"The American Indians and white settlers used wampum as money. Tobacco government warehouse deposit certificates were also used as money.
"In some of your Southern Pacific Islands your cannibal tribes used compressed human heads and skulls to purchase their wives; in Africa ivory elephant tusks were used and others of you have used a great many other mediums of exchange.
"Mr. Norman Angell, one of your economists, in his book, The Story of Money, gives a clear description of the uses of money. He says it is used
"As a medium of exchange, a measure of value, a standard of deferred payment, and as a store of value."[21]
"Mr. Victor L. Clark, one of your authors, in his book What is Money, says that
"It is something with which we can buy goods and services."[22]
He further writes:
"In the 16th century, 'a new aspect of credit appeared.'[23]
"deposit banking developed out of an ancient custom of leaving money in safe keeping with responsible merchants."[24]
"In the 16th century banking by check system was started in Amsterdam by large Dutch Banking Companies, bringing into existence your present system of moneyism. Later, London goldsmiths began to create bank money by issuing receipts or other paper instruments originating out of money in bullion of copper, silver and gold by weight deposited with them, or loaned out by them, on which they paid out or received interest.