a beauty and perfection surpassing all our modern efforts. The staters, for instance, of Philip and of Alexander, the coins of Syracuse and Metapontum, present to us the most lovely female faces and deities-perfect models of human beauty. Animals also are admirably represented, not only the horse, the lion, etc., but other smaller creatures, as the harvest-mouse on an ear of wheat on a Metapontum coin, and even insects, as, for instance, the praying mantis. The heads on the earliest coins represent gods and goddesses, the first human head being that of Alexander the Great on a coin of Lysimachus, and even in this case the great conqueror is represented in his divine character as descended from Jupiter Ammon, which is indicated by the ram's horns.

It would not, however, be fair to modern mints to attribute the comparative poverty of modern coins to want of skill. It is a great convenience that coins should lie flatly one on another, and the greater boldness of ancient coins, however it may add to their beauty, necessarily rendered this impossible. Not only were the Greek coins admirable for their beauty, but they were also made of pure metal and full weight, offering in this respect a striking contrast to those of most other countries. There were, however, of course, exceptions. Thus the money of Phocæa was notorious for its bad quality.

In ancient Greece, as now, the right of coinage was a prerogative of the sovereign. And here we find a curious difference between the Basileus and the Tyrannus. The former coined in his own name, but the Tyrannu, however absolute, never did so; their money was issued in the name of the people.

Coins are, of course, very instructive from an historical point of view. Nevertheless, they did not for a long time admit on their coins any allusions to contemporary events, and then only in an indirect manner. Almost the only exception is the enormous gold-piece struck by Eucratides, King of Bactriana, of which the French possess the only known example. The fact that it is just equal to twenty staters does not prove that it was ever intended to serve as a coin, against which its size must have been a great objection. Moreover, it would appear that very few specimens were struck. Indeed, there is some reason to suppose that the French example is the only one ever made, as the die appears to have been broken in striking it. Neither the Greeks nor the Romans had any name for a "medal" as distinguished from a true coin.

In Greece, the original business of bankers seems to have consisted in changing money for foreigners, but they soon commenced banking and allowing interest on deposits. We are incidentally informed that the father of Demosthenes kept part of his fortune with one of these Trapezitæ, or bankers. Some of them enjoyed considerable credit. Pasion, for instance, we are told, was well known and trusted all over Greece. The ordinary rates of interest were very high, and will not at all bear comparison with those of the present day, as they ranged from ten to thirty-seven per cent.; but the risks also must have been extreme, and, notwithstanding this large rate of interest, their profits seem to have been small. Even Pasion's business is said to have been worth but $2,000 a year, which appears scarcely credible.

The Greek bankers seem to have been as much notaries as bankers, and a large part of their business consisted in witnessing contracts between others; they seem, however, to have possessed a document not very dissimilar to our check. They were aequainted with letters of credit, and had even invented a form of endorsement.

The earliest Roman coins are said to have been struck either by Numa or by Servius Tullius. They were of

bronze or copper, silver not being used till the first Punic war, 269 B.C., and gold some sixty years later. Even under the earlier emperors the different provinces and colonies had their own coins, and it was not until the time of Diocletian that one coinage was established for the whole empire. For a long period, indeed, every great Roman family had the right of coining denarii with their own device, though precautions were taken to preclude any tampering with the weight or fineness.

The first step in the degradation of the coinage was effected by the celebrated Flaminian law. This unfortunate error naturally opened the door to further debasement. Nevertheless, it was not till the time of Nero that any further steps were taken in this direction. He lowered the aureus, and reduced the denarius from oneeighty-fourth to one-ninety-sixth of a pound, increasing the alloy at the same time from five to ten per cent. After this, though the aureus remained stationary for some time, the denarius rapidly fell in value.

Although the great Roman families were long permitted to coin under certain precautions, this was, nevertheless, not only under the supervision, but in the name of the State. The first coins were not inscribed, but afterward they generally bore the legend "Roma," not as a geographical expression, but as a recognition of sovereignty. The same feeling which rendered the Greeks so long reluctant to put any human head on their coins, influenced the Romans also; to have done so would have indicated a claim to sovereignty, which, under a republic, would, of course, have been totally inadmissible. During the earlier period of Roman history, indeed, such coins were unknown.

In the year 58 B.C., M. Æmilius Scaurus represented himself on a small scale, in the act of receiving the submission of Aretas, King of the Nabatheans. We find, also, Marius, Sylla and Pompey, on their triumphal cars, but not even they ever ventured to put their likenesses on the coins. This feeling extended with still greater force to female heads. Even the representations of the women belonging to the imperial family under the earliest emperors were not only posthumous and commemorative, but were, moreover, at first introduced under the disguise of goddesses. Thus Julia was represented as Diana. Tiberius, in honor of his mother, Livia, attached her features to heads of the goddesses Pietas, Justitia, and Salus Augusta. Agrippina was not satisfied with this, and placed herself on coins with her husband Claudius, though she did not venture to have one struck with her own effigy alone. The rule was first broken by Drusus, who struck coins in honor of his wife Antonio.

The Greeks appear to have introduced banking into Italy, at least if we may'judge from the fact that in early Latin writings most of the words relating to banking and finance are of Greek origin, and were gradually replaced by Latin words. The bankers in Rome soon became of great importance, and the old Roman comedies contain many allusions to them-not always, indeed, of a very complimentary description, although their professional honor stood very high.

It has been mentioned, as an indication of the unpopularity of Gaulish bankers, that when the revolt of Vercingetorix took place the houses of the bankers were first attacked. But surely another explanation may be given. Moreover, the extortion of high interest was not confined to bankers. Pompey, we are informed, lent money at fifty per cent.; Brutus, and Cato himself, at forty-eight per cent. The rate of interest in Rome as elsewhere in ancient times was, in fact, excessive. There was, however, no legal rate till the law of the Twelve Tabies. It was then

Glass seems to have been likewise at one time used for subsidiary coinage in Egypt and in Sicily. Platinum was tried in Russia, but was found unsuitable; lead is still used in Burmah; nickel in Belgium, the United States and Germany; and in 1869 and 1870 nickel pence and halfpence were struck for Jamaica. In addition to the commercial uses of coins, they are important from an historical point of view, and also in giving us authentic portraits of many interesting persons-Cæsar, Cleopatra, and many others.

The high rates of interest which prevailed in former times, of course, were very injurious to commerce, and naturally provoked unfavorable criticisms, which, however, were by no means confined to usurious rates, but often extended to any charge whatever for interest. Indeed, the idea that there is some wrong about charging interest for the use of money is not the least remarkable or disastrous of the various prejudices which have interfered with the happiness and comfort of man. The supposed axiom that pecunia non parit pecuniam, the misapplication of certain, texts of Scripture, and the supposed interests of the poor, all contributed to the same error. Thus in the reign of Elizabeth, 1571 (13 Eliz. cap. 8), an act was passed against usury and "corrupt chevisance and bargaining by way of sale of wares, which were declared to have abounded "to the importable hurt of the Commonwealth," declaring usury to be forbidden by the law of God, in its nature sin, and detestable. Quaintly enough, however, this I was in the first instance limited to five years, but subsequently (39 Eliz. cap. 18) it was continued, on the ground that

In the reign of Henry VIII. a statute was passed legalizing interest to the extent of ten per cent., under James L it was lowered to eight per cent., under the Commonwealth to six per cent., and in the time of Queen Anne to five per cent., and the usury laws were not altogether abolished till 1839. til the

In Scotland, interest was altogether illegal Reformation. In 1587 it was legalized up to ten per cent. In 1633 the legal rate was reduced to eight per cent., and in 1661 to six per cent. In Ireland interest was forbidden until 1635, when it was legalized up to ten per cent., reduced in 1732 to six per cent. In 1839 it was rendered legal to charge a higher rate of discount than five per

MY SISTER ELLEN. SEE POEM ON PAGE 63.

cent. in England. According to the Code Napoléon, siz per cent. was the highest legal rate on commercial loans, and five per cent. on those on real property.

In the United States, again, the rate is fixed by law, and varies in the different States, being, for instance, eight. per cent. in Alabama and Texas; seven per cent. in South

In Mohammedan countries, notwithstanding that interest is expressly forbidden in the Koran-or rather perhaps to a certain extent in consequence of that prohibition-the ordinary rate is three or four times as high as in Europe. In England, after the Conquest, as in most other Christian countries at that time, interest was expressly prohibited both by civil and ecclesiastical law; while as the Jews were allowed under the Mosaic dispensation to charge interest to strangers, the business of money-lending fell naturally into their hands. Subsequently a similar privi

in Louisiana; and six per cent. in most of the other States. It is unnecessary to say that these restrictions are quite inoperative.

We are generally told, in histories of banking, that the first national bank was that of Venice, founded in the year 1157; but this institution was not at first, in any sense, a true bank. The State being deeply involved in debt, its creditors were formed into a corporation, and the debts made transferable, like our consols. It was not until 1587 that the institution began to take money on deposit. The depositors received a credit on the bank's books equal to

the actual weight of the bullion placed there, which the bank undertook to keep intact in its vaults, and to repay to the depositors at any time, or to transfer to any one else.

The earliest real bank was that of Barcelona, founded in 1401. In this case the city funds were made responsible for any moneys intrusted to the bank, which not only received deposits, but exchanged money and discounted bills. The Bank of Amsterdam was founded in 1609. The so-called bank of St. George, at Genoa, dates to 1407, but does not appear to have done genuine banking business until 1675. The bank of Stockholm, which commenced in 1668, was the first bank in Europe to issue bank-notes.

English coinage is far more ancient than their banking system. Before the Roman conquest they were already acquainted with the art of coinage, which appears to have commenced in Kent about 200 to 150 B.C., and to have spread over the southeast of England, to Devonshire on the west, and northward as far as Yorkshire. The principal mints appear to have been at Camulodunum and Verulamium. The original coins were copies of Gaulish imitations of the staters of Philip of Macedon, which have a head of Apollo on one side and a chariot and horses on the other. Gradually, however, the execution became worse and worse, as shown in the illustrations, until at length no one looking at one of these coins for the first time would be able to tell which side was meant for the head of Apollo and which for the chariot and horses. The fact that the dies were much larger than the coins assisted in contributing to this result. Some of the coins are inscribed, and in one series we find the name "Cun," short for Cunobeline, the Cymbeline of Shakespeare, from whose name one learned antiquary has absurdly supposed that our word "coin" was derived.

After the conquest the native British coinage was replaced by Roman coins, great numbers of which have been discovered. After the departure of the Romans, the Saxons, about the sixth century, commenced striking stycas, or half-farthings, and sceattas, from which comes our proverbial expression, "paying one's shot."

The mode of reckoning by pounds, shillings and pence was introduced in Saxon times, the pound being a pound of silver, though the penny, the one two-hundred-andfortieth of a pound, was the largest silver coin actually struck.

The "penny" is the most ancient representative of Saxon coinage. The name first appears in the laws of Ina, King of the West Saxons, who began to reign in 688. The figure of Britannia was copied from a coin of Antoninus.

The mark, originally Danish, was introduced by Alfred; it contained at first one hundred, and afterward one hundred and sixty, pennies. It was never struck, but was only a money of account. Throughout Norman times the halfpenny and farthing were, as a rule, not separate coins, but halves and quarters of the penny very neatly cut. Though some Saxon halfpence are known, these coins were not struck in any quantity till the reign of Edward I. The gold coins recommenced under Henry III., who coined gold pieces intended to pass for twenty pence. Edward III. struck gold florins, current for. six shillings. This coin being found inconvenient, he issued the "noble," sometimes called "rose noble," worth six shillings and eightpence, or half a mark. This, with its half and quarters, was the only gold coin till the "angel" of Edward IV.

Groats and half-groats were introduced by Edward III. They received their name from the French "gros," a large

piece. It was one of the charges against Wolsey that he put his cardinal's hat on the money struck in the archiepiscopal mint at York. The "shilling" was first struck by Henry VIII. The silver crown, half-crown and sixpence commenced under Edward VI. The sovereign of twenty shillings was first struck by Henry VII The guinea commenced under Charles II., in 1663, and was so called from the Guinea gold from which it was made; it was withdrawn in 1815, when the sovereign and half-sovereign were again issued. In the Middle Ages the coinage was constantly deteriorated by having the edges clipped, now prevented by the milling of the edge, a process first used in 1560. The unsatisfactory state of the coin led to the use of "tradesmen's tokens."

The pound sterling and its relation to the silver coinage was not finally fixed until 1717. Gold was not adopted as a legal standard of value until 1816. The "mint price" of silver is 5s. 6d. an ounce troy-i. e., the ounce of silver is coined into bs. 6d. The "standard" of silver is thirtyseven parts of silver to three of copper. The sovereign is composed of twenty-two parts gold and two copper. An ounce of gold is therefore coined into £3 17s. 10 d., which is generally termed the mint price of gold.

We sometimes hear surprise expressed that there should be a fixed price for gold. Gold, it is said, should be allowed to follow its market price. But when we are told that the mint price of gold is always £3 17s. 101d an ounce, all that is meant is that an ounce of gold is coined into £3 17s. 10d. The price of gold is fixed in gold, or, in other words, sovereigns are always of the same weight. Sir Robert Peel asked his opponents the wellknown question, "What is £1 ?" and the simple answer is, that £1 is a certain quantity of gold, verified by the stamp of the mint.

There appears to be much uncertainty as to when, or by whom, coins were first struck in Ireland and Scotland. As regards the former country, they are never mentioned in the Senchus Mor, which is said to have been compiled about A.D. 440, in which, when the precious metals are alluded to, which is but rarely, this is always by weight. Such is, indeed, the case, even to a much later date. Thus, in 1004, Brian Boroimhe offered twenty ounces of gold on the altar of St. Patrick, at Armagh, though coins are said to have been in use as early as the ninth century. The earliest Scotch coins are supposed to belong to the time of Malcolm III., about 1050 A.D.

The derivation of the words relating to money and commerce are interesting and instructive. "Pecuniary " takes us back to the times when value was reckoned by so many head of cattle. The word "money" is from moneta, because in Rome coins were first regularly struck in the temple of Juno Moneta, which again was derived from monere, to warn, because it was built on the spot where Manlius heard the Gauls approaching to the attack of the city. "Coin" is probably from the Latin cuneus, a die or stamp. Many coins are merely so-called from their weight, as, for instance, the pound, the French livre, Italian lira ; others from the metal, as the "aureus"; the "rupee " from the Sanscrit "rupya," silver; others from the design, as the angel, the testoon, from teste or tête, a head; others from the head of the state, as the sovereign, crown; others from the proper name of the monarch, such as the Daric, from Darius, the Philip, Louis d'or, or the Napoleon.

The dollar, or thaler, is short for the Joachimsthaler, or money of the Joachims Valley, in Bohemia, where these coins were first struck in the sixteenth century. Guineas were called after.the country from which the gold was obtained, and the "franc" is an abbreviation of the inscrip