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
It is not only, however, as a minor currency that vegetable products
have been used in modern times. In the American settlements and the West
India Islands, in former days, specie used to become inconveniently
scarce, and the legislators fell back upon the device of obliging
creditors to receive payment in produce at stated rates. In 1618, the
Governor of the Plantations of Virginia ordered that tobacco should be
received at the rate of three shillings for the pound weight, under the
penalty of three years' hard labor. We are told that, when the Virginia
Company imported young women as wives for the settlers, the price per
head was one hundred pounds of tobacco, subsequently raised to one
hundred and fifty. As late as 1732, the legislature of Maryland made
tobacco and Indian corn legal tenders; and in 1641 there were similar
laws concerning corn in Massachusetts. The governments of some of the
West India Islands seem to have made attempts to imitate these peculiar
currency laws, and it was provided that the successful plaintiff in a
lawsuit should be obliged to accept various kinds of raw produce, such
as sugar, rum, molasses, ginger, indigo, or tobacco....
The perishable nature of most kinds of animal food prevents them from
being much used as money; but eggs are said to have circulated in the
Alpine villages of Switzerland, and dried codfish have certainly acted
as currency in the colony of Newfoundland.
MANUFACTURED AND MISCELLANEOUS ARTICLES AS CURRENCY
The enumeration of articles which have served as money may already seem
long enough for the purposes in view. I will, therefore, only add
briefly that a great number of manufactured commodities have been used
as a medium of exchange in various times and places. Such are the pieces
of cotton cloth, called _Guinea pieces_, used for traffic upon the banks
of the Senegal, or the somewhat similar pieces circulated in Abyssinia,
the Soulou Archipelago, Sumatra, Mexico, Peru, Siberia, and among the
Veddahs. It is less easy to understand the origin of the curious straw
money which circulated until 1694 in the Portuguese possessions in
Angola, and which consisted of small mats, called _libongos_, woven out
of rice straw, and worth about 1-1/2_d._ each. These mats must have had,
at least originally, some purpose apart from their use as currency, and
were perhaps analogous to the fine woven mats so much valued by the
Samoans, and also treated by them as a medium of exchange.
Public-domain text, read in full here on John Shaqi.
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