MONDOVI 



5483 



MONEY 



Mondovi (am-. .'/ I 



( 'it y n! Italy, in tin- piov. of ( 'nncii. 

 Situated mi the N. slopi-i of the 



<n Alp-, in- ir 1 1 river 

 Klleio, 17 in. liy ily. !> 

 riiueo. it consists of an upper 

 town, alt. 1,835 ft., and a ln\\<-r 

 own. all. l.L'SL 1 ft. It In* a llilli 



i eitadel, a ea'hednil, and 

 l.ishop's palare. The indilst lies in- 



eh>de tannin;,' and tho niumife- 



i t'-\til'-s, poltciy. papiT. 



rnajoliea, ami Miarliinri y. Mondovi 



: of t!u- .Mon* IJeualis 



printing press, established in 1472. 

 II. -iv. April 21, 17%, tho French 

 i aim 1 1 a victory over the Sar- 

 dinians. Pop. 10,600. 



Monessen. Bor. of Pennsyl- 

 v.inia. I'.S.A.. in Westmoreland co. 

 ()n the .Mniiongahela river, 40 m. 

 S. of Pittsburg, it is served by the 

 I'ittsburg and Lake Erie and the 

 Pennsylvania Klys. It lias steel, 

 tin plate, and brick works, foun- 

 dries, machine shops, and lumber 

 mills. Pop. 18,000. 



Monet, CLAUDE OSCAR (b. 1840). 

 Freneh painter. Born at Havre, 

 Nov. 14. is 10, he received his first 

 Mwms^ instruction 



from Boudin, 

 whom he met 

 in 1855, and 

 in 1862 he en- 

 tered Gleyre's 

 studio. In 

 1863 he came 

 into contact 

 with Manet's 

 work, and was 

 greatly in- 

 his new method of 

 painting in bright colours laid on in 

 separate tones. He adopted the 

 method, and was joined by Pissarro, 

 Sisley, Renoir, etc., the group be- 

 coming known as the Impression- 

 i t*. .Monet was the real founder of 

 Impressionism. 



Among his first pictures were 

 Dejeuner sur 1'Herbe, 1866 ; De- 

 jeuner dans un interieur, 1868 ; 

 and figure pictures, Camille, 1866 ; 

 and \j& Japonaise. He went to 

 live by the Seine, at Argenteuil, 

 Vetheuil, and Givernay, and paint- 

 ed the river in all its moods, and in 

 1871 he visited England to study 

 the Thames, of which, however, 

 his chief pictures were painted 

 diirinu' a later visit, 1901-4. He 

 devoted himself to the sea and 

 rocks on the Mediterranean coast, 

 1884, and at Belle-lie, 1886. He 

 painted series of pictures of one 

 subject under varying effects of 

 light and atmosphere, the first 

 series being The Haystacks, 1890- 

 91, and the second The Facade of 

 Rouen Cathedral. Of his pictures, 

 now in great demand. M. Durand- 

 Ruel of Paris has a unique collec- 

 tion. See Impressionism. 



Moneta, KKSK-IO TEODORE 

 1918). Italian pul.ii 



Claude 0. Monet, 

 French painter 



Ernesto T. Moneta, 

 Italian publicist 



at Milan, he 

 served with 



Carilialdi, and 

 was in the 

 MI arinv, 

 isc.l i;7. Re 

 edited La Lib- 

 era Parola, 

 1860-61, and 

 was director of 

 HSecolo,1867- 



%. ThriMi'_'hont his life he devoted 

 liim-elf to tin- propagation of peace, 

 and presided at the Milan int'-r- 

 national eoirjres*, 1906. In 1907 

 he was awarded the Nobel peace 

 prize. A warm mpport'-r of Italy's 

 participation in War in 



1915, he died at Milan, Feb. 10, 1918. 



Monetary Union. 

 /jf .states to enable them to use a 

 common monetary standard. The 

 best known is the Latin Union (q.v. ); 

 there is also a Scandinavian mone- 

 tary union. 



MONEY: THE MEDIUM OF EXCHANGE 



Hartley Withers, Author, The Meaning of Money 

 This article deals with money in the economic sense, related articles 

 being Credit ; Exchange ; Prices ; Wealth, etc. For money in the 

 other sense see Coinage; Numismatics; and the articles on the 

 various coins. See also Bagehut ; Banking 



Money is a device for facilitating 

 that exchange of goods and ser- 

 vices which is essential to the divi- 

 sion of labour, and so to the 

 specialisation which quickens the 

 development of production. In 

 primitive times, when each indi- 

 vidual, or family group, made or 

 provided for himself or itself all 

 the goods and services required, 

 there was no need for money. Each 

 man got or grew his own food, 

 made his own clothes, and built his 

 own hut or other shelter ; con- 

 sequently his clothes, food, and 

 shelter were rough and inadequate, 

 and improvement in the standard 

 of life only became possible as 

 mankind began to congregate in 

 larger groups, and individuals with 

 special aptitudes for making cer- 

 tain goods and rendering certain 

 services concentrated their activi- 

 ties on these special objects, and 

 exchanged them for the goods and 

 services provided by other mem- 

 bers of the group who were special- 

 ising in other directions. 



The division of labour at this 

 early stage was thus facilitated by 

 the system of barter, or exchange 

 of goods for goods. The smith de- 

 voted himself to making tools and 

 weapons, and relied on supplying 

 himself with food and clothes and 

 shelter by exchanging his product 

 directly for food provided by the 

 farmer and the hunter, and so on. 

 This system of barter had its ob- 

 vious difficulties and limitations, 

 which would arise, for example, if 

 the smith was hungry, but the 

 farmer and hunter did not Avant 

 tools. In such circumstances the 

 smith would try to exchange his 

 product for some article which the 

 food producers would want, either 

 for immediate consumption or be- 

 cause they knew that they would 

 certainly be able to exchange it 

 into anything that they wanted. 

 Thus in primitive communities the 



function of money began to be 

 performed by some commodity of 

 general use and acceptability, and 

 this acceptability is still the essen- 

 tial quality of money in the modern 

 sense of the term. 



Among commodities fulfilling 

 this requirement and used as cur- 

 rency we find bullets, gunpowder, 

 cattle, cowrie shells, and many- 

 other objects that have been gener- 

 ally acceptable because they were 

 either useful or ornamental. At a 

 very early stage, however, the at- 

 tractions of the precious metals be- 

 gan to prevail, with their appeal to 

 human vanity, which made them 

 always in demand for inlaying the 

 armour of the warrior, and for the 

 adornment of his wives, and secur- 

 ing the favour of the gods when 

 presented as gifts to their temples. 

 Their other advantages, such as 

 their power of resisting wear and 

 tear, and of being melted down 

 and divided up and easily carried, 

 helped to secure their predomin- 

 ance as an acceptable medium of 

 exchange, and at the dawn of re- 

 corded history we find Abraham 

 buying a field in which to bury 

 Sara from Ephron the Hittite for 

 400 silver shekels, which he paid to 

 him by weight, " current money 

 with the merchant" (Gen. xxiii, 16). 



From lumps of metal exchanged 

 by weight the evolution into coin- 

 age was easy. A piece of metal of a 

 certain weight, and stamped as 

 such, is the fiist step, from which 

 progress is easy to a coin stamped 

 by a monarch or a government, and 

 accepted on the ereditof the author- 

 ity which stamp? it as containing a 

 certain quantity of metal of a 

 certain fineness. 



, As long as money is confined to 

 coined pieces of metal, its volume 

 depends entirely on the supply of 

 those metals, and thus we find in 

 the course of monetary history that 

 variations in the supply of the 



