Several issues are examined: (1) the deterrent (or other preventive) effect of the death penalty, (2) the relationship between the level of gun ownership and the homicide rate, and (3) the incapacitative effect of imprisonment on the homicide rate. Findings consistently show a significant reciprocal relationship between gun ownership levels and the homicide rate, with crime pushing up gun ownership and gun ownership in turn pushing up the homicide rate. Greater certainty of arrest and conviction for homicide has a significant negative effect on the homicide rate, suggesting a deterrent effect of legal sanctions, while the homicide rate in turn has a negative effect on the certainty of punishment. This is consistent with a hypothesis of the strain on cirminal justice system resources resulting from increasing crime. Further, the hypothesis that the imprisonment o criminal offenders has an incapacitative effect on homicide rates independent of deterrence effects is supported. Contrary to the recent findings of Ehrlich (1975b), the analysis fails to detect consistent evidence of a deterrent effect of capital punishment on U.S. homicide rates for 1947-73. This may be because of the infrequency of executions during this period.