, 1874-05-31
rtp7R.E0EEY IN AEC!ENT TINES.

1,,rir1p the discussion OF the hnancial question
ra,orass and in the press, last winter, the
~ 30. frequently advanced that the world had
''.- the ideas OF money hitherto prevalent,
ou,e bat it Was to bo hoped that in the en1ight-
a1' ai,at eenth century The United States would
1' .ot,,,n to an obsolete and bsrbarous none
W. ~. -svs,eu,-meaning specie. An lnconvertible
|s..ency. it was claimed. euch as We POSSESSED,
w. ..rrcocv better than metallic; and tho en-
.,0.,,ent Of medium OF circulation
p9'' WITHOUT INTRINSIC VALUE
-. hailed rs Que Of the great Inventions OF the
e'' WHEN Senator Schurz showed by quota
49, tro,, the Travels Of Marco Polo tia: cen
"' .oo the Chinese were acquainted with and
su' ."s sneces of money not differing essentially
49, ,ha ereenback, the new school OF finan-
~ stood lclast at the discovery that their
esta ras not original. Since Mr.. Schurz de-
I'D s: ,;s e,eech, 4 French economist Mr.. A. n.
ns-n.Ylalit, LAG published valuable rnpe7, IN
s;at ba trsces the HISTORY Of incoEvertible cur
"a,c;os--i. t., Of oarrencies without INTRINSIC
..,ne--in L.cedemonia. Carthage, home, Kus-
=. chirs, Persia, etc. Tie only difference be-
tween the
.,.oxrrBr1pLE CCRRESc1Es OF ANCIENT TIMES
I1.hosa NJ our own is, that the latter are in
so,sr tle former we're OF parchment. leather,
mi; pieces Of skin, tin, pewter, iron, ETC.
Fsrh,nes tie disciple OF Socrates, thus de-
,rnhe, the money OF the Carthasenians:
1,,.n,u piece Of leather they enveop eonne-
ring oi the size Of piece OF money eanlEa1ent 10
ch1aak. but what is contained in the envelope
iuovE except those who have manufactured it.
n.ce se.led hey put In circulation nnd the per
who hs. G. 81 t4f rhest een pu no mattc.
~ r,,ur Of them Of US should have he would be
~ litter ofs than II they we're 10 many pebbles
~ Fr,jonik engraved stones arc used 81 money, put
- sI.crtemoutsa could mako no pse Of them.
Aust;des, the orator, says: 1.-The Byzanstnes
co;n iron, and the Carthagenians stamp leather"
petueen the money Of the Carthagenians and
TEE aREESBAcK
therc is no difference. The essential character
n both il the absence Of intrinsic value. The
Inn money OF the Lacedemonians had some
vs,re; and the engraved stones OF the Carthe-
eeui3ns, though not precious stones, were
r,re enough to endow them with some also.
Il.t such money WAS known IN Rome Ii evl-
de,t from the words Of Seneca: IA debtor is
me who owes gold, OF leather struck With
cnt1ic mark. such as Tas used by the Lace
5emoulans, among whom 1t held the place OF
noney." 1sidore of Seville Eays: 1t was OF
Tie skins of animals that money wss cut ana
rtamped," In Russia skins we're at one time
The circulating medium. On account Of their
Inconvenience, the Government had small
pieces cut out Of them, aud then Withdrew the
tlins from circulation. using the small pieces
.!one to represent them-the skins themselves
remaining in the Government treasury. It hap
penei 1hst
TIE RUSSIAN GOVERNMENT
ras once In need OF money, and, as it conld
manufacture this species easily and at little
expense, it was ordered that number OF
tkins should be cut into small pieces.
This WAS done, the pieces OF skin were sealed by
The Government. and made to pass current Is
money. At first these small pieces Of ekin were
redeemRble in the wholes from which they had
been cut Later when the needs of State de-
snsnded it. they were made inconTertible.
In work containing fragments from Aexan-
driau authors, edited By Hultche, ne read:
Antioch. As to the wooden talent OF
a1ar.nri. it differs about one-tiflh from that Of
Antioch" Here WAS
MONEY MADE OF WOOD.
Aristotle mentions q people who struck iron
uopay, and gave it circulation, estimating 1t as
hit we're 90 much silver. In Ills Economics he
cites the following fact: "Denys the Ancient,
wanting money, caused pewter money to be
struck, ard convokiDg an assembly OF the peo-
p]e. be spoke to them so farorably of the new
money, that he persuaded the citizens to en-
nloy it." poliux relates the samo fact !:
"Dcnvs the Ancient" he says, "haTing had
pewter money struck, compelled the Syra-
cusans to use it instead Of silver,
and this money was worth four attic
drachras instead OF one" The following
fact is also related By Aristotle: Timothy,
ths Athcnisn, being engaged in war with the
0',nthianB and being in need OF money, had
copper money struck, and distributed it among
the soldiers, Who became ge1y indignant tteEeat.
He then told them, and the merchants and all
who vere engaged in trade, ogo on buying, that
with the copper they could purchase what they
wanted and that il any remained over beyond
what they needed for buying aud selling he would
exchange it for silver.
IN CHINA,
PAPER money Was known as far back AS tho year
lsbefore Christ. Parchment or pieces OF card
Heze used sometimes instead OF paper. They
were provided with the Government seal, and
Vers used generally in trading. Pieces OF shn
Ind pieces Of bark also we're made to do service
- alooet IL tut AttesLlA4 Alubuous A AAo0&>AA-
nedan traveller, Chuk-1bu- -Batoutah, who
Visited China about the middle of the four
setnth century, says Of the inhabitants "They
nRa in their commercial transactions neither gold
nor silver. They buy and sell BY means OF pieces
of paper, esch one Of which is about the size Of
the palm Of your hand, and bears the mark Of
ieaL Twenty-Five Of these notes are called
oaIlcat which means piece Of gold. When my
one has mutilated bills On his hands ha takes
them to an establishment like the mint, where,
upon surrendering them, he gets nen ones in the
plice of them
TIE WORKINGS OF PAPER MONEY
10 china Ne1s not different from what they have
oeea elsewhere. From time to time the people
febeled On account Of it's use or abuse, aud u.s.
nst'nated Mandarin or terminated dynasty.
Aantaoulin, Chinese philosopher, had pretty
sos5ect notions Of the nature OF money. He
tacught banks were very useful institutions, but
mat the Government should have as little as pos
Ellie to do With them. OF paper money he
R}si Paper should not be made money.
should be used only es sisn of value, and
1aould be at I'll times redeemabie in the pre-
caops netals. At first there was the ro1e played
r1paper money in trade. Government borrowed
us idea Of this money from Individuals and