Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-04-16
From London Papers.

more ancient uldh VIC SSeo1 -
earliest hanks. The bank of ST. George,
of Genoa, the most ancient we know, was
founded in l4O7; but before the end ofthe
thirteenth century, Koblai, grandson Of
Gepghis Khan, the Tartar corqueror, To-
troduced paper money into China, and his
example was at once followed by bis ceu-
sin. Kaigatou, the sultan Of Persia: both
were obliged to abolish it, on account Of
the great disorders it produced in their ex-
tensiye dominions.
Since this epoch the Chinese government
has again established paper money, and in
Russia they can now show a "Chinese as
signat."
In Turkey also, the collectors Of certain
taxes deliver receipts to those who pay
them, and these papers have the currency
Of money.
1t is not pretended that paper money
was FIRST invented by the Mongols; or the
contrary, its invention was every where as
easy as its use was obvious, ard particular
Is Attractive for all governments, for its tenn
porary advantage in crises Of difficulty.
The idea of substituting token, or pro-
missory obligation for present intrinsic
value, could occur even to a simple or bar
barous people, ofwhich there are many ex-
amples.
Aristotle, in his Economics, tells us that
Denis, the tyrant Of Syracuse, coined mo-
ley of tin, which he declared to be legal,
aud equivalent TO silver!
Tin.otheus, the genera. of the Atbenians,
in moment OF difficulty, coined brass mo-
ney, and assured his numbering soldiers,
that he would receive il, in the purchase OF
the spo;ls he was to make. We have heard
much OF the leathern money used BY the
Cartbagenians.
l, is true, none of these are paper mo-
ney, but resemble it, as merely tokens of
values" the money of confidence the |.
o. U.
We read olso Of the iron money OF By
zantium, and OF some of the ancient cities
ofGreece.
In England, our copper money Is only
token or sign, current for nearly double its
value as metal.
In Russia, skins and furs have been used
for meuey but their inconvenient bulk gave
rise, in early time, TO an ingenious repre-
sentative Of their natural coins. which was
small pieces OF leather stamped, which
were used as money, TO be liquida:ed by
furs and skins, as expressed. This lea
thern coin was used in some parts as the
fractions CT tie silver copecS, down to the
year 100.
Among the simple Hiadoos, whose wants
are. lep, and the produce OF the earth &C
CURED with little labor, gold and silver, OF
even copper or iron, are Of no great value
in comparison; aud their small money is
cowry shells. collected on the shores OF
Ceylon and OF the Maldive Islands; these
shells nave been the current money OF the
Moogols, of Bengal, and Botan, as well as
ofGuinea. On the discovery OF America,
grains Of Cacao served for money. In A
byssinia, their merchandizes are valued by
salt and pepper; at Newfoundland, by cod
fish; in Virginia, by tobacco; in Iceland,
by sort ofwool; pieces Of nankeen serve
for the money of comparison, in the exchan.
ges between the Chinese aud the Russians,
at Kiaktu among the Greeks of the lower
empire, pieces of silk performed this func-
ton; in ancient Chronicles, gold, silver and
SILK, are mentioned equally as money.
= The basis Of the currency ofthe Chinese
and Of the Russians, seems to be mere GU
rious and substantial than any other. The
small coins of the Chinese appear to cost
more in the labor of fabrication than they are
worth in their currency: they cannot, there
fore, be forged. and the material is a mix
ed metal worth more in the crucible, or tor
expectation, than its use as coin.
In Russia, the abundant base Of their
currency is copper, whose value in coin is
less than in commerce as metal: this is an
unusual condition, but happy one as far as
il extends.
As riches and calculations increased with
civilization and confidence, and alter the
discovery of America and the working in
its mines, gold and silver took with advan-
tage the place ofall these expedients one
step further has been taken. on the basis Ut
credit in the use Of paper money.