The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-07-19

centuries ago and was the first man
to agitate for democracy in China.
He vas not the first to believe in
democracy. Confucius went as far as
Meuences. who was a discipline OF
C%onfucius. made it his chief Interest
in life. He put his head in danger.
the Chinese ought to govern them
selves. AS a result. he was consid-
cred very ill balanced. Now. after
l.4O0 years. the republic which has
realized the ideals this fanatic" pro-
claimed has done him the honor to
place his head On their first money.
Another point Of interest about the
new money is that it marks actually
the millennium Of paper money in
has used paper as currency. centuries
before the western world began to
dream Of the possibility Of any such
thing. When our own ancestors were
biting off bits of gold chain. at least
Sir Walter Scott says they did. for
change in restaurants China had Il
system of paper money which was
about as modern a thing as could be
imagined.
There seems t. be no doubt that
paper money. precious bills" they
ninth century, but it was not until
some centuries later that the scheme
was really developed. 1t was in the
time of the Ming dynasty that they
arose in China a real fnancier, who
saw just how he could make his
own fortune and incidentally o do a
vast amount of harm to other peo-
,al> NH,.>~ poI> <~rx k@1l AhA,k hkva
1t was the thirteenth century that
the young Venetian went to China and
found the great khan ruling yer a
remarkable country, the like of which
was not dreamed of in Europe. He
wrote his famous book of his travels
and for his pains has been black
guarded as the most absolutely un-
truthful of authors, but it turns out
quote often in the light Of modern
those who contradicted him were
wrong.
First Of all. the traveller describes
the name in which the paper was
made. He speaks Of the process in
terms Of the highest praise, but We
don't have to take his word for that.
In the Offices Of the American Bank
notes issued only a few years after
Marco Polo wrote. and it is in a
splendid state Of preservation. The
paper was made from the bark Of
the mulberry tree in such a name
that 1t would be most difficult to dup
licate. and 1t was stamped with seals
and adorned with designs. Just like
our money today, 80 as to make the
task Of the ~counterfeiter impossible.
Having described the rare ana skill
with which the paper was made the
Venetian traveller went on to tell Of
the ananciering system OF the great
khan.
With these pieces Of paper, made
as l have described. he causes all
payments on his WI account to be
made, and he makes them to pass
current universally over all his king
and withersoever his power and SOW
ereignty extend. And nobody. how
ever important he may think himself,
dares to refuse them on pain OF
death.
And indeed everybody takes them
readily for wherever a person may
go throughout the great khan's do
minions he shall find these pieces Of
transact all sales and purchases Of
goods by means Of them Just as we'll
as IL they we're coined Of pure gold.
And all the while they are 80 light
that ten bezants' worth does not weigh
n golden bezant.
Furthermore, all merchants arriv-
ing from India or other countries. anil
bringing with them gold or silver or
gems n pearls, are prohibited from
selling to any one but the emperor.
He has twelve experts chosen for this
business. men Of shrewdness and ex-
perience in such affairs. these ap-
praise the articles, and the emperor
pays a liberal price for them in those
pieces Of paper. The merchants ac-
cept his price readily, for In the first
place they would not get 80 good a
enabled to go on his way without any
delay.
And with this paper money they
o. buy what they like anywhere over
the empire, while it Is vastly lighter to
carry about on their journeys. ana
IL is a truth that the merchants will
several times in the year bring wares
the grand sire pays for ell In that
paper. So he buys such a quantity
Of those precious things every year
that his treasure IL endless. while at
the time the money he pays away
costs him nothins at all.
Moreover. several times in the
year proclamation IL made through
the CITY ina any one VINO may nave
gold or silver or gems or pearls. by
taking them to the mint. shall get a
handsome price for them. And the
owners are clad to do this. because
they would And no other purchaser
give 30 large a price. Thus the guam.
tity they brin9 in Is marvellous. though
those who do not choose to do 80
may let It alone. Still. In this way,
nearly all the valuables in the coun-
when any OF those piecea Of paper
are spoiled-not that they are 90 very
hinasy. either-the owner carries them
to the mint. ana by paying three per
cent on the value he sets new pisces
in exchange. And II any baron or any