And it is a truth that the merchants
will several times in the year bring wares to the amount of 400,000
bezants, and the Grand Sire pays for all in that paper. So he buys such a
quantity of those precious things every year that his treasure is endless,
whilst all the time the money he pays away costs him nothing at all.
Moreover, several times in the year proclamation is made through the city
that any one who may have gold or silver or gems or pearls, by taking them
to the Mint shall get a handsome price for them. And the owners are glad
to do this, because they would find no other purchaser give so large a
price. Thus the quantity they bring in is marvellous, though these who do
not choose to do so may let it alone. Still, in this way, nearly all the
valuables in the country come into the Kaan's possession.
When any of those pieces of paper are spoilt - not that they are so very
flimsy neither - the owner carries them to the Mint, and by paying three
per cent, on the value he gets new pieces in exchange. And if any Baron,
or any one else soever, hath need of gold or silver or gems or pearls, in
order to make plate, or girdles, or the like, he goes to the Mint and buys
as much as he list, paying in this paper-money.[NOTE 1]
Now you have heard the ways and means whereby the Great Kaan may have, and
in fact has, more treasure than all the Kings in the World; and you know
all about it and the reason why. And now I will tell you of the great
Dignitaries which act in this city on behalf of the Emperor.
NOTE 1. - It is surprising to find that, nearly two centuries ago,
Magaillans, a missionary who had lived many years in China, and was
presumably a Chinese scholar, should have utterly denied the truth of
Polo's statements about the paper-currency of China. Yet the fact even
then did not rest on Polo's statement only. The same thing had been
alleged in the printed works of Rubruquis, Roger Bacon, Hayton, Friar
Odoric, the Archbishop of Soltania, and Josaphat Barbaro, to say nothing
of other European authorities that remained in manuscript, or of the
numerous Oriental records of the same circumstance.
The issue of paper-money in China is at least as old as the beginning of
the 9th century. In 1160 the system had gone to such excess that
government paper equivalent in nominal value to 43,600,000 ounces of
silver had been issued in six years, and there were local notes besides;
so that the Empire was flooded with rapidly depreciating paper.
