152. Wampumpeag and roanoke. On the Atlantic coast shell money was made on Long Island Sound and at Narragansett from the shell of the round clam, in two colors, white and purple, the latter from the dark spot in the shell. These were bugles, the hole running in the thickness of the shell. They were called wampumpeag, were sewed on deer or other fine skins, and the belts thus made were used to emphasize points in negotiation or in treaties, or in speeches. Farther down the coast beads were made like flat button molds, with holes bored through them perpendicularly to the plane of the shell, and called roanoke. These beads, of both kinds, but especially of the former kind, spread by exchange into the Mississippi Valley, and in the middle of the nineteenth century they had reached the upper waters of the Missouri River.
153. Ring money; use of metal. The standpoint of the Vedic hymns is that the cow is the real measure of value, but metal, especially gold, is used for money in the payment of penalties and weregild. The objects at stake in formulæ of oaths and of duels were estimated in gold.342 There was therefore a pure gold currency. In ancient India, however, silver and copper were also used and locally some coins of lead and mixed metals occurred. In value one of gold equaled ten of silver, and one of silver forty of copper.343 The most ancient money of China consisted of shells,344 also of knives and dress patterns of silk.345 The knives had rings at the end of the handle and were gradually reduced to rings of metal as money.346 The same ancient king who established measures of length and capacity is the legendary author of money (2697 B.C.). He fixed the five objects of exchange—beads, jade, gold, knives, textiles. The sign for money was combined of the signs for "shell" and "to exchange."347 We hear that the Chinese emperor, 119 B.C., gave to his vassals squares of white deerskin, about one foot on a side, embroidered on the hem. He who had one of these could get an audience of the emperor.348 We are inclined to connect with that usage the use of a scarf of bluish-white silk in central Asia, which was used in all greetings and ceremonies. A certain quality of this scarf was used in places as the unit of value.349 Przewalsky mentions the chadak which is given to every guest in southern Mongolia, for which another must be given in return. In Chalcha chadaks are used as money, not as gifts.350 An intragroup money of copper or brass rings is also reported from Korintji on Sumatra. They are cast of three sizes, so that one hundred and twenty, three hundred and sixty, and four hundred and eighty are required to equal a Dutch gulden.351 In the Old Testament the bride price and penalties were to be paid in money.352 Gifts and fees to the sanctuary were to be paid in kind.353 If the sacrificer wished to redeem his animal, etc., he must pay twenty per cent more than the priest's assessment of it.354 Until the Exile the precious metals were paid by weight.355 The rings represented on the Egyptian monuments were of wire with a round section. Those found by Schliemann at Mykenæ are similar, or they are spirals of wire.356 In Homer cattle are the unit of value, but metals are used as media. The talent is mentioned only in reference to gold.357 Possibly Schurz is right in supposing that fluctuations in the value of cattle and sheep forced the classical nations to use metal.358 The metals were in the shape of caldrons or tripods, in which fines were imposed. They may have been accumulated because used as money, or a great man who had many clients may have needed many for meals.359 "The transition from the old simple mode of exchange to the use of currency can nowhere be better traced than amongst the Romans." Fines were set in cattle or sheep, but copper was used as well, weighed when sold. Then the state set the shape and fineness of the bars and stamped them with the mark of a sheep or ox. Later the copper was marked to indicate its value, and so money was reached.360 Amongst Germans and Scandinavians the cow was the primitive unit of value.361 It was superseded by metals used in rings to make out the fractions.362
154. The evolution of money. It is evident that money was developed out of trade by instinctive operations of interest, and that money existed long before the idea of it was formed. The separate operations were stimulated only by the most immediate and superficial desires, but they set supply and demand in motion and produced economic value thousands of years before any man conceived of value. The rational analysis of value and money is not yet satisfactorily made. There are, therefore, points of view in which money is the most marvelous product of the folkways. The unconsciousness of the operation and the secondary results of it are here in the strongest contrast. Inside of the we-group useful property was shared or exchanged in an infinite variety of ways, according to variations of circumstances. We cannot follow the customs which thence arose, because the phenomena have been reported to us without distinction between intragroup and intergroup transactions. We see groups of predominant wares set out in intergroup trade, and only slowly is a smaller number segregated to be the general terms of every trade. The inconvenience of barter was only slowly felt, and could not have been a motive until trade was customary and familiar. In intragroup exchanges the predominant ware was more easily differentiated. It was the thing greatly desired. Here the amulet-trophy-ornament was important for the elements of superstition, vanity, and magic which it bore. In intergroup trade the utility of the object predominated. It was sought in journeys only for its utility, and in that trade the transactions first became impersonal. In the selection of leading wares individuals could not experiment for their own risk. By taking what each wanted at a time selection at last resulted, and when we are told that a certain group uses this or that group of articles for money, we are told only what articles predominate in their desires or transactions; in other words, what stage in the selection of a money they have reached. It is evident that this entire operation was an impersonal and unregulated play of custom, which went through a long and varying evolution, but kept its authority all the time and at every stage. The persistence of the word "shilling" in our language is a striking proof of the power of custom—above all, popular custom—in connection with money. The metric system was invented to be a rational system, but the populace has insisted on dividing kilograms and liters into halves and quarters. Language, money, and weights and measures are things which show the power of popular custom more than any others. The selection of predominant wares reached its acme in the selection of one, not necessarily the commodity most desired, but, after the function of money is perceived, the one which performs it best. To return and take up a greater number is to go backward on the path of civilization.
155. The ethical functions of money. From shells to gold the