New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-04
FINANCE & INVESTMENT
(SEcOND ARTICLE)
BY Mare M. Reynolds.

The primitive history OF America was
rugged, and represented little wealth.
among the people as a whole. Few Wto
came to these shores brought much money
with them, as they were mostly poor, and
their purpose In coming had been to seek
a new field of fortune. What money the
early colonists brought with them was
soon exhausted in purchases Of necessary
articles which came from the Old World.
Some means of barter and exchange
was sought. and various available articles
were utilized In the different colonies. IN
the pioneer days of New York. when 1t
was known as New Amsterdam, the
money Of the early American Indians was
adopted and became popular currency.
This money consisted of beads made by
the Indians from sea shells, and these
beads, made from the Long Island shells,
were the finest, and soon held special
place of superiority by reason OF quality
and scarcity.
The Indian name of this bead or smell
money was wampumpeague, or wampum.
Among the colonists, however, 1t was
known by the New Amsterdam name OF
seawant. A ratio of trading or exchang-
ing seawant for hides was established,
and in 1854 It required $50 white seawant
TO pay for one beaver skin. There was
small part Of the Long Island sea shell
that was black or purple. and beads made
Of the darker variety of shell commanded
double the price Of the white seawant.
There were cOunterfeters among the
early colonists, as there have been since,
and they dyed the white seawant black
so as 10 double the value.
In l64l Massachusetts made shell beads
legal tender, and an effort was made to
adjust the differences Of value between
seawant made in different colonies. BY
1911 the original seawant of New Amster-
dam was showing signs Of deterioration,
owing 10 the introduction of an inferior
variety. Under the Dutch Governor Kieft
of New Amsterdam an ordinance was
enacted calling attention TO the exist
ence Of bad seawant or wampumpeague
NASTY rough things imported from
other places"-in circulation, while the
good splendid seawant was hidden or
exported" which must cause ruin TO The
county
In 1860 counterfeits were plentiful and
seawant was depreciated BY 1862 its
value had gone down still further, and 1t
remained in debased state until the loss
of the colony by the Dutch in 1864, when
it's price rose nearly 400 per cent, and the
pioneer Wall Street spectators made
fortunes.
First Wall Street Corner.
The first corner" known in the his
tory Of the New World occurred in 1865
one Frederick Philipse, who was the
richest man of his period in New Amster-
dam, was shrewd enough TO see that
scarcity Of seawant would enhance It's
value, so he began gathering seawant and
planting" it. lie put out OF circulation
large quantity of this money and
waited for rise. lie did not wait In
vain Persons who had contracted TO pay
their obligations in seawant had TO pur-
chase It from Phllipse. who realized about
300 per cent In silver on his speculation.
In Virginia tobacco was the early form
Of money and was legal tender for the
payment Of all debts, taxes, etc.
Pine Tree ShiIIinss.
About 1850 the colony OF Massachusetts
established a mint house" at Boston.
From this mint house" the famous pine
tree shillings OF the period were issued
In 1899 the first issue Of paper money was
made by the Massachusetts Colony for
the purpose Of paying the soldiers who
had been engaged In the Canadian cam
paign. This paper currency was made
legal for all debts and taxes due the
colony and was receivable at the Treas
ury Of the colony at a premium OF per
cent over coin. For a period OF twenty
years these notes circulated at par with
coin, then they were redeemed
Rhode Island, Connecticut, New York,
Pennsylvania, Delaware Maryland. Vir-
ginia and South Carolina followed the
lead Of Massachusetts and issued paper
money. All these issues, however, were
regarded unfavorably by the English gov
eminent, and in 1863 all Colonial acts for
issuing paper currency were declared void
by act Of the English Parliament
In 1872, on April 2, an act OF Congress
provided for the organization Of the first
United states mint. Gold IN the United
States was coined there In the denom-
nations OF the eagle, SO; half eagle, S.
and quarter eagle. S. So
Ito be continued ia The Tribune, Mon
1ay SOyppnhgT 10