting as a courier for the revolutionary forces. The famous ride he is associated with was to alert the Colonial militia about the advancement of British forces just before the Battle of Lexington and Concord (“The shot heard around the world”). One of his personal accounts is that he yelled, “The Regulars are coming out” instead of the more familiar “The British are coming” as he dashed around alerting everyone.

He had a long commercial career in iron casting and bronze bell and cannon casting, in addition to all the silver metalwork that Boston is replete with. In fact, his extensive metal factory work led to him becoming the first American to successfully roll copper into sheets in 1800 for use as sheathing material for naval vessels.

But, thanks to Longfellow, we will always fondly remember him as a genuine patriot who helped win our independence. (Naturally, all the men from that era were in fact dead as Longfellow suggests in his famous poem.) Whether the poem had any effect on the North is doubtful. By 1861, the terrible war that cost 630,000 lives was already just a short time away, unfortunately.

Jim O'NielIntelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

History Tends to Overlook the Man Who Originated Gerrymandering

John Trumbull’s famous painting The Declaration of Independence adorns the reverse of the current $2 bill. Somewhere in the group is Elbridge Gerry.

By Jim O’Neal

“If everyone here was a Gerry, the Liberties of America would be safe against the Gates of Earth and Hell.” – John Adams, July 15, 1776, letter to James Warren, the Second Continental Congress

Adams was praising Elbridge Gerry. Anytime the delegates from the middle colonies started to waver over the issue of independence, Gerry was there to persuade them that such a provocative action was needed to secure the future of America.

Elbridge Thomas Gerry was only 12 years younger than George Washington and was admitted to Harvard College at age 13. He earned B.A. and M.A. degrees. He then divided his time between the family garment business and both state and federal governance.

Gerry served in the U.S. House of Representatives during the first and second Congresses (1789-1793). Earlier, after being elected to the Second Continental Congress, he signed the Articles of Confederation and the Declaration of Independence, but was one of three men – in addition to George Mason and Edmund Randolph – who refused to ratify the U.S. Constitution. Gerry was stubbornly adamant that it should include a Bill of Rights to provide protection to individuals.

History proved him correct and our current Bill of Rights is foundational for many of the freedoms we now take for granted.

Then as governor of Massachusetts (1810-12), he approved a redistricting plan that ensured Democratic-Republican domination of the state. The shape of one of the new districts resembled that of a salamander, prompting Benjamin Russell, editor of the Boston Gazette, to coin the term “gerrymander.” This has entered our political lexicon to signify redistricting for political advantage.

Thomas Jefferson had been elected president in 1800 and again in 1804. Aaron Burr was VP during his first term and George Clinton (the first governor of New York) served as VP in the second term, 1805-09. Clinton was also elected VP in 1808 with James Madison and thus became the first VP to serve two presidents (John Calhoun would later match this feat). However, Clinton died on April 20, 1812, before the election and there was no provision to replace him.

When James Madison was nominated for his second term in 1812, the Democratic-Republican party selected the old reliable Elbridge Gerry to be his running mate (after John Langdon declined). They were both elected, however Gerry died in November 1814 after serving only about 21 months.

Thus James Madison earned the dubious distinction of being the only president to have two vice presidents die in office. No one particularly cared due to the nature of the job and its insignificance.

Elbridge Gerry was buried in the Congressional Cemetery in Washington, D.C. He is the only signer of the Declaration of Independence to be buried in the nation’s capital. He had married a much younger woman – Ann Thompson (James Monroe was best man) – and she holds the distinction of being the last surviving widow of any signer of the Declaration.

Today, gerrymandering has become an art form and voting districts are sliced and diced by ZIP code to create discrete groups of like-minded voters. Political junkies are in broad agreement that this results in major advantages to incumbent officeholders and significantly limits challengers from opposing parties.

Despite Mr. Gerry’s name now only remembered as a tactical political activity, a few avid paper-money fans (including moi) know that Elbridge Gerry is included in John Trumbull’s famous painting The Declaration of Independence that adorns the reverse of the current $2 bill (1976-), with Thomas Jefferson on the obverse. There are several earlier $2 bills with both Hamilton and Jefferson, as well as a National Bank note known as a “Lazy Deuce” due to an odd design.

The Trumbull painting is sometimes confused with the signing of the Declaration when in fact it depicts the five-man drafting committee presenting it to Congress on June 28, 1776. Oddly, there are only 42 of the 56 attendees depicted. But Elbridge Gerry is there for sure.

Now you know.

P.S. One theory is that John Trumbull could not get good resemblances of the 14 missing attendees. Good enough for me.

Jim O'NielIntelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

Yes, There Was a Time When Smoking was Punishable by Beheading

This 1920s Old Gold advertising sign includes the company’s infamous claim — “Not a cough in a carload!”

By Jim O’Neal

“Not a cough in a carload!”

In 1927, Lorillard Tobacco Company advertised their Old Gold brand of cigarettes with this catchy phrase. Testifying under oath before Congress in 1994, Lorillard CEO Andrew Tisch was one of “The 7 Dwarfs” (Big Tobacco CEOs) who claimed they “didn’t believe that nicotine is addictive nor that cigarette smoking causes cancer.”

No one was ever indicted for perjury or having a low IQ.

In 1950, Camel advertised “Every doctor in private practice was asked. More doctors smoke Camels than any other cigarette!” Camel ads went on to claim “Smoke as many as you want … They never get on your nerves.”

In 1953, Liggett & Myers went one step further: “Just what the doctor ordered!”

William Thalman (who played District Attorney Hamilton Burger on TV’s Perry Mason) died of lung cancer in August 1968, but made an anti-smoking TV spot that started, “Before I die, I want to do what I can to leave a world free of cancer for my six children…” It made quite a stir when it aired posthumously. Others finally joined in despite advertising concerns.

In 1992, “The Marlboro Man” Wayne McLaren, who was dying of lung cancer, appeared at the Philip Morris annual shareholders meeting and asked the company to voluntarily limit their advertising. Chairman Mike Miles brushed him off … quickly.

McLaren died three months later at age 51.

Miles was the first non-smoker to run Philip Morris and is credited with “Marlboro Friday” in 1993, when he reduced the selling price of cigarettes 20 percent in a vain attempt to regain share from generics. The board replaced him early the next year.

However, the renamed Altria Group Inc. is now a $120 billion corporation with strong international sales and pays a dividend of 3.7 percent. They continue selling the most efficient delivery system for nicotine to hundreds of millions of throats and lungs. One of their studies in Eastern Europe asserts it is cheaper to let people die early from lung cancer than provide long-term health care.

In the 17th century, a Russian czar banned smoking and then had three-time violators beheaded. That made it hard to inhale, but people today still continue finding ways to “sneak a smoke.”

P.S. The 1999 film The Insider starring Russell Crowe and Al Pacino is well worth another viewing. It is an entertaining look at the tobacco industry and was nominated for seven Oscars.

Jim O'NielIntelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

Custer’s Last Stand Marked the Beginning of the End for American Indian Warriors

This large half-plate ambrotype of George Armstrong Custer was taken circa September 1863 by William Frank Browne. It realized $83,650 at a December 2012 Heritage auction.

By Jim O’Neal

T.J. Stiles’ new book Custer’s Trials: A Life on the Frontier of a New America is being praised for the author’s ability to cut through decades of “revisionist baggage,” change the camera’s angle and examine Custer’s life as actually lived … to better gauge the man, his times and his “larger meaning” (whatever that means).

I’m a skeptic, but since Stiles’ biography on Cornelius Vanderbilt was brilliant (winning the Pulitzer Prize and National Book Award), I will probably Kindle it anyway.

What I know is that on the morning of June 25, 1876, Lieutenant Colonel George Armstrong Custer and 210 members of the 7th Cavalry (including two brothers) were killed by the Lakota Sioux and Northern Cheyenne.

Custer was born in Ohio in 1839, was lucky not to be expelled from West Point (he finished last in his class of 34 cadets) and had a decent career in the Civil War. He was probably indifferent to the issue of slavery and appears to be the type that thrived on war … like so many others of that period.

He undoubtedly loved being called “The Boy General.” With his long, blond hair, he was “the synonym of dashing gallantry and unfaltering fidelity” – at least according to The New York Times.

As a failed business speculator, the war offered him a perfect fit for his ambition and many wondered what he might do if he survived. The answer was quite simple: more war.

But this time, the Plains Indians were aggressively defending the land ceded to them by the Second Treaty of Fort Laramie.

In return for a cessation of attacks against miners and other settlers, the federal government gave the Sioux much of western South Dakota and eastern Wyoming. They also pledged to keep others away from the Sioux’s sacred Paha Sapa, or Black Hills.

However, in 1876 gold was discovered in the Black Hills and soon a hoard of 15,000 miners swarmed the territory. President Grant sent troops to push the Indians farther west and this put the Sioux on a direct collision course with Custer.

The Battle of the Little Big Horn, or “Custer’s Last Stand,” is now legendary, but the larger point is that this single event marked the beginning of the end for the thousands of Sioux warriors involved. In fact, it also included all of the Indian peoples of America.

Following the defeat, public outcry turned Custer into a martyr whose spilt blood had to be avenged. An expanded Army fiercely hounded the great Sioux leader Sitting Bull (he escaped to Canada) and his people. Most of the Sioux surrendered and ended up on reservations.

Within 15 years of Custer’s death, the battles had all faded into legend … waiting patiently to be revived by filmmakers, biographers and blog writers.

Jim O'NielIntelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

Edith Bolling Wilson Played the Role of First Woman President Long Before Hillary

This Wilson & Marshall jugate was offered at a June 2015 auction.

By Jim O’Neal

Former President Bill Clinton often reminded voters that if they voted for him, they would get “two for the price of one” – referring, of course, to Hillary. Little mention was made that Al Gore was included in the deal. One assumes that now Hillary has a similar promise tucked away for the appropriate time.

Quite the opposite was true when Woodrow Wilson won the presidency in 1912. His first choice for VP, House Speaker Oscar Underwood of Alabama, turned him down, and the delegates chose Thomas Riley Marshall, much to Wilson’s dismay.

Later, he treated his VP with disdain, not terribly uncommon, except in this instance, Wilson unfairly branded him an unworthy featherweight – “A small caliber man” … “brought along to deliver Indiana’s electoral votes and little more.”

Once in Washington, Marshall spoke his mind early and often, but quickly saw it was a waste of time. After Wilson literally forced him to move his office out of the White House, he settled into the tedium of his daily chores and practiced keeping his wit sharp as a well-paid public speaker.

However, he soon decided his role as President of the Senate was his primary constitutional duty and devoted most of his time there. Marshall sincerely believed the office of VP was an extension of the legislature as opposed to the executive branch. On March 8, 1917, he led an effort to impose a rule on senators to end filibusters if two-thirds of voting senators agreed. This helped eliminate anti-war efforts to block supplies for Europe.

One exception was when Wilson was in Europe after the United States entered World War I. VP Marshall became the first to hold Cabinet meetings in the absence of the president. But this was short-lived.

After President Wilson was partially paralyzed and without any doubt incapacitated by a second stroke in October 1919, Vice President Marshall should have moved forcefully to assume the presidency.

He had the backing of Secretary of State Robert Lansing, Cabinet members and Congressional leaders. Instead, he allowed the First Lady, Wilson’s personal physician and Wilson’s cronies to conceal the president’s condition in an elaborate cover-up involving seclusion, forged signatures and false health reports.

This button and ribbon shows Woodrow Wilson and First Lady Edith Bolling Wilson.

And so the man who, as governor of Indiana, had personally laid the final “Golden Brick” to complete the Indy 500 Speedway in 1909 contented himself with press reports, senatorial oversight and some of the most scathingly delightful commentaries and one-liners ever uttered about the office of the vice president.

Voters literally got “one for the price of two,” but ironically this did not include either President Wilson or VP Marshall, but Edith Bolling Wilson – the First Lady and Wilson’s second wife.

P.S. Marshall’s only real claim to fame is the phrase “What this country needs is a good 5-cent cigar.” That line actually originated in Kim Hubbard’s comic strip Abe Martin of Brown County. Marshal saw it, repeated it on the Senate floor and myth became history (once again).

Intelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

James Garfield Unique Among American Presidents

This autographed James Garfield cabinet card, dated a month before the president’s assassination, realized nearly $4,500 at a June 2010 auction.

By Jim O’Neal

James Garfield was the last of the Log Cabin Presidents (meaning he was born in one), and in 1880 he was simultaneously a member of the House, a senator-elect and the president-elect. He remains the only person to ever have this unique distinction.

However, he had not gone to the 1880 Republican convention seeking the nomination. Instead, his specific intent was to nominate John Sherman, who was President Rutherford B. Hayes’ Secretary of the Treasury. In fact, Garfield made the formal nominating speech and waited while Ulysses S. Grant and James G. Blaine battled it out. After 35 ballots, Garfield himself became the consensus candidate … and then won the election.

Sherman was eager to become president, but after three failed attempts he gave up. His brother was William Tecumseh Sherman, the general who made the famous “March to the Sea” from Atlanta to Savannah in a scorched earth (total war) campaign that was devastating to Georgia and the Confederacy. His telegram to Abraham Lincoln on Dec. 25, 1864 – “I beg to present you as a Christmas gift the City of Savannah …” – was literally the death knell of the Confederacy and ended the Civil War four months later.

General Sherman was far less political than his brother and at the 1884 convention declared if drafted he would not run; if nominated he would not accept; and if elected he would not serve. We still hear variations of this declaration yet today some 130 years later.

P.S. Garfield was ambidextrous and could write Latin with one hand while writing Greek with the other. Since he favored his left, he is considered the first left-handed president.

Intelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

Gettysburg Symbolizes Horror of War, Quest for Equality and Freedom

This 1936 50-cent coin (MS68 PCGS), commemorating the 75th anniversary of the Battle of Gettysburg, sold for $48,875 at a May 2007 Heritage auction.

By Jim O’Neal

People who read about American history are aware of the Battle of Gettysburg and President Lincoln’s Gettysburg Address. They are less familiar with the details of these famous events.

In early May of 1863, the Battle of Chancellorsville in Virginia pitted an outnumbered Robert E. Lee against “Fighting Joe” Hooker, whose Army of the Potomac was twice the size of Lee’s army. However, the Confederate general won the battle by outmaneuvering Hooker, which resulted in Lincoln replacing him.

Chancellorsville was also where General Thomas “Stonewall” Jackson (Lee’s right arm) was killed.

Buoyed by success, General Lee then turned north into Pennsylvania with plans to capture Harrisburg and then surround Washington, D.C. This would change the entire war. However, on July 1, 1863, the Union Army – now under General George Meade – blocked Lee at the crossroad town of Gettysburg. This is where the famous battle occurred.

The fighting raged over three days and was highlighted by southern General George Pickett’s famous charge on July 3 where his division suffered staggering casualties and forced Lee’s entire army to retreat. “Pickett’s Charge” became known as the “high water mark” of the Confederacy as the South slowly spiraled downward over the next two long years.

When General Meade finally moved south after Lee’s retreat, he advised Lincoln, “I cannot delay to pick up the debris on the battlefield.”

And quite a battlefield horror it was.

Eight thousand bodies and the corpses of 3,000 horses still lay unburied across the ridges and farmland of Gettysburg. Burial resources were scarce and the most they could do was lightly cover the bodies with dirt. The horses were burned in great piles south of the town.

Soon, relatives of Union soldiers began to scavenge through the shallow graves looking for loved ones. Arms, legs and even heads were left protruding and the horror was magnified when crows, pigs and flies descended looking for food.

Something had to be done and the job fell to William Saunders, a cemetery landscape architect. Then came the task of digging up the dead, identification and reburial.

Saunders shaped the Soldiers’ National Cemetery at Gettysburg (now called Gettysburg National Cemetery) and it was here on Nov. 19, 1863, that President Lincoln uttered the 272 words that became so well known.

The main speaker for the event was Harvard President Edward Everett, who droned on for two hours before Lincoln in a 13,000-word speech. The next day, Everett wrote to Lincoln: “I should be glad, if I could flatter myself, that I came as near to the central idea of the occasion, as you did in two minutes.”

Amen.

Intelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

When George Washington Told a Lie

The U.S. Capitol first appeared in its entirety on Series 1869 $2 Legal Tenders.

By Jim O’Neal

George Washington died in December 1799 at age 67 and numerous writers sensed an opportunity to record the details of his life. One of the first to get a publisher’s approval was an itinerant book peddler and Episcopal priest by the name of Mason L. Weems.

He rushed out The Life of Washington in pamphlet form in mid-January 1800. In that and succeeding volumes, he began manufacturing enduring myths regarding Washington, including the famous “chopping down the cherry tree.” In Weems’ version, 6-year-old George told his father “I cannot tell a lie, I used my little hatchet to cut it down.”

Generations of schoolboys (including me) were taught about the virtues of truth using this delightful little parable. However, there was one man who caught President Washington in an embarrassing lie.

The story begins with a dinner hosted by Thomas Jefferson for Alexander Hamilton and James Madison to resolve two thorny issues being debated. The first was the permanent site for the capital. The second was Hamilton’s insistence on the federal government assuming all the states’ debts from the Revolutionary War.

Jefferson and Madison finally agreed to passage of the debt assumption bill. In return, Hamilton promised to lobby the Pennsylvania delegation to endorse Philadelphia as the temporary capital and a site on the Potomac as the final.

Congress passed the Residence Act, which approved Philly as the capital for 10 years and then a permanent home on a 10-mile-square federal district on the Potomac near Mount Vernon.

When the capital moved to Philadelphia, Washington decided to bring his favorite chef from Mount Vernon, the slave Hercules, who ran an immaculate kitchen. The handsome and talented Hercules had a lot of freedom in Philly and plenty of cash from selling the food left over from presidential dinners.

However, Attorney General Edmund Randolph startled Washington when he told him that under Pennsylvania law, any adult slave residing for six consecutive months was automatically a free person.

So George sent Martha back to Mount Vernon before six months lapsed and told Hercules he wanted him to accompany her to be sure she was well cared for. Hercules became enraged since he was well aware of the law. He was also angered because he was so loyal to the family and this ploy questioned his integrity and fidelity.

He was so sincere that he was allowed to stay in Philadelphia and thus became the only man known to be lied to by George Washington!

P.S. Hercules took advantage of the law and secured his freedom, permanently.

Jim O'NielIntelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

How an ‘Oops’ Turned Into a Popular Magazine Feature

This signed Charles Lindbergh photograph realized $3,883 at a September 2007 auction.

By Jim O’Neal

In 1928, Time magazine was chagrined when they realized they had left Charles Lindbergh off the cover after he made his historic transatlantic flight.

So the editors came up with a novel provision and literally created a new feature: “Man of the Year.” Naturally, the first was Lindy, and it started an exciting new trend that also boosted sales.

●●●

In 1920, The New York Times wrote a scathing editorial that scoffed at the idea of rockets being launched into space. They opined that “they would need something better than a vacuum against which to act.”

Forty-nine years later, after Apollo 11’s 1969 launch, the Times published a retraction. “It is now definitely established a rocket can function in a vacuum as well as in an atmosphere.” The Times regretted the error.

●●●

On Jan. 1, 1902, Michigan beat Stanford 49-0 in what would later become the Rose Bowl. This first game was called the “East-West” and Stanford was so beat up (physically) that they quit with eight minutes left to play.

The attendance was so poor (8,500) the promoters dropped football for the next 14 years. They switched to polo, chariot races, ostrich races and even an elephant-camel race.

The first official Rose Bowl was 1923.

That first Michigan team, dubbed the “Point a Minute Team,” won all 10 games with combined scores of 555-0.

I suspect this may have included the first serious college recruiting efforts. (Do you think?)

●●●

In 1973, a Florida shipbuilder by the name of George Steinbrenner bought the New York Yankees from CBS for $10 million. Four years later, he paid right fielder Dave Winfield $20 million for one season.

Last year, the team franchise was valued at $3.2 billion – second only to the Dallas Cowboys at $4+ billion.

In his initial press conference, Steinbrenner promised he would not interfere in the day-to-day operations of the team. (However, he did not specify how long this would last. My guess is sundown on day two.)

In Texas, that’s called the Golden Rule – “He who has the gold, makes the rules.”

Jim O'NielIntelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].