Knickerbocker's History of New York, CompleteIrving, Washington
History
Knickerbocker's History of New York, Complete
Irving, Washington
New York (State) -- History -- Colonial period, ca. 1600-1775
Next to his projects for the suppression of poverty may be classed those
of William the Testy for increasing the wealth of New Amsterdam. Solomon
of whose character for wisdom the little governor was somewhat emulous,
had made gold and silver as plenty as the stones in the streets of
Jerusalem. William Kieft could not pretend to vie with him as to the
precious metals, but he determined, as an equivalent, to flood the streets
of New Amsterdam with Indian money. This was nothing more nor less than
strings of beads wrought out of clams, periwinkles, and other shell-fish,
and called seawant or wampum. These had formed a native currency among the
simple savages, who were content to take them of the Dutchmen in exchange
for peltries. In an unlucky moment, William the Testy, seeing this money
of easy production, conceived the project of making it the current coin of
the province. It is true it had an intrinsic value among the Indians, who
used it to ornament their robes and moccasins; but among the honest
burghers it had no more intrinsic value than those rags which form the
paper currency of modern days. This consideration, however, had no weight
with William Kieft. He began by paying all the servants of the company and
all the debts of government, in strings of wampum. He sent emissaries to
sweep the shores of Long Island, which was the Ophir of this modern
Solomon, and abounded in shell-fish. These were transported in loads to
New Amsterdam, coined into Indian money, and launched into circulation.
And now for a time affairs went on swimmingly; money became as plentiful
as in the modern days of paper currency, and, to use the popular phrase,
"a wonderful impulse was given to public prosperity." Yankee traders
poured into the province, buying everything they could lay their hands on,
and paying the worthy Dutchmen their own price--in Indian money. If the
latter, however, attempted to pay the Yankees in the same coin for their
tinware and wooden bowls the case was altered; nothing would do but Dutch
guilders, and such-like "metallic currency." What was worse, the Yankees
introduced an inferior kind of wampum, made of oyster shells, with which
they deluged the province, carrying off all the silver and gold, the Dutch
herrings and Dutch cheeses: thus early did the knowing men of the East
manifest their skill in bargaining the New Amsterdammers out of the
oyster, and leaving them the shell.[36]
It was a long time before William the Testy was made sensible how
completely his grand project of finance was turned against him by his
eastern neighbors; nor would he probably have ever found it out had not
tidings been brought him that the Yankees had made a descent upon Long
Island, and had established a kind of mint at Oyster Bay, where they were
coining up all the oyster banks.
Public-domain text, read in full here on John Shaqi.
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