The Travels Of Marco Polo - Volume 1 Of 2 By Marco Polo And Rustichello Of Pisa










































 -  By Dr. Lockhart's kindness I am enabled to give a reduced
representation of this note, as near a facsimile as - Page 317
The Travels Of Marco Polo - Volume 1 Of 2 By Marco Polo And Rustichello Of Pisa - Page 317 of 335 - First - Home

Enter page number    Previous Next

Number of Words to Display Per Page: 250 500 1000

By Dr. Lockhart's Kindness I Am Enabled To Give A Reduced Representation Of This Note, As Near A Facsimile As We Have Been Able To Render It, But With Some Restoration, E.G. Of The Seals, Of Which On The Original There Is The Barest Indication Remaining.

[Mr. Vissering (Chinese Currency, Addenda, I.-III.) gives a facsimile and a description of a Chinese banknote of the Ming Dynasty belonging to the collection of the Asiatic Museum of the Academy of Sciences at St. Petersburg.

"In the eighth year of the period Hung-wu (1375), the Emperor Tai-tsu issued an order to his minister of finances to make the Pao-tsao (precious bills) of the Ta-Ming Dynasty, and to employ as raw material for the composition of those bills the fibres of the mulberry tree." - H. C.]

Notwithstanding the disuse of Government issues of paper-money from that time till recent years, there had long been in some of the cities of China a large use of private and local promissory notes as currency. In Fuchau this was especially the case; bullion was almost entirely displaced, and the banking-houses in that city were counted by hundreds. These were under no government control; any individual or company having sufficient capital or credit could establish a bank and issue their bills, which varied in amount from 100 cash to 1000 dollars. Some fifteen years ago the Imperial Government seems to have been induced by the exhausted state of the Treasury, and these large examples of the local use of paper-currency, to consider projects for resuming that system after the disuse of four centuries. A curious report by a Committee of the Imperial Supreme Council, on a project for such a currency, appears among the papers published by the Russian Mission at Peking. It is unfavourable to the particular project, but we gather from other sources that the Government not long afterwards did open banks in the large cities of the Empire for the issue of a new paper-currency, but that it met with bad success. At Fuchau, in 1858, I learn from one notice, the dollar was worth from 18,000 to 20,000 cash in Government Bills. Dr. Rennie, in 1861, speaks of the dollar at Peking as valued at 15,000, and later at 25,000 paper cash. Sushun, the Regent, had issued a vast number of notes through banks of his own in various parts of Peking. These he failed to redeem, causing the failure of all the banks, and great consequent commotion in the city. The Regent had led the Emperor [Hien Fung] systematically into debauched habits which ended in paralysis. On the Emperor's death the Empress caused the arrest and execution of Sushun. His conduct in connection with the bank failures was so bitterly resented that when the poor wretch was led to execution (8th November, 1861), as I learn from an eye-witness, the defrauded creditors lined the streets and cheered.[4]

The Japanese also had a paper-currency in the 14th century. It is different in form from that of China. That figured by Siebold is a strip of strong paper doubled, 6-1/4 in. long by 1-3/4 in. wide, bearing a representation of the tutelary god of riches, with long inscriptions in Chinese characters, seals in black and red, and an indication of value in ancient Japanese characters. I do not learn whether notes of considerable amount are still used in Japan; but Sir R. Alcock speaks of banknotes for small change from 30 to 500 cash and more, as in general use in the interior.

Two notable and disastrous attempts to imitate the Chinese system of currency took place in the Middle Ages; one of them in Persia, apparently in Polo's very presence, the other in India some 36 years later.

The first was initiated in 1294 by the worthless Kaikhatu Khan, when his own and his ministers' extravagance had emptied the Treasury, on the suggestion of a financial officer called 'Izzuddin Muzaffar. The notes were direct copies of Kublai's, even the Chinese characters being imitated as part of the device upon them.[5] The Chinese name Chao was applied to them, and the Mongol Resident at Tabriz, Pulad Chingsang, was consulted in carrying out the measure. Expensive preparations were made for this object; offices called Chao-Khanahs were erected in the principal cities of the provinces, and a numerous staff appointed to carry out the details. Ghazan Khan in Khorasan, however, would have none of it, and refused to allow any of these preparations to be made within his government. After the constrained use of the Chao for two or three days Tabriz was in an uproar; the markets were closed; the people rose and murdered 'Izzuddin; and the whole project had to be abandoned. Marco was in Persia at this time, or just before, and Sir John Malcolm not unnaturally suggests that he might have had something to do with the scheme; a suggestion which excites a needless commotion in the breast of M. Pauthier. We may draw from the story the somewhat notable conclusion that Block-printing was practised, at least for this one purpose, at Tabriz in 1294.

The other like enterprise was that of Sultan Mahomed Tughlak of Delhi, in 1330-31. This also was undertaken for like reasons, and was in professed imitation of the Chao of Cathay. Mahomed, however, used copper tokens instead of paper; the copper being made apparently of equal weight to the gold or silver coin which it represented. The system seems to have had a little more vogue than at Tabriz, but was speedily brought to an end by the ease with which forgeries on an enormous scale were practised. The Sultan, in hopes of reviving the credit of his currency, ordered that every one bringing copper tokens to the Treasury should have them cashed in gold or silver. "The people who in despair had flung aside their copper coins like stones and bricks in their houses, all rushed to the Treasury and exchanged them for gold and silver.

Enter page number   Previous Next
Page 317 of 335
Words from 322920 to 323943 of 342071


Previous 317 318 319 320 321 322 323 324 325 326 Next

More links: First 10 20 30 40 50 60 70 80 90 100
 110 120 130 140 150 160 170 180 190 200
 210 220 230 240 250 260 270 280 290 300
 310 320 330 Last

Display Words Per Page: 250 500 1000

 
Africa (29)
Asia (27)
Europe (59)
North America (58)
Oceania (24)
South America (8)
 

List of Travel Books RSS Feeds

Africa Travel Books RSS Feed

Asia Travel Books RSS Feed

Europe Travel Books RSS Feed

North America Travel Books RSS Feed

Oceania Travel Books RSS Feed

South America Travel Books RSS Feed

Copyright © 2005 - 2022 Travel Books Online