The times. [volume] (Richmond, Va.) 1890-1903, 1896-11-12
THE ORIGIN OF MONEY.
gDUfHD ATKfNSON TRACEs THE
Use or com AND SILTER.
He shows How Through the Process OF
Natural Selection Gold Has Become
the Unit or standard.


The interest in the money question VIII
not end with the great victory for hon
est money. Tho attention of the coun-
try has been called to financial questions
by the hard lesson of disaster since 1913.
/. therefore, venture to give little IN
formation I'm regard to the earliest rec
ords OF trade ard commerce yet discover
ed. Observing tho statement chat an inn
mcnse number OF clay tablets had lately
been uncarthed.. developing the whole
history OF commercial transactions ia
Babylon, | made application through FRO
fcgsor Lanman. Of Harvard, for iniofna7
ton. and through him | have received
the following very curious and interest
ing statement from Dr.. q. Rcisncr, VINO
has been studying these records IN beriih'
where the principal association exists
and where the history Of Babylonia ana
Assvria Is now being written. From MN
1 have the subsequent statement
we have commercial documents from
! 300 b. g., down To Persian ana 1I''N
times. At the beginning OF TINS peilou,
according to the temple documents lou1u
al Telloh. silver was used as the main
medium OF exchange. From that time on
ID circulated m the form Of rings ana
bars. but these were always taken nc
| their actual weight The terms Whi'h
were used 90 designate the different
amounts of silyer-the shcFoL the mlH.''
and the taiont-wcre the names Oh 'u'
ordinary commercial weights, ana the
oNnfcssion 10 weigh OUT silver q. e.
pay money! WAS very common IN Assf-
rian faud also in Hebrew just as inc
| expression "to measure tout was "p-
! Piled TO payments in grain. IL is nos
| yet proven that there was amy INNS
! approaching actual coinage. The only
thing which tho state attempted to roru-
fate was the standard Of the weights
themselves. Weights have been found
| bearing roval inscriptions. which certify
that they are true weights. inese con-
ditions existed an over Western Asia, as
| we'll as I'm Habyionia.
HAD GOLD, TOO.
"Gold circulated. Of course. in the
same way. by weight; but silver was
| the metal commonly used. according TO
| the records of actual exchanges. The
| reasons for this are, OF course Obvious.
| IN the first place. gold existed In less
/ quantities than silver. and was preferred
| for temple and palace decorations men,
| both metals We're so dear when measur-
! ed boa other commOdiies that gold was
| too valuable for cOnvcn-uc" In making
| exchanges. Tho ratio between gold aud
! silver in Western Asia was 10 B IL.
! and iu Greece I 10 j.
cit is commonly said that coinage OF
| silver was a Greek institution uhout 90
| 600 b. c.. The first coinage Of money
| among the Hebrews was at The time or
| the Maccabocs. However 10 may have cN-
| listed previously an eng the Babylonians.
| I'm any case. coinage consisted IN merely
stamping am official certificate of weight
ON piece Of metal. And tho pieces so
| stamped were always subject 10 tho
| weight test Nammor test). I'm contracts
and similar documents I'm Babyl0ni1 it
Wa not unusual for the parties TO speci-
| IS the weights Of particular city as
! tine degree Touchly stated Of the fine
| ness OF tie metal
| "in Egypt the conditions We're in gem
| ortl the same. ln every case of exchange
| represented ON the monuments the weigh
| ing OF the metal is pictured. I'm Egypt
| however. I'm the old Empire silver o1li-
! cd the white , was the more valuable
as 30 had 10 Doe imported from Cilioia
! Through the Phoeniciansl white gold
| was obtained I'm large quantities from
!
| in Nubia.
This record gives another illustration
! Of The origin Of money and tho conduct
| of an transactions bon terms OF weight
! The more this subject is investigated his
| forically. the moro apparent % becomes
! tnat through successive ages one kind of
| money has been preferred over another
| until in the progress OF time and through
| the process of natural selection gold.
/
! or standard of tho International com
/ merco of The globe. 20 which tho unit
| or standard of % country Ike the United
| states which shares in SO great o. mea-
| sure I'm that commerce. must, o. ncees-
| sity. be adjusted.
GOOD AND BAD MONEY.
"rhe export of our farm products is tine
| balance-whcel ON which Our even and
/ continuous progress depends. Whether
l we viii or no. We are tlel to the unit of
| gold passing by weight. That fact has
| become recognized. and the Intelligent
| vote Of the grain farmers OF the Mis-is-
sppi Valley, has finally established the
| unit of value Of this country.
"lct. further the more the history Of
| legal tender acts or force bills affecting
the currency IS studied. tho more lbso-
| lute becomes the demonstration 10 whi.h
AN the letters of the writer during the
| previous conflict have been directed
| nam y: Good money made of gold. con-
sist.ng OF coin of true and established
! weight or of ingOts the equivalent of
coin. requires DO act of force or LEGAL t,u-
| der 40 assure it's acceptance in uuuidt-
ton of any monof contract. There m.y
| be- 20 dispute in regard t0 some other
! terms OF the contract such ass The quail
| ity of goods or the fulnlmont OF other
| provisions. but with respect 10 tine kind
| of money in which the final settlement is
| 10 bc made acts OF legal tender are ci
| uO effect whom good money made of gold
| is offered or promised in The terms OF ihe
| agreement 80 force is called for and go
| Thought of such laws ever enters the
mind of either party in contract made
| ion good money. ON the other hand. Dad
| mOncy-mOnoy which is not good hy
! weight of it's own properties money which
| IS not valued because it contains within
| Itself the elements OF IT'S own valuation
/ cannot Doe put into circulation without
I an act of force or legal tender. There
| are some subordinate uses OF acts of
! legal tender I'm connection with subsili-