Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1870-08-02
ANCIENT AND MODERN COINAGE.
From the Christian Union.

ANCIENT AND MODERN COINAGE.
From the Christian Union.
Platinum was coined in Russia
from 1928 to 1915. But the metals
best adapted and most generally used
as coin, are copper, nickel, silver and
gold the first two being now used
for coins Of small value, to make
change, the two latter commonly
designated "the precious metals, " as
measures of value and legal tender.
On the continent of Europe a compo-
sition of silver and copper, called
bullions, has long been used for small
coin which are made current at a
much higher value than that of the
metals they contain. In China Sy-
see, silver is the principal currency,
which is merely ingot silver of a
uniform fineness, paid and received
by weight. aas
Spanish and Mexican dollars also
circulate there, but only after they
had been assayed and stamped as
proof that they are of the standard
fineness. AS Asia Minor produced
gold, its earliest coinage was Of that
metal. Italy and Sicily possessing
copper, bronze was first coined there.
The Lydians had gold coins at the
close of the ninth century b. G. (;
Greece proper only at the close of
the eighth century Il. G.. Servius
Tullius, King of Rome, made the
pound weight of copper current
money.
The Romans first coined silver 281
b. c., and gold 207 b. G. Some ma
tions, although they worked the
metals with skill, seemed never to
have coined money, and such was
the case with the Irish, of whom no
coins are known priorto the English
invasion in the twelfth century.
The amount of specie extending in
Europe, A. ID. II, was equal in value
to but 9358.
After the Augustan era the pro-
duct of the European mines failed,
and the stock of coin gradually dis
appeared until the ninth century,
each step of its fall being marked by
the greater poverty and degradation
of the people, until at last such was
the scarcity Of coin, human beings in
Britain were made a legal tender at
specified rates.
INVENTION or RANK NOTES
This dearth of the precious metals
contributed largely toward establish
ing the dark ages. Out of these
depths arose the great modern insti-
tutions-the mercantile theory and
credit-the one a palliative and the
other cure. No increase in the
stock of coin occurred until after the
discovery of America, but the inven-
ton of paper credit largely alleviated
the prevailing misery. This inven-
ton is due to the Jews, who, in 1160,
introduced bills of exchange, and
who were the only persons from the
institution of the canon law against
the taking of interest for the loans of
money to the sixteenth century, who,
in Western Europe burst make a
business of giving credit.
The same people established the
first banks in Europe. That Of Ven
ice was established in 1857, that OF
Geneva in I345, that of Barcelona in
1401, and that of Genoa in 1907. The
discovery of America in 1892 produc-
ed no immediate increase in the
European stock of coin, The mines
of Potosi were opened in 1915, but il
was not until near the seventeenth
century that the stock of coin sensi-
bly, increased. The taking of inter
est was totally forbidden iu England
until 1871, and the device of extend
ing credit by means of endorsement
was not practiced until century
later, when it was introduced from
Holland.
INCREASE OF COIN.
The stock of coin steadily increas-
ed until 1927, when it reached its
highest point, and then declined until
the opening of the Pacific coast
mines in 4948, when it again increas.
ed, passing in 1860 its greatest pre-
vious height, and obtaining in 1867
the enormous sum of two thousand
six hundred millions of dollars.
Copper coins, few in number, were
used by the mint of the United
States as early as 1892; but these
are now so rare that one of them
sold at auction in Philadelphia, il
January, 1860, for sixty-five dollars
and fifty cents, and another for fifty
dollars. The mint did not get fairly
into operation until 1898, when the
first copper cent appeared.
The estimated amount of gold in
existence at the commencement OF
the Christian era was $427 900, 900.
At the discovery of America, in 1892,
this amount bad diminished to $751;
900, 900. In 1000 the amount had
risen to $105, 100000; in 100 to
351, 900, 900 in 1900 to 81, PSI, 900, 600.
The Russian mines extending over
ObO-bbii " vi 1uO SuIIdCO VI tuO SiOOO,
on parallel fifty degrees north lati-
tude, were discovered in 1919.
In 1S43, the estimated amount of
gold in existence was $4,000, 600, 900.
Next followed the discoveries in
California, February 9th, 1848, in
Australia, February 18th, 1851 which
added enormously to the gold pro-
duction. In 1858, the amount in
existence was computed at So, 00O,-
900, 600; and in 1860 it was Sd, 000,-
900, 900.
From the commencement of the
Christian era to the discovery OF
America, it was estimated that gold
had been taken from the surface, and
mined to the amount of SO, 800, 000,-
900. From that date to the close OF
1912, $500, 600, 600 to 1860, Russia
adds s746, 600, 900, and California and
Australia, So, OOO, 100000 more. The
amount of gold at present in exis-
.annt ia ostimatad at 81 q50 600 600 :