Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1875-09-10
MONEY.

MONEY. 4
The present financial panic suggests
he question what is money. Is it an
evidence of value or thing Of intrinsic
worth? Webster says in his work that
money is coin; stamped metal; any
piece of metal, usually gold. silver or
copper, stamped by public authority
and used al the medium Of commerce.
We sometimes give the name of money
to other coined metals, and to any other
material which rude nations use as
medium Of trade. But among modern
commercial nations gold, silver, plati-
mum and copper, are the only metals
used for this purpose. Gold, platinum
and silver containing great value in o
small compass, and being therefore Of
easy conveyance, and being also durable
and little liable to diminution by use,
are the most convenient metals for coin
or money. which is the representative OF
commodities OF all kinds Of lands and OF
every thing that is capable OF being trans
ferred in commerce. g Bank notes or
bills OF credit issued by authority, an3
exchangeable for coin or redeemable, are
also called money, as such notes in
modern times represent coin aud are
used as substitute Tor it. II man
pays for goods in bank notes which ar,
current he is said to pay in ready money
8, Wealth. aflluence." This general ana
full definition gives IA correct idea OF
what money is now considered as con.
sisting. When The Puritans commenced
their emigration to New England they
carried but little money with them, be-
cause the English Government objected
to the money Of the Relm being carried
beyond seas. The Puritans had little
need OF money. and until 1880 very it'll.
had reached the New World from Eng.
land. In that year Winthrop wrote his
son. then in London, to bring with him
$50 or 200 pounds in money. After this,
several of the settlers brought money
with them. and in a few years the CON-
munity had sufficient OF the precious
metals to answer their purposes for ex-
change and general business transao.
tons. At that date money was of much
greater value than it is at the presen,
time. William G. Sumner in his /" His.
tory Of American Currency" says that
"Of the value OF money amongst them
we may judge from the following Incl.
dent: A married clergyman was allowed
so pounds per annum. Carpenters,
sawyers. joiners and bricklayers-whose
services were in great demand and had a
monopoly price-were forbidden to take
over I'D. and afterwards %. per day;
penalty, los. to giver or taker; magis-
trates had IS. Cd. and deputies %. Cd.
per day. Ed. Palmer being found guilty
OF extortion in charging l3s. 4d. for the
woodwork OF the Boston stocks was
fined Go and condemned to sit in the
stocks one hour. In January, 1881, the
crops having failed in England. and no
crops having been raised in Massa.
chusetts Bay, grain was ut famine prices.
Including freight, wheat was lis. per
bushel, peas, l0s.; Indian corn, from
Virginia, l0s. Many cattle died. A COW
was worth G25 or e30." The contras,
OF the past and present is sufficiently
varied to make the question interesting,
When the men from Massachusetts, went
to Long Island Sound they found In.
dams along the coast more civilized
than those they had met farther north.
This superiority consisted in their hay-
ing circulating medium. This con-
consisted of beads of two kinds one
white, made out of the end Of a peri.
Wrinkle shell; the other was black, made
out OF the black part OF elan shell
These beads were rubbed down and
polished as articles of ornament and ar.
ranged in strings or belts or into iewelry,
being objects of real beauty when the
colors were artistically combined. These
beads and belts were used by the In.
dams themselves as money. and were
real money They regarded one black
bead as worth two white ones. This
was called wampuupeag. or wampum or
peag. The Colonists soon began to
trade with the Indians and to take this
money in exchange for their commodi
osS, and soon began to circulate
among the Coionists AS money, and soon
1t was the prevailing currency in Massa.
chusetts. Sumner says 'the white man
also proved his superiority by counter
feiting it. A fathom or belt OF wampum
consisted Of 800 beads. One fathom of
white would buy furs which were valued
at 5s. sterling, and one fathom of black
would buy furs worth los. Therefore,
$50 white beads - co.,, beads = /
penny; $50 black beads - 1901, 3 beads
penny. These were the rates that
the psag first circulated amongst the
ooionists.' But alas for the people
VINO had peag, it was soon SO counter.
'e''ed that 1t became worthless. The
s'ooy Oh this money question, as con-
nected With the Colonists, is as interest.
ing as the subject Of finance of the pres
snt day is perplexing.
The Board of Engineers who were
appointed to examine Captain Ead's plan