The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-12

how much grain exchanges for so much
nax
Tho doubt as to whether money originated
in the concept Of q medium Of exchange
or In the concept Of a standard arises. In
our authors opinion, from the fact that In
early times, when economic processes were
seldom separated. strong tendency existed
to make one and the same article do duty
at given time and place both as standard
and a. q medium Of exchange. Indeed.
the tendency has persisted In some degree
to recent times. Tho very essence Of a
period Of barter 10 the absence OF q me-
dium OF exchange. yet there is considerable
historical evidence 10 show that standard
or common denomination, had been al
ready evolved In the early stages OF barter
II II was evolved, then the claim that the
standard function must have preceded the
medium Of exchange function Is supported
by historical inquiry.
To txohangn. to buy. to sell, In brief to
TRADE, are OPP rations which. ne q ssarily.
pr suppose a valuation Of the thing *
chang d, OF tbs thing bought or sold. The
laborr stimats by w light or volume the
quantity Of his VII, at which he parts with
a. against the nv ASSURE OF liquid which the
wine grower will deliver to him. Be-
cause OF the dificultiss OF barter. because
Of non-coincide ncs Of wants, and In order
to strike q balance In the trade, and bring
about an equivalence OF several articlt
OF small value for one Of large value, 1t
early be came NJ G ssary to compute the
larg, and the small article In terms OF some
common standard Obviously the most
de sirable, the most 'salable' article for
tho given time and r. ople. would b. adoptt d
as the standard, In primitive tribal life.
cattle, fish, grain, arms, brac tn, or
Il athers Dc sired as ornaments, were usd
a. a common mn ASSURE for estimating the
value OF everything trad d in. For sx-
ample. in 10 land, about 1880, a pair
OF shoes was prics at four dried fish, q
tun Of wine at 100 dried fish. &c, In the
same country at an earlier epoch, when
10 land was still q n public, a g rtain arr
OF a customary kind Of woollen cloth was
u.s. as q unit In which the valuation OF
goods was made. This was the common
standard. although somo silver was then
In use. A multitude OF similar cas- s has
been recorded in the history Of primeval
money. Thus in the valley OF the Tigris.
WIN at was used as q standard OF value.
In the marks Ia frequentd by the vsss Is
Of the Phenicians, Etruscans and Greeks,
b fore the inv ntion Of mt tallic money,
edicts stating the value OF articles have
been found engraved in marble. Among
the Chalds an-Assyrians. while simple barter
still existed, the pre- cious mr. tails were ust d
q q standard OF value In which goods we re
estimated.
The habit OF using cattle as standard
OF value in which the pricrs Of other COM
modities were compute although the
standard, obviously, could not be passed
from hand to hand and subdivided as q
medium Of exchange -be came 80 firmly
established that in many countries II long
survived the invention OF me tallic money.
Evidently cattle. although movable. were
not passed by delivery a. a medium OF
exchange. They were first used as stand
ard Of prices. The OK comes down from
a time before values were estimated by
metallic money-that IL, before values
were expr ssed by uncoined weights OF
the precious metals. In the Homeric
poems there are no traces OF coined money.
reference being made only to the OK, or
to q eight called talent The latter
was the weight Of gold Homer makes no
mention Of silver, which WA exchange able
for an OF, being the metallic equivalent
OF the older unit. During primitive times
the metals were usually regarded Is mer-
chandise, not yet ing in any degree set
apart TO serve as a standard In the terms
OF which all other commodities were valued.
Later, the me tallic unit equivalent to the
OK, be ing more convenient, came into use.
But the coined metal bore the hc ad Of an
OK, and the very coins themselves were
often called oxen.
Passing from the question Of the origin
OF standards to the subsequent develop
ment, our author reminds Us that there has
never been one standard immutable and
universal for all periods and all places.
On the contrary. there have been standards
a various as the climate. geographical
position and stage OF civilization Of differ
ent peoples. In arctic regions the inhabi-
tants naturally find skins the satisfac-
ton OF their chief needs. and. therefore,
skins have remained the unit Of value to
them. To this day in British North America
an article is valued at a given number OF
skins. Indeed. coon, rabbit and squirrel
skins-we name them In the order OF value
are yet freely used as a currency by the
mountaineers OF Kentucky. In the tropics,
on the other hand, where clothing Is not
the main want, articles Of ornament in the
form Of shells. or Of other adornment, ap-
pear "a the most desirable wealth. Cowry
shells have been selected In tropical re-
eions as q standard OF value. After a
comparative study Of many races, Mr..
Ridgeway states the results Of experience
In regard to the choice OF a standard as
follows: when In a certain community
A particular kind Of commodity Is in general
use, and generally available. this comes to
form the unit in terms Of which all values
arc expressed.
In all zones the passion for decoration
Gives to certain articles a value which has
led to their use a. a standard. To-day
this passion accounts for the large imports
OF silver into India and the East. where the
white metal Ia boarded. or converted into
anklets or bracelets for women. Among
the North American Indians black and
white shells were rubbed down, polished
and made into beads which, when fashioned
into belts Of necklaces. we're called wam-
pun. These wampum belts were used as
money, not only because beads were valued
a. ornamental, but because the belts were
antecedently esteemed az the most hitting
means Of commemorating events Of great