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Between the numerous inventions that we must to the talent of the Chinese, seems to also tell itself paper money. From the most remote antiquity, the Chinese made the commercial interchanges on the base of the exchange. Until half-full of the second millenium a. C., they were used like average of payment the cauríes calls, small shells that have remained in use in some parts of Asia and Africa until do few decades. With the dynasty There are (206 a. C. – 220 d. C.) appeared the famous Chinese currencies provided with a hole in center to be ensartadas, known like, cash, generally of bronze, and that also has remained practically without modifications until today. Much more rare they were the gold currencies and silver, that they were used for the more important commercial transactions and presented/displayed form of breads or ingots, In addition to the currencies other means of payment existed, that nevertheless cannot consider paper money, and less still banknotes. In the fourth year of the reign of Wu emperor, of the dynasty They have (year 119 a. C.), the aristocrats paid a tribute to the cut, constituted by fragments of skin of gamo of diverse formats and colors. Between 600 years 200 and d. C., for the high payments they often used rolls of standard silk of sizes. To this period (towards year 200 d. C.) goes back the invention of the paper. Chinese they were first in making use of that delgadísima castrates located between the crust and the trunk of the morera, call, book ” and of that a type of paper by the others was extracted not very resistant. The first monetary use of this paper was banking receipts, that began to be used like payment means. Obvious, they did not exist banks themselves; one was private stores that accepted precious metal deposits, by which received remunerations, committing itself to transfer sum at a distance. Also there were cooperatives of loans and associations of relatives and friends that they successively financed to one or more members or to strangers, with rates even fixed by the government in order to avoid the speculations. The monasteries had their own houses of persistence and had to be put under the governmental dispositions, that were very severe, until point of which the capital punishment to the transgressors got to be applied.

the flying currency

All these institutions, born with the diffusion of the currencies, emitted their receipts, and next to these, in order to make transferences of remote sums, freed orders of payment. The provinces had to send to the capital the entrances in money for taxes, and central administration, as well, had to send to the provinces the money necessary to acquire tea. With object to avoid these double transferences of bottoms, with all the risks that are possible to imagine, one resorted to the payment orders calls fei-chien, literally flying currency of which it makes mention Marco Polo in his Libro of the wonders. The tea retailers they deposited his income in the imperial boxes of the capital, and in return they obtained those receipts, that presented/displayed the administrations provincial financiers, to make them effective. After the success of the experience of the flying currency, around year 800 d. C. it appeared the first paper money for small payments. In the province of Szechwan iron currencies circulated, but as they were coarse and heavy, the public preferred to deposit them in the credit stores and to obtain in return receipts of paper, much more comfortable., Later low the Song dynasty (960-1279), these receipts legally were recognized. The monopoly of the emission trusted at the outset to sixteen retailers, and as of year 1023 exerted the State directly. Each emission had to circulate at the most during three years. !>

Paper money and inflation

The use of this itself paper money spread with enough rapidity. Many local governments resorted to independent emissions, increasing or reducing its duration according to the exigencies. The mongola dynasty of the Yuan (1279-1368) went to this mode of payment stops to pay the welded one of its troops. The increase of the state and military expenses let extremely grow the emissions, that they extended the inflation. In 1311, the administration declared illegal the gold commerce and silver, that were retired: consequently, tickets stayed as only currency of legal course. Towards half-full of century XIV, a paper sea had invaded not only Chinese, but also the bordering countries, and meant the ruin of economy. The suspicion of the people and the impatience of the retailers caused the total losses of value of these pieces of paper, and they returned to be from common use the gold ingots or silver for the payment of elevated sums, and soon for all the transactions. In century XVI, during the dynasty Ming (1368-1644), it was decreed that all the gold in circulation was deposited in the institutions of credit, to come to a new emission of paper. Soon, the measurement extended to the leather and silver currencies. But between population, that remembered the passed inflation, ran the voice of which paper money carried misfortune, and in fact an nth inflation was one of the causes of the aim of the dynasty Ming, Also the dynasty that followed it, the Oing (1644-1912), insisted on ignoring the lessons of history and tried a new emission; nevertheless a popular revolt determined the fast aim of the experiment. In 1814, emperor Chan Chiou publicly reprobated Chang-Gi-ting poet, who advocated the return of paper money, and téngase in account that an imperial public reprobación constituted a most severe warning which could even follow the death. In 1852 it reappeared paper deprived in the provinces, that the State tolerated but not respaidó with the official recognition. They followed the emissions of the rebellion of Tai ping (Great peace) (1848-1864), but was necessary to wait for 1908 so that the first banknote emissions took place resemblances to the western ones.

the prehistory of the bank

If we must to the paternity of paper money to the Chinese, it is not less certain that in the antiquity institutions existed already that, by functions that carried out, approached the banks. Obvious, it is not possible to speak of bank in the modern sense of the word, among other reasons because in the civilizations sumeria and babylonian the economy was premonetary, because any type of coined currency did not circulate (since it did not exist). Most of the goods it valued in barley or wheat, and only very delayed they began to circulate between Babylonian ingots of gold and silver for the elevated payments, For these reasons, it is difficult to fix a date of birth of the bank. The first banking activities, of the modern sense of the term, consisted in the acceptance of deposits and the concession of loans. Sending us to the oldest documents, it seems that the deposit was born before the loan. The sumerios, for example, with occasion of wars or prolonged trips, deposited in the enormous temples amounts of goods of all classes. The temple was without a doubt the place more surely, as much by its sacred character and therefore inviolable, like because armed men defended to it and very thick walls. In the interior it could have up to twenty department store for the diverse sorts: wheat, barley, fruit, wool, etc. The priests or you write took them to an authentic accounting of the entrances and exits, writing down the deposits (or the loans) in clay small boards. Other small boards were given like receipt, copies of the previous ones, and at the end of every week all the operations relative to a type of sort they took shelter in another small board. Every month a summary was made, and at the end of the year it was come to another summary general. The temple, thanks to the innumerable offerings to the priests, also guarded an enormous mass of merchandize, and is probable that administration began to grant loans to the most needed. The famous Code of Hammurabi, that contained the fundamental norms of the social life, fixed the interest of the loans, that stops the barley arrived at annual 33. 33%. The interest of the gold, that was worth ten times more that the silver, varied from the 12 to annual 20%. With the Persian domination, replaced the temples, mainly for the loan functions. To the front of these organizations were important families of retailers who got to lend any thing that could constitute source of gains: booties military, fields, prostitutas, slaves and water to even water.

the preparation of the paper

The method of manufacture of the paper in old China consisted of preparing vegetal a dense fiber suspension obtained by crushing of crust of morera and stems of ramio (and of fibers also extracted of the plants of the rice and the bamboo). One submerged in this suspension a rectangular sieve of meshes finísimas (it forms) on which deposited and mixed fibers. Piled up and pressed in order to eliminate the water, and soon extended to the sun so that it was dried, each leaf stuck properly on one surface, with object to avoid that the red was run when writing.

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