Among the fishermen who dwelt along the shores of the Indian Ocean, from the Persian Gulf to the southern shores of Hindustan, Ceylon and the Maldive islands, it would appear that the fish-hook, to them the most important of all implements, passed as currency. In the course of time it became a true money, just as did the hoe in China. It still for a time retained its ancient form, but gradually became degraded into a simple piece of double wire, as seen in Nos. 3 and 4 of our illustration. In its conventional form it is known as a larin or lari, a name doubtless derived from Lari on the Persian Gulf. These larins made both of silver and bronze were in use until the beginning of the last century, and bear legends in Arabic character. Had the process of degradation gone on without check, in course of time the double wire would probably have shrunk up into a bullet-shaped mass of metal, just as the Siamese silver coins are the outcome of a process of degradation from a piece of silver wire twisted into the form of a ring and doubled up, which probably originally formed some kind of ornament. The bullet-shaped tical is now struck as a coin of European form. Just as perhaps the silver shells of Burmah became the multiple unit of a large number of real cowries, so the fish-hook made of silver came into use as a multiple unit, when the bronze fish-hook had already become conventionalized into a true coin. The silver larins of Ceylon weigh about 170 grs. troy, and those of Southern India are said by Professor Wilson to weigh the same, although some of them weigh only 76 grs. or less than half. As the rupee weighs about 180 grs. the silver fish-hook may represent the usual unit employed for silver, strong national conservatism requiring that the silver currency should take the same form as the ancient fish-hook currency of bronze[44]. There are still in circulation in Nejd in Arabia small bars of silvered brass, which bear on the back Arabic inscriptions. It is hardly possible to doubt that in these little pieces of metal we have the last surviving descendants of the old fish-hook. In the Maldive Isles a silver larin was worth 12,000 cowries.
Fig. 8. Silvered brass bars used as money in Nejd[45].
Advancing westward we find the Ossetes of the Caucasus at the present moment employ the cow as their unit of value, the prices of all commodities being stated as one, two, three or four cows, or even at one-tenth or one-hundredth of the value of a cow. The ox is worth two cows, and the cow is worth ten sheep. This people regulate compensation for wounds thus: they measure the length of the wound in barley corns, and for every barley corn which it measures a cow has to be paid[46]. We can have little doubt that over all Hither Asia the same method of employing the cow as the principal unit of value obtained. It is that which we found among the Greeks of the Homeric Poems, who were in full contact with Northern Asia Minor, and was almost certainly that of the Semites who dwelt in the South. Just as we find the buffalo, and the pots, bronze platters, arrows, lances and hoes standing side by side in well defined mutual relation among the Bahnars of Cochin China, so we find in Homer that whilst the cow is the principal unit, the slave is employed as an occasional higher unit, and the kettle (lebes), the pot (tripous), the axe and the half axe, hides, raw copper and pig iron stand beside the cow as multiples or sub-multiples. When Ajax and Idomeneus make a bet on the issue of the chariot race, the proposed wager is a pot or a kettle[47], whilst from another passage we learn that the usual prizes given at the funeral games of a chieftain were female slaves and pots (Tripods).
Passing from Greece into Italy we have no difficulty in proving that the cow was the regular unit of value in that peninsula and the adjacent island of Sicily. Down to 451 B.C. all fines at Rome were paid in cows and sheep. By the Tarpeian Law these were commuted for payments in copper, each cow being set at 100 asses, each sheep at 10 asses. As I shall deal with the whole question of the Roman As at considerable length later on I shall here simply note that the Italian tribes had evidently the same system of adjusting the relations between their cattle and sheep and their metals which we found among the Persians and modern Ossetes. In Sicily it is clear that the cow had played the same part as elsewhere, for we learn from Aristotle[48] that when the tyrant Dionysius burdened the Syracusans by excessive taxation, they ceased in a great degree to keep cattle, inasmuch as the unit of assessment was the cow. If then in the 4th century B.C. at Syracuse, the most advanced community in Sicily, the cow still continued to be the unit of assessment, à fortiori, at an earlier period that animal must have been the monetary unit of the whole island.
From the Italians we pass on to their close kinsmen the Kelts. We are told by Polybius[49] that when the Gauls entered Italy, their wealth consisted of their cattle and gold ornaments, but although an argument will be offered below to show that the cow was the monetary unit of both Gauls and Germans, we have no definite evidence respecting the barter system. But fortunately the Ancient Laws of Wales and Ireland afford us ample insight into the Keltic system. Irish tradition goes back far beyond the date at which the Brehon Laws were compiled, and from it we get a glimpse of a system almost Homeric: thus we read in the Annals of the Four Masters under the year 106 A.D. that the tribute (Boroimhe, literally cow-tax) paid by the King of Leinster consisted in 150 cows, 150 swine, 150 couples of men and women in servitude, 150 girls and the king’s daughter in like servitude, 150 caldrons, with two passing large ones of the breadth and depth of five fists[50]. As this tradition makes no mention of payment in metals, but only of slaves, cattle and caldrons, which doubtless stood to one another in well defined relations, we need have no hesitation in assuming that the cow formed the chief unit of the earlier, as it did of the later Kelts.
The Welsh naturally adopted the monetary system which sprang up after the reign of Constantine the Great in the Later Empire. Accordingly we find in certain of their Ancient Laws[51] tables giving in denarii, solidi or librae the values of various kinds of property. From these we can learn with accuracy the relations in value which existed between various kinds of property. Thus the calf from March (when the cows calved) to November was worth 6 denarii, to the following February 8 den., till May 10 den., till August of the second year 12, till November 14 den., till February 15 den., till February of the third year 28 den. The heifer is then in calf, her milk is worth 16 den. Thus the milch cow is worth 46 den., and up to August she is worth 48 den., up to November 50 den., and up to May of the fourth year is worth 60 den. A month’s milk is worth 4 den.; a bull calf 6 den., the young ox when put to the plough is worth 28 den., when he can plough, 48 den., that is the same as the young milch cow of the same age; a gelding is worth 80 den., a farmer’s mare 60 den., a trained horse is worth half a libra; a bow with twelve arrows is worth 7 denarii and an obolus; a queen bee (modred af) is worth 24 den., the first swarm 16 den., the second 12, the third 8; a foal is worth 18 den. to 24 den., a two year old 48 den., a three year old 96 den. A young male slave (iuvenis captivus) is worth 1 libra, a slave both young and of large stature (captivus iuvenis et magnus) is worth 1½ libra. It would appear that the Welsh, when taking over the Roman system, had adjusted their own highest barter-unit, the slave (probably female as well as male), to the libra or pound, the highest unit in the Roman system. Of course slaves of exceptional strength or beauty would always command a higher price. But the regulations for the value of cattle are especially of interest, as shewing the extraordinary minuteness with which pastoral peoples discriminate the values of animals of different ages, and estimate the milk of a cow in proportion to her actual value. The full-grown cow is worth exactly ten times the newborn calf, an estimate which holds good just as much in 1890 as it did 1000 years ago, for it is not a mere convention but is based upon a natural law. At the present moment a calf is worth from 30 to 35 shillings, a cow from £15 to £17. 10s. The yearling calf was worth one-sixth of the full-grown cow, a relation which still holds good.
The Irish Kelts borrowed their silver system from Rome at a period probably before Constantine, as they seem never to have employed the libra and solidus, but simply the uncia (unga) and scripulus (screapall), adding thereto a subdivision called the pinginn or penny, borrowed doubtless from the Saxon invader at a later period. Thus 1 unga = 24 screapalls; 1 screapall = 3 pinginns. They equated the principal silver unit, the uncia, to the old chief barter-unit, the cow (bo). As elsewhere, however, the slave formed occasionally the highest unit, and was reckoned nominally at three cows. The slave woman (cumhal, ancilla in Latin writers) was in course of time used as a mere unit of account.
| Slave woman (cumhal, ancilla) | = | 3 ounces (unga) |
| Full-grown cow (bo mor) | = | 1 ounce = 24 screapalls |
| Heifer now in third year (samhaisc) | = | ½ ounce = 12 screapalls |
| Heifer of second year (colpach) | = | 6 screapalls |
| Yearling (dairt) | = | 4 screapalls |
| A cow’s milk for summer and harvest | = | 6 screapalls |
| A sheep | = | 3 screapalls |
| A goat’s milk for summer and harvest | = | 1¾ pinginn |
| A sheep’s fleece | = | 1½ pinginn |
| A sheep’s milk | = | ½ pinginn |
| A kid (meinnan)[52] | = | ⅔ pinginn. |