The Washington herald., 1912-08-25
CHINESE PAPER MONEY
is MADE IN AMERICA

so as TO make the task Of the counter
feiter impossible.
Having described the care and skill
with which the paper was made the
Venetian traveller went on to tell OF the
inanciering system of the Great Khan.
With these pieces of paper made as
have described, he causes all payments
on his own account to be made. and he
makes them to pass current universally
over all his kingdom and provinces and
territories and whithersoever his power
and sovereignty extend. And nobody,
however important he may think him.
self. dares to refuse them on pain Of
death.
And. indeed. everybody takes them
readily. for wherever a person may 60
throughout the great Khans dominions
he shall find these pieces OF paper cur
rent. and shall be able to transact all
sales and purchases of goods by means
Of them. just as well as IL they were
coined of pure gold. And all the while
they are so light that 10 bezants' worth
does not weigh one golden bezant.
Furthermore. all merchants ARRIVING
from India or other countries. and bring
ing with them gold or silver or gems
and pearls. are prohibited from selling to
any one but the Emperor. He has twelve
experts chosen for this business. men Of
shrewdness and experience in such at
fairs. These appraise the articles. and
the Emperor pays a liberal price for
them in those pieces OF paper. The mer-
chants accept his price readily. for. IN
the first place, they would not get 50
good a one from anybody else. and are
thus enabled to go their way without
any delay.
And with this paper money they can
buy what they like anywhere over the
empire. while II is vastly lighter to carry
a
that the merchants will several times in
the year bring wares to the amount Of
+oo. 900 bezants and the grand sire pays
for all in that paper. So he buys such
a quantity of those precious things every
year that his treasure is endless. while
at the time the money he pays away
costs him nothing at ALL
Moreover several times in the year
proclamation Is made through the city
that any one who may have gold or sill
yer or gems or pearls, by taking them to
| the mint shall get a handsome price for
them. And the owners are glad to do
this, because they would find no other
purchaser give so large a price. Thus
the quantity they bring in is marvellous.
| though those who do not choose to do
so may let II alone Still in this way
nearly all the yaluables In the country
come into the Khan $ possession.
when any of these pieces of paper are
either-ths owner carries them to tho
mint. and by paying per cent on the
value he gets new pieces in exchange.
and II any baron or any one else soever
hath need of gold or silver or gems or
pearls. in order to make plate or girdles,
or the like. he goes to the mint and buys
as much as he list. paying In this paper
money.
Now you have heard the ways and
means whereby the Great Khan gets.
and In fact has. more treasure than all
the kings in the world. and you know
all about It and the reason why. And
now I will tell you OF the great dig
nitaries who act In this city on behalf
OF the Emperor"
Marco Polo says the paper money did
| not depreclate, and very likely at the
time he wrote Il was perfectly good,
but owing to the tendency of the en-
perors to use the system more and more
for their personal advantages paper be-
came unpopular. Several times II was
called in, and once there, was a new
| issue every tael OF which stood for five
taels OF the paper money then In circu-
lation. So In the fifteenth or sixteenth
| century the practice OF making paper
money was abandoned and metals took
: its place entirely.