Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-06-10
PAPER-MONEY IN ANCIENT TIMES.
Interesting and Instructive Facts and Fig
Ures--3rredeegnabIe Currency T1veEty Gem
lNrlCS AGO.

III Lh-MONLI IN ANOlLNA 9&hEto
Interesting and Instructive Facts and Fig
ures--irredeemabie Currency twenty Gem
turtles ago.
During the discussion of the financial
question III Congress and in the press,
last winter, the idea was frequently adj
vanced that the world bad outgrown
the idea Of money hitherto prevelant,
and that it was to be hoped that in the
enlightened nineteenth century the
United States would not return to an
obsolete and barbarous monetary sys-
BILE currency, it was claimed, such us
we possessed, was currency better
than metallic and the employment of a
medium of circulation
WITHOUT INTRINSIC VALUE
was hailed as one of the great inven-
lions of the age. When Senator Schurz
| showed by quotations from the Travels
OF Marco Polo, that centuries ago the
Chinese were acquainted with and used
aspecies money not differing essential
| ly from greenbacks, the new school TO f.
nanclers stood aghast at the discovery
| that theirsystem was not original. Since
Mr.. Schurz delivered his speech,
French economist, Nh. A. n. Bernard
axis, has published valuable paper in
which he traces the history of inconver-
tlble currencies-i. e., of currencies
without intrinsic value-in Lacede-
monia, Carthage, Rome, Russia, China,
Persia, etc. The only difference be-
tween the
| INCONyERTIBI,E CITRRENCJES OF ANCIENT
TIMES
and those in our own is, thai the latter
are in paper, the former were of parch-
ment, leather, small pieces of skin, tin,
pewter, iron, etc.
Eschines, the disciple of Socrates,
thus describes the money of the Car
thagenians
In a small piece of leather they en-
velop a something Of the size of piece
of money equivalent to four drachms :;
but what is contained in the envelope
no one knows except those who manu-
facture it. Once sealed, they are put
in circulation, and the person who has
most of them is considered to have
most money, and to be the richest
citizen. But, no matter how many of
them we should have, we would be no
better off than if they were so many
| pebbles. In Ethiopia, engraved stones
are used as money, but a Lacedemonian
could make no use of them"
Aristides, the orator, says "The
Byzantines coin iron, and the Cartha-
genians stamp leather" Between the
money of the Carthagenians and
THE GREENBACKs
there is no difference. The essential
character of both is the absence of in
trinsic value. The iron money of the
Lacedemonians had some value land
the engraved stones of the Carthagen-
lans, though not precious stones were,
rare enough to bestow them withsome
value also. Thatsuch money was known
in Rome is evident from the words of Sen
eca: GA debtor is one who owes gold,
or leather struck with a public mark,
among whom it took the place of
money" Isidore of Seville says cit
was from the skins of animals that
money was cut and stamped" In Rus
STA skins were at one time the circu-
lating medium. On account of their
inconvenience, the Government had
small pieces cut out of them, and chen
withdrew the skins from circulation,
using the small pieces alone to repre-
sent them-the skins themselves re-
naming in the Government treasury.
It happened that
THE RUSSIAN GOVERNMENT
was once in need of money, and as it
could manufacture this species easily
OF
that a number of skins be cut into
small pieces. This was done, the pieces
of skin were sealed by the Government,
and made to pass current as money. At
T first these pieces were redeemable in
the holes from which they had been cut.
Later, when the needs of Site de-
handed it, they were made inconver-
tible.
In work containing fragments from
Alexandrian authors, edited by Hultche,
we read 81 am acquainted also with
a wooden talent at Antioch. AS to the
wooden talent of Alexander, it differs
obout one-ffth from that Of Antioch. "
Here was
MONEY MADE OF WOOD.
Aristotle mentions apeople who struck
iron money, and gave it circulation,
estimating it as If it were SO much sill
yer. In his economies he cites the
following fact "Denys the Ancient,
wanting money, caused pewter money
to be struck, and convoking an assem-
bly, of the people, he spoke to them SO
favorably of the new money, that he
persuaded the citizens to employ it. D.
Pollok relates the same fact I" Denys
the Ancient" he says Having had
pewter money struck, compelled the
Syracusians to use it instead of silver,
and this money was worth four attic
drachms instead Of one." The follow
ing fact is also related by Aristotle
Timothy, the Athenian, being en-
gagged in a war with the Olympians and
being in need of money, had copper
money struck, and distributed it among
the soldiers. who became very indig-
nant thereat. He then told them, and
the merchants and all who were en-