Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1857-11-20

COINED MONEY AND PAPER MONEY
The discussions now going on in thousand
prints, respecting the mutual advantages
anG disadvantages of coined money and pa
per money, suggest 20 US that hasty sketch
of the origin of both species Of currency
may be interesting 10 many readers of the
Ledger.
In the earlier ages Of the world, exchan-
ges were made by bartering one article for
another, as a sheep for coat, a COW for q
sword, and herd of cattle for bit OF land.
As society advanced, however, the disaa-
yantsges Of this method Of trading began to
be seriously felt, and solne other system
was sought to be aasise5 Tho precious
metals, on account both of their value and
compactness, were adopted among most
communities as a solution TO the problem,
though ether communities employed shells,
the American Indians for example, aud still
others other substitutes. At first the silver
vas used in bars. But the difficulty Of as
saying it, as well as the difficulty of weigh
ing it, for each separate transaction, grad
ually led to the stamping it, and then to
the cutting off pieces of certain determined
weights. These things we're finally done
BY public authority; and hence the origin
of gold, silver and other coins.
The first piece Of stamped money of this
description was doubtless minted before the
historic period. 1t is said by Pliny, new
ertheless, that the Romans had no coined
money before tbe time Of Seryius Tuilius.
But, long prior to that period, the Pheni-
Clans and other commercial nations used
stamped coins. Il is plain, from more than
one passage in the Bible, that money of this
kind was familiar to the Hebrews, at very
early eposh in their annals. Iron was en-
ployed By the Spartans in coinage; copper
by the Romans gold and silver by richer
and more commercial nations. Generally
the early coins of all nations we're exceed
ingly rude. But we must except those of
the Greeks, who exhibited in their coinage.
as in all things else, their natural aptitude
for the beautiful. We are indebted to the
classic world for the term money, coins hay-
ing, according to tradition, been first struck
at the temple of Juno .Honeta. The word
pecuniary is from the Latin pecvs, a flock,
focks and herds being equivalent 10 money
Cash is from the French caisse.
or Golfer in which money was kept. The
derivation of dollar is less authentic
established. Cent is from the Latin. Shis-
ling is Saxon. Thus al nations and ages
have contributed 10 furnish the everyday
terms of commerce.
Paper money is of comparatively modern
birth. 1t first appeared in the shape of bills
of exchange and promissory notes. Com
mercial transactions in England are still
carried OR, TO great extent, with these me-
diums. Bank notes, in the Usited States,
have, however, almost monopolised the term.
Banks themselves are the invention of
quite recent period. The word bank comes
from baaco, the Italian for bench, because
dealers in money first sat on benches, in |
the market places of Italian towns, in the
middle ages. The Bank of Venice, the pa
rent Of all other banks, was frstestablishcd
4. d., llT1. The Bank Of Amsterdam |
A. D., 1909; that of Hamburg,
4. D., 1919; and that Of England, A. d., |
1894. The earlier of these banks, howev-
ever, were rot banks Of issue, but OF depos-
t and discount only. In the United States,
banks of issue-that is, banks which put |
'orth paper money-prevail to greater !