Readings in Money and Banking: Selected and AdaptedPhillips, Chester Arthur
General
Readings in Money and Banking: Selected and Adapted
Phillips, Chester Arthur
Banks and banking; Banks and banking -- United States; Money
Exactly analogous to this North American currency, is that of the cowry
shells, which, under one name or another--_chamgos_, _zimbis_, _bouges_,
_porcelanes_, etc.--have long been used in the East Indies as small
money. In British India, Siam, the West Coast of Africa, and elsewhere
on the tropical coasts, they are still used as small change, being
collected on the shores of the Maldive and Laccadive Islands, and
exported for the purpose. Their value varies somewhat, according to the
abundance of the yield, but in India the current rate used to be about
five thousand shells for one rupee, at which rate each shell is worth
about the two-hundredth part of a penny. Among our interesting
fellow-subjects, the Fijians, whale's teeth served in the place of
cowries, and white teeth were exchanged for red teeth somewhat in the
ratio of shillings to sovereigns.
Among other articles of ornament or of special value used as currency,
may be mentioned yellow amber, engraved stones, such as the Egyptian
scarabaei, and tusks of ivory.
CURRENCY IN THE AGRICULTURAL STATE
Many vegetable productions are at least as well suited for circulation
as some of the articles which have been mentioned. It is not surprising
to find, then, that among a people supporting themselves by agriculture,
the more durable products were thus used. Corn has been the medium of
exchange in remote parts of Europe from the time of the ancient Greeks
to the present day. In Norway corn is even deposited in banks, and lent
and borrowed. What wheat, barley, and oats are to Europe, such is maize
in parts of Central America, especially Mexico, where it formerly
circulated. In many of the countries surrounding the Mediterranean,
olive oil is one of the commonest articles of produce and consumption;
being, moreover, pretty uniform in quality, durable, and easily
divisible, it has long served as currency in the Ionian Islands,
Mytilene, some towns of Asia Minor, and elsewhere in the Levant.
Just as cowries circulate in the East Indies, so cacao nuts, in Central
America and Yucatan, form a perfectly recognized and probably an ancient
fractional money. Travellers have published many distinct statements as
to their value, but it is impossible to reconcile these statements
without supposing great changes of value either in the nuts or in the
coins with which they are compared. In 1521, at Caracas, about thirty
cacao nuts were worth one penny English, whereas recently ten beans
would go to a penny, according to Squier's statements. In the European
countries, where almonds are commonly grown, they have circulated to
some extent like the cacao nuts, but are variable in value, according to
the success of the harvest.
Public-domain text, read in full here on John Shaqi.
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