Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-03-22
PAPER MONEY IN CHINA.
currency Known In the EIowery Land Owe
thousand Years rJgo,

currency Known In the EIowery Land Over
thousand Years Hgo.
II we are to- attach any value to the
statement made by klaproth in the
Asiatic Journal for 1922 the invention
OF bank notes belongs to the Chinese.
AT the commencement Of the reign of
Hian-Tsoung, of the Thang dynasty,
in the year s07 of the Christian era.
and on the occasion of great famine,
the emperor decreed that all merchants
and wealthy persons should deposit
the whole of their gold and silver in
the public treasury, and in return
there were delivered to them notes
called 'sfey thsian.'' or s'fying money"
Three years afterward this paper
money was called in at Pekin, but it's
circulation continued to be authorized
in the provinces. In IA. D. 9O6
the paper currency was revised
by another emperor, merchants being
permitted to deposit their bullion in
the eXchequer, and to receive in ex-
change notes called running money!
In 1921 this currency represented a
value of nearly three million ounces of
silver. Whether these bank notes were
printed from metallic plates has not
been ascertained; but, taking into con-
slderation the statement made by the
Jesuit missionaries, that what is known
as ''b.ock printing had been practiced
in China from the very earliest years
of our era, it is extremely probable
that the ancient Chinese bank notes
were impressions taken from engraved
blocks of wood. In what manner the
cd -
made acknowledgement of their in
debtedness is mystery. The
first banks of deposit and ex-
change were established in Italy,
very possibly on ancient Ro-
man lines. The early Italian "ban-
CO.. was simply a monev-changer's
desk, or counter; and when the tinan-
cier was unable to discharge his pc
cuniary obligations, his bench, or
counter, was hewn in twain, and by
metonomy the insolvent fnancier was
said to be ''banco totto," or bankrupt.
AS for the bank note, it seems to
have had a double origin, partaking
equally of the character of certificate
of deposit and of promissory note or
bill of exchange. The acceptor of the
note confided to the banker a certain
sum in specie, which the banker kept
in his vaults, thus saving his customer
the expense and the danger of carry
ing large sums of money from place to
place at time when Europe was al
most constantly convulsed by war. and
the line of demarkation between
soldiers and brigands was of the
thinnest possible description. The
banks of Venice and of Amsterdam
issued these certificates and promissory
notes long before the esta blishment of
the bank of England; and the earliest
notes of the bank established by Will
liam Patterson were known as bills"
A merchant who wished to remit sum
of money to correspondent living at
some distant place proceeded to the
bank, deposited so much hard cash and
received bill" containing promise
to repay the sum deposited on demand.
The scheme of a bank of England
appears to have been frequently de-
bated during the commonwealth, and
was seriously discussed at meeting of
the first council of trade at MERGERS
hall after the restoration.-Lond
Telerraph