about ten miles, with a remarkall around it. whole matter gradually leaked out. iginal three shrewd fellows found owries came from, and made haste rovide themselves with money, and the more money that was issued, upply the wants of trade, until at wagon-load of cowries to buy a e bubble burst. Stock-companies utterly stagnant. The man whom e secretary of the island treasury ers by issuing a few more cowries, ery wise persons were certain that ¿ht again if people would only have the people who worked and saved were to receive for the products of nothing—confidence didn't return. vindled. Every body who thought panks woke up all at once to the was nothing but a lot of old shells. is tills, and his money-boxes filled taken in exchange for commodialuable time and labor. Strictly y did not overtake every body. robbing t ever, wer tion they men ahea island exp money be value only cordingly, b to make th wash. But was, that t money shou not depend accidental c "In the m bankers; and, comparison wi fore, a goldsmi fashion of his c change, had sal allowed the hon avail himself of prices gave to a kingdom was de thousand pounds shire."-MACAULA ever, were too courteous to call them thieves, and in conv tion they were usually referred to as shrewd financiers, an men ahead of their time. The concluding act of this cu island experience was, that the formerly so highly p money became depreciated to such an extent as to po value only as a material for making lime. The people cordingly, by burning, made lime out of it, and then, in o to make things outwardly cheerful, used the lime as w wash. But upon one point they were all unanimous, and was, that the next commodity they might select to us money should be something whose permanency of value not depend on elements capable of being suddenly affecte accidental circumstances, or arbitrarily and easily change "In the midst of the public distress, one class prospered greatly bankers; and, among the bankers, none could, in skill or in luck, 1 comparison with Charles Duncombe. He had been, not many yea fore, a goldsmith of very moderate wealth. He had probably, aft fashion of his craft, plied for customers under the arcades of the Roy change, had saluted merchants with profound bows, and had begged allowed the honor of keeping their cash. But so dexterously did h avail himself of the opportunities of profit which the general confus prices gave to a money-changer, that, at the moment when the trade kingdom was depressed to the lowest point, he laid down near thousand pounds for the estate of Helmsley, in the North Riding of shire."-MACAULAY'S History of England, State of the Currency in 1694 eworthy illustration of this is reNew York," by Diedrich Knickerpt records of the New York Hishe days of Dutch rule-1659-in 1 New York), when the common led Indian money, or "wampum;" of beads wrought of clams, periThese had formed a simple curwho were content to take them of Deltries." = time governor, and being desirous - New Amsterdam, and withal, as at emulous of Solomon (who made stones in the streets of Jerusalem), ed to accomplish his desire, and at on by making this money of easy of the province. "It is true, it y the Indians, who used it to ornasins; but among the honest burghic value" than bits of bone, rag, ss material. "This consideration, h Governor Kieft. He began by he company, and all the debts of of wampum. He sent emissaries g Island, which was the Ophir of Unfortun of oyster-she or wooden bow them in substa wampum bein change than a tatoes, or any o The result * "Beyond the not money; but, si "I desire the dol the Yankees on Connecticut River soon found that they co make wampum in any quantity, with little labor and cost, of oyster-shells, and accordingly made haste to supply all wampum that the wants of. trade in New Amsterdam quired; buying with it every thing that was offered, and P ing the worthy Dutchmen their own price. Governor Kie money, it is to be further noticed, had also in perfection t most essential attribute of all good money, "non-exportab ty." Accordingly, when the Dutchmen wanted any tin p or wooden bowls of Yankee manufacture, they had to pay them in substantial guilders, or other sound metallic curren wampum being no more acceptable to the Yankees in change than addled eggs, rancid butter, rusty pork, rotten tatoes, or any other non-exportable Dutch commodity.* The result of all this was, that in a little time the Dut * "Beyond the sea, in foreign lands, it (the greenback) fortunatel not money; but, sir, when have we had such a long and unbroken ca of prosperity in business as since we adopted this non-exportable cur cy?"-Speech of Hon. William D. Kelley, House of Representatives, 1870. "I desire the dollar to be made of such material, for the purpose, tha shall never be exported or desirable to carry out of the country. Fram an American system of finance, I do not propose to adapt it to the wa of any other nation."-Speech of General B. F. Butler before the New Y Board of Trade, October 14th, 1875. 3 odity made use of by the Dutchmen less liable to have its value impaired ast Tennessee also came to a similar what similar experience. Raccoon- various purposes, and consequently cordingly selected them for use as on the other hand, were not in delittle value. Those of the settlers their obligations without giving a r taxes in opossum-skins to which - The counterfeits having once got not be exported out of the treasury the State, and the use of coon-skins d. and. Although the first experience ng a commodity to be used as monunfortunate, the necessity of having purpose of money remained as great Ely a new commodity had to be seroposed various things. Some proch were always desirable, and, when ys exchangeable at a very constant to be used as money was acknowl it was alm to be used as a purpose;† *"Some year rique at Paris, n cert in the Soci † In 1658, it was |