M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1857-09-10
3flistrIlmrous 9rtitlrs.
Tho Origin OF Paper Money.

The invention OF paper money is
much more ancient than the establish
ment of the earliest Banks. The
Bank of st. George, of Genoa, the
most ancient we know, was founded
in 1407; but before the thirteenth Gen.
tury, Koblat, grandson of Genghis
Khan, the Tartar conqueror, intro.
duccd paper money into China, and
his example was at once followed by
his cousin, Kaigotion, the Sultan Of
Persia; both were obliged to abolish
it on account of the great discords it
produced in their extensive domin.
ions.
Since this epoch, tie Chinese Gov
crnment has again established paper
money, in Russia they can now show
q Chinese assignat.
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 mon
oy was first invented by the Mongols;
on the contrary, IFS invention was ev-
erywhere as easy as its use was obvi-
GUS, and particularly attractive for all
governments, for its temporary aGvan-
tage in crisis of difficulty.
The idea Of substituting a token or
promissory obligation, for a present
intrinsic value, could occur even to a
simple or barbarous people, Of which
there are many examples.
Aristotle, in his Economics, tells lis,
that Dennis, the Tyrant Of Syracuse,
coined money oftin, which he declared
to be legal, and equivalent to silver.
Timotheus, the General of the Athe-
mans, in moment ofdifficulty, coin
ed brass money, assuring his murmur-
ing soldiers that he would receive it,
in the purchase ofthc spoils he was to
make. We have heard much of the
leather money used by the Carthage
mans.
1t is true, none of it was Paper
Money, but they resemble it, as mere
ly toxins of confidence; the |. o. U.
We read also Of the iron money OF
Ryzantium, and, ofsome OF the recent
cities of Greece.
In England, copper money is only
q token or sign, current for nearly
double its value in metal.
In Russia, skins and furs have been
used for money, but their inconveni-
cnt bulk gave rise, in early time, to
an ingenious representation Of these
natural coins, which was small pieces
of leather stamped, which were used
as money, to be liquidated by furs and
skins, as expressed. The leather coin
was used in some parts as the silver
copeck down to the year 100.
Among the simple Hindoos, whose
wants arc.iew, and the produce Of the
Garth acquired with little labor, gold
and silver, or even copper or iron, arc
no great value in comparison anC
their small money is cowry shells
collected on the shores of Ceylon ant
the Maldivc Islands these shells have
been the current money of the Mon.
gols, Of Bengal, and Botan, as vol
as of Guinea. On the discovery o
America, grains of cocoa served fol
money. In Abyssinia, their merchan
dies are valued by salt and pepper
on the island ofNewfoundland by cod
fish; in iceland by q sort of wool
pieces ofnankeen serve for the money
of comparison, in the exchange be
tween the Chinese and the Russians
at Kiaktu ;among the Greeks of thu
Lower Empire, pieces of silk perform
cd this function in ancient Chroni
eles, gold, silver, and silk, are men
toned equally as money.
The basis of the currency of tho
Chinese and the Russians seem to b.
more curious and substantial than any
other. The small coins ofthe Chinese