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Updated: May 29, 2025
This has, indeed, long since been insufferable; although it ought chiefly to be imputed to the imprudent penuriousness of our own merchants and inhabitants, who, it is to be hoped, shall, through the abolition of this seawant, become wiser and more prudent. "27th January, 1662, "Seawant falls into disrepute; duties to be paid in silver coin."
This was nothing more nor less than strings of beads wrought out of clams, periwinkles, and other shell-fish, and called seawant or wampum. These had formed a native currency among the simple savages, who were content to take them of the Dutchmen in exchange for peltries.
"We have been unable to render your inhabitants wiser, and prevent their being, further imposed upon, than to declare, absolutely and peremptorily, that henceforward seawant shall be bullion not longer admissable in trade, without any value, as it is indeed.
Beads manufactured from the Quahang or whelk, a shell-fish formerly abounding on our coasts, but lately of more rare occurrence of two colors, black and white; the former twice the value of the latter. Six beads of the white and three of the black for an English penny. The seawant depreciates from time to time.
The New England people make use of it as a means of barter, not only to carry away the best cargoes which we send thither, but to accumulate a large quantity of beavers' and other furs, by which the company is defrauded of her revenues, and the merchants disappointed in making returns with that speed with which they might wish to meet their engagements; while their commissioners and the inhabitants remain overstocked with seawant, a sort of currency of no value except with the New Netherland savages," etc.
He had old-fashioned notions in favor of gold and silver, which he considered the true standards of wealth and mediums of commerce, and one of his first edicts was that all duties to government should be paid in those precious metals, and that seawant, or wampum, should no longer be a legal tender. Here was a blow at public prosperity!
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