Wampum: A Paper Presented to the Numismatic and Antiquarian Society of PhiladelphiaWoodward, Ashbel
History
Wampum: A Paper Presented to the Numismatic and Antiquarian Society of Philadelphia
Woodward, Ashbel
Indians of North America -- Money; Wampum
The Dutch supply was augmented in a different manner. They soon found
the native manufactories inadequate to the demand and erected mints of
their own, and by introducing steel drills and polishing lathes won a
great advantage over the original wearisome hand processes. The French
sought a still greater advantage by substituting porcelain for shells,
but the Indians were not to be thus easily imposed upon, and the
manufacture of earthen money was soon given up.[37] It is sometimes
asserted that the English engaged in making wampum, though the statement
appeared to be without foundation. The Dutch, however, produced it in
large quantities, and were thereby enabled to enlarge the circle of
their own posts; and also to furnish liberal supplies to the traders,
north and south, who ranged over the entire Atlantic coast from the St.
Lawrence to the gulf. In Virginia, the Carolinas, and later in Georgia,
wampum was the chief medium employed in the fur trade.
The poverty of the early settlers, added to that short sighted and now
obsolete policy of Europe in the seventeenth century, which jealously
sought to keep all specie within her borders, produced a general dearth
of the precious metals in the currency of the New World, and all kinds
of shifts were made to eke out the scanty supply. Corn, wheat, oats,
peas, poultry and the like sufficed to satisfy any obligation. But then,
though answering well in cases of barter, where two mutual desires met,
were far too bulky and unwieldy for general use. Naturally then recourse
was had to an article in extensive use among the traders, and possessing
in a measure the portability of gold and silver, and _wampum_ became a
constituent part of the currency. In one feature at least, the old
civilization held its own beside the new. As early as 1637, wampum was
made a legal tender in Massachusetts for any sum under 12_d._, at the
rate of six beads for a penny.[38] The same year it became a legal
tender in Connecticut for any amount. The general court declaring it
receivable for taxes "at fousen (4) a penny."[39]
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