THE PURPOSES OF THIS PAPER ARE TO: (1) PRESENT A PICTURE OF HOW MANY HANDGUNS THERE ARE IN THE U.S. AND THEIR RELATIONSHIP TO CRIME; (2) DESCRIBE THE PROS AND CONS OF HANDGUN CONTROLS; (3) EXAMINE VARIOUS TYPES OF EXISTING AND PROPOSED CONTROLS, INCLUDING FEDERAL, STATE, AND FOREIGN LAWS; (4) DISCUSS SATURDAY NIGHT SPECIALS AND THEIR RELATIONSHIP TO HANDGUNS IN GENERAL; AND (5) COMPARE ARGUMENTS FOR THE BANNING VERSUS THE REGULATION OF HANDGUNS. FIRST, FIREARM, HANDGUN, AND CRIMINAL STATISTICS ARE DISCUSSED. IT IS NOTED THAT NO LESS THEN 40 MILLION FIREARMS ARE OWNED BY AMERICANS, WITH 2.5 MILLION ADDED TO THIS POOL EVERY YEAR. IT IS ALSO NOTED THAT LEVELS OF FIREARMS OWNERSHIP VARY SIGNIFICANTLY BY GEOGRAPHIC REGION AND THAT THESE REGIONAL VARIATIONS CORRELATE VERY CLOSELY WITH LEVELS OF FIREARM VIOLENCE. NEXT, THE PROS AND CONS ON HANDGUN CONTROLS ARE EXAMINED. THE LEGITIMATE USES OF HANDGUNS, THE CONSTITUTIONAL RIGHT TO BEAR ARMS, POLICY POSITIONS ON HANDGUN CONTROL, AND THE WOLFGANG SUBSTITUTIONS HYPOTHESIS ARE DISCUSSED. THE SUBSTITUTION HYPOTHESIS HOLDS THAT, IN THE ABSENCE OF HANDGUNS, CRIMINALS INTENT ON VIOLENCE WILL MERELY SUBSTITUTE SOME OTHER WEAPON (E.G., A KNIFE OR EXPLOSIVES). THIS IS FOLLOWED BY AN OVERVIEW OF EXISTING CONTROL REGULATIONS, INCLUDING THE NATIONAL FIREARMS ACT OF 1934, THE FEDERAL FIREARMS ACT OF 1938, THE GUN CONTROL ACT OF 1968, AND HANDGUN LEGISLATION PENDING BEFORE THE 94TH CONGRESS. FINALLY, INDIVIDUAL DISCUSSIONS ARE PROVIDED REGARDING STATE GUN CONTROL LAWS, NEW JERSEY HANDGUN CONTROL LAWS, FOREIGN EFFORTS AT GUN CONTROL, THE ROLE OF THE SATURDAY NIGHT SPECIAL, AND THE BANNING VERSUS THE REGULATION OF HANDGUNS. ALTERNATIVES TO STRENGTHENING HANDGUN CONTROL ARE PROVIDED, AND RECOMMENDATIONS ARE PRESENTED CONCERNING HANDGUN REGISTRATION, MANUFACTURE, SALE, AND DISPOSITION. TABULAR DATA AND REFERENCE NOTES ARE PROVIDED. (KBL)