In their early intercourse with Europeans the article that attracted most
notice was iron. Its utility, in forming the instruments of war and
husbandry, make it preferable to all others, and iron soon became the
measure by which the value of all other commodities was ascertained.
Thus, a certain quantity of goods, of whatever denomination, appearing to
be equal in value to a bar of iron, constituted, in the traders’
phraseology, a bar of that particular merchandise. Twenty leaves of
tobacco, for instance, were considered as a bar of tobacco; and a gallon
of spirits (or rather half spirits and half water) as a bar of rum, a bar
of one commodity being reckoned equal in value to a bar of another
commodity.
notice was iron. Its utility, in forming the instruments of war and
husbandry, make it preferable to all others, and iron soon became the
measure by which the value of all other commodities was ascertained.
Thus, a certain quantity of goods, of whatever denomination, appearing to
be equal in value to a bar of iron, constituted, in the traders’
phraseology, a bar of that particular merchandise. Twenty leaves of
tobacco, for instance, were considered as a bar of tobacco; and a gallon
of spirits (or rather half spirits and half water) as a bar of rum, a bar
of one commodity being reckoned equal in value to a bar of another
commodity.
