Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-11-20

only be done through the attorney-general.
| But as the ieutenant-governor will have no
duties to perform till 1881 which could fur
nish ground for legal proceedings, the attor-
| ney-general could do nothing till his disabil>
| ity had ceased. So that it is not easy to see
| where Mr.. Barnum can find peg on which to
hang his proposed challenge of Mr.. GiIman's
! title"
Interesting Facts About Money,
Many readers who take little or no in
terest IN articles on finance, written with
view to establish some political theory,
doubtless take some interest in historical
facts relating to money, when presented
in a manner that does not seem too sta
tistical:and dry. We have gathered the
following from "Sumner's History of
American Currency" "The American
Cyclop@dia," "Fawcett's Handbook of
Finance" and such other relia BILE works,
bearing on the subject, as we have before
us; and We hope that it will prove both
instructive and entertaining.
PAPER MONEY INVENTED.
Paper money was invented IN the year
1868. Previous to that time the Bank of
Venice issued certificates of deposit,
transferable only by endorsement, and
this suggested to Swede named Palm
struck, who founded the Bank of Sweden,
the idea of making the certificates in
uniform amounts, and the deposit payable
to any holder, without endorsement.
The conception was elaborated into the
present bank note, the first note having
been issued by the Bank of Sweden IN
1868. An emquete made by the French
government, in 1929, recognized the pri>
ority of Sweden in this matter, and de-
clares the bank note to be an admirable
Swedish invention, designed to facilitate
commerce.
WAMPUMPEAG MONEY.
When the settlement of America COM
menced, thu Indians along the coast Of
Long Island Sound were found to have
money consisting of beads. These
beads were made, Of shells, and there
were two kinds, one black bead being re-
garded as worth. two white ones. They
were rubbed down and. polished as arti-
cles of ornament, and arranged in strings
or belts into jewelry, being articles of
real beauty when the colors were artis-
tically combined. This money was called
"wampumpeag," and was not only used
by the Indians as money, but was made a
legal tender IN Massachusetts TOR sums of
IL pence or less, at the rate Of SIX white
beads or three black ones for a penny.
Afterwards musket bullets were used for
change in Massachusetts, at farthing
apiece, and were made legal tender for
sums under IL pence.
CATTLE CURRENCY.
Cattle also passed current as money,
and in 1868 it was ordered that no man
should pay taxes with *::lank' cattle. In
1865 constable brought cattle to the
treasurer for taxes which were SO poor
that he would not take them.
PAPER MONEY.
In 1890 paper money was issued by
Massachusetts to pay soldiers on their re-
turn from an expedition to Canada, but
it soon deprecated one-third. Other
colonies also issued paper money from
time to time, and some, we believe the
m ost, of these issues were made legal
tender. They, all deprecated, however,
except when coin was on hand for their
redemption. In 1851 Parliament passed
an act forbidding any more legal tender
paper issues.
TOBACCO CURRENCY.
Early in the eighteenth century Vir>
ginia adopted tobacco as currency. 1t
was deposited in warehouses, and the re-
ceipts for it passed as currency. The
value of this money naturally fuctuated
considerably, as the price of tobacco
changed.
| CONTINENTAL PAPAR MONEY.
| When the colonies went into the Rev.
olutionary war, the Continental Congress
began to issue paper money. This money
DEPRECATED until, in 1880, it was worth
only two cents on the dollar, and then
ceased to circulate. Over $3.50, 1000, ,O0O
were issued IN all, but probably not over
5000, 900, 900 were out at one time. After
1880 the paper was worth more for an
advertisement or joke than for any
prospect of redemption. A barber's shop
in Philadelphia was papered with it; and
a dog, coated with ta., and the bills
stuck all over him, was paraded in the
streets.
i UNITED STATES COINAGE LAWS.
The first general code Of coinage laws
in the United States, were enacted in
1892. The gold COINS were eagles, hal
eagles, and quarter eagles, but no dollars
The silver dollar was made the unit O
value, and the coinaee of smaller silve
| pieces was authorized, also the coinage o
cents and half cents. Of copper. By act
passed in 1884 and 1887 the weight of tn
4 gold coin was reduced, but the weight 0
, the pure metal in the silver coins wa
, left unchanged. In 1s49 Congress au
thorized the coinage Of gold double eagle
and gold dollars, in addition to the gol
coins previously authorized; but the sill
yer dollar and not the gold dollar, still
). remained the unit Of value. In 1856
Congress reduced the weight Of oil tn
silver coins Of q less denomination tina
. one dollar, but did not reduce the weigh
Of the silver dollar for the reason that il
2 and not the gold dollar, was the unit {
value, and no change ID the unit Of valu
could be made without doing gross lnju,
. tice 70 the people. q 1873 eongrel
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