Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-05-11
SHELL MILLIoNAIREs.
Queer Conditions That Prevailed In the
Bismarck Islands.

From the Baltimore Sun.
Modern progress has just destroyed the
power and social prestige of the. native
millionaires of the Bismarck archipelago.
Ever since the natives can remember the
money of these islands consisted or the
shells of small sea snail known as d.
warra The diwarra was not plentiful ana
therefore made an excellent medium OF ex-
change. In the course of time certain wise
islanders accumulated diwarra shells until
they had SO many that they couldn't pos
sibly spend them, since the products or the
islands were limited. So they wondered
what they could do with them.
At last bright genius hit on the idea
Of lending surplus diwarra shells to those
who needed some, and charging certain
number Of shells for the accommodation
This was the beginning of what soon be-
came thriving banking business, and, OF
course, the rich diwarra owners got richer
and richer, until finally there were real
diwarra millionaires in the archipelago
Before long the value of diWarra smells De-
gan to experience ups and downs, just as
railroad stocks and government bonds do
in this country. 1t would happen for in
stance, that one of the diwarra millionaires
accumulated a lot of diwarra shells all at
once, owing to number of debts railing
due about the same time Then he would
go abroad in the island, offering to loan
diwarra money at low rates.
At once the quotations on the sea snail
shells would fall and all the other
diwarra millionaires would tear their hair
and mourn, just the bears and bulls do
now in the American stock exchanges when
things go wrong When the white men
first arrived in the islands to trade with
the natives the diwarra millionaires saw
fine opportunity, and at once they set to
work to call in all the diwarra shells that
they had loaned out. Before long they had
almost all the money in the islands. OF
course, the natives were all eager to buy
the beautiful knives and cloths and beads
and axes that the white traders exposed
for sale; but the diwarra millionaires had
pra ctically all the shell money, so the bulk
of the population couldn't do anything
except stare and wish.
The traders were amazed at this state Of
affairs, for they had expected a rushing
business. They were perfectly willing to
take diwarra shells, for they knew that they
could buy any island products they wanted
with them, and thus make two profits. But
no diwarra shells, or at least so few thar
1t was hardly worth while, were offered.
Naturally after week or more of prac-
tically no bartering the traders were dis
gusted, and when a simple old islander
finally approached them and offered to buy
something II they would sell cheaply they
were in frame of mind that enabled him
bought and bought. AT intervals other
simple natives came and bought cheaply
from the traders, who were glad by that
time to sell at any terms.
And not until they had nearly sold out
at much lower prices than they had expect
ed to ask did the white men learn that the
simple old natives whe'had bought so much
from them were diwarra millionaires,- who
had cornered the shel1-money market and
thus made It impossible for most of the
islanders to buy anything. Then it was
that progress stepped in and upset the
whole glorious scheme Of finance The Ger
mans sent governor to the archipelago
and he issued edict declaring that Ger
man money would thenceforth be the legal
tender in all the islands 3i