The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-13

way that the free and unlimited coinage
of wampun, might go on indefinitely
The Indians were the bullion owners Of
that period. and had a corner on the pro-
duction and coinage Of wampum. All
they asked was that it should not be
Disseminated against by the laws, and
that the traders-there were no b1oated
bondholders then--should not be allowed
TO make war against it. In 1647 the
Council passed a resolution fixing the
value of loose wampum and providing
'only that in the meantime all imper-
feet. broken and unpierced beads can be
picked out, which can be declared bullion
and still be received at the company's
counting house as heretofore" The de-
probation seems to have continued, and
three years later more stringent legisla-
ton became necessary. This is always
the case when an attempt is made to
create artificial value or bolster up de-
based currency by legislation. 1t has
happened many times with deprecated
paper money and sometimes with de-
based coin. The burghers still thought
they could arrest the operation Of the
laws of trade. and on May 80. 1850. the
Council enacted the following "for the
better regulation of the currency"
. Whereas. We have by experience, and for
probation Of the loose Wampum among
which are circulating many with holes and
half finished; also some OF Stone, Bone.
Wood and Broken Beads, together with the
manifold complaints of the Inhabitants that
they cannot go TO market with such Wam-
small loaf of white bread or pot OF Beer
from the Traders, Bakers, or Taosters for
loose Wampum, wherein, wishing to provide
according to best knowledge for this time,
have for the promotion Of trade and the
general good Of the People. resolved and
Concluded that from henceforward no more
loose Wampum shall be current or good pay
unless IL be strung On a cord, as mas been
the common custom heretofore; In order
hereby to prevent the further Importation OF
all lump and unperforated Wampum, and to
establish some difference between the Com
mercial Wampum and strung Wampum, SO
as In future to obvlate all mlsundersianainl S
Do Ordain that the Commercial shall pass
and be good pay as heretofore; to wit, SIX
White or Three Black for one silver, poor
strung Wampum shall pass Eight White
and Four Black for ore silver. We or
der and command every one hereby TO regu-
and in case Of refusal to be deprived OF
their trade and business. and the Fiscal Is
hereby ordered after publication to cause
where that II concerns, also to use every eff
fort that the same be executed and obeyed
here.
The currency was evidently going from
bad to worse. In addition to the depre
citation caused by an overproduction of
wampum, counterfeiting had creDt in.
A few months later the Council passed
still more stringent law fixing the
values of different grades of wampum
and imposing a heavy fine for each re-
fusal to take them at the legal rate. In
January, 1857, an ordinance was passed
in which the Council declared that
They, to their great regret, are by their
own experience daily informed. and by
and Strangers importuned. respecting
the great, excessive, and intolerable
dearness of all sorts of necessary COM
modities and household supplies" They
also stated that the depreciation OF
wampum as compared with beaver skins
and the continual fiuctuation of the cur
rency "tends so far to the serious dam
age, ulSITeSS, ana lOSS VI the COluiHou
Mechanics, Brewers, Farmers, and other
good Inhabitants of this Province, that
the Superior and Inferior magistrates of
this Province are blamed, abused and
cursed by strangers and Inhabitants,
and the country in general receives a.
bad name" This act established a new
standard of values and affixed new pen
alties for violating it. Another law was
passed in 1857. and still another in 1858.
The latter abandoned the policy Of fix
ing the price of wampum and attempted
to fix the price of all articles Of mer-
chandise. Half gallon of beer was to
cost six stivers in silver, nine stivers in
beaver and twelve stivers in wampum.
The prices of other articles were fixed
on the same basis Wampum was de-
clared to be an article of merchandise
ito be according to its value and quality
bought and sold. bartered and ex-
changed as buyer and seller can agree"
and it was no longer legal tender
above twenty-four guilders. This was
the beginning of the demonstration of
wampum and of a return to rational
principles and a sound currency, though
it took a long time to get there. This
wampum legislation was akin to what
the advocates of free silver are now de-
manding.