of the kind has been presented as belonging to the Australian of
ultrasocial development, and I am not aware that anything equal
has been produced by other similar primitive peoples. However,
it seems not improbable that allied tribes (say, of Malayan stock)
which have solved the problem of subsistence in a like way have a
similar currency, although I find no mention of it among four score
of writers whose observations on similar tribes of Borneo have come
to hand, and nothing similar has yet been found in the Philippines.

The Bontoc Igorot has a "medium of exchange" which gives a "measure
of exchange value" for articles bought and sold, and which has a
"standard of value." In other words he has "good money" probably the
best money that could have been devised by him for his society. It
is his staple product -- palay, the unthreshed rice.

Palay is at all times good money, and it is the thing commonly
employed in exchange. It answers every purpose of a suitable medium
of exchange. It is always in demand, since it is the staple food. It
is kept eight or ten years without deterioration. Except when used to
purchase clothing, it is seldom heavier or more difficult to transport
than is the object for which it is exchanged. It is of very stable
value, so much so that as a purchaser of Igorot labor and products
its value is constant; and it can not be counterfeited.

Aside from this universal medium of exchange the characteristic
production of each community, in a minor way, answers for the community
the needs of a medium of exchange.

Samoki buys many things with her pots, such as tobacco and salt
from Mayinit; cloth from Igorot comerciantes, breechcloth and basi
from the Igorot producers; chickens, pigs, palay, and camotes from
neighboring pueblos. Mayinit uses her salt in much the same way,
only probably to a less extent. Salt is not consumed by all the people.

To-day, as formerly, the live pig and hog and pieces of pork and
carabao meat are used a great deal in barter. As far back as the
pueblo memory extends pigs have been used to purchase a particularly
good breechcloth called "balakes," made in Balangao, three days east
of Bontoc.

In all sales the medium of exchange is entirely in coin. Paper will not
be received by the Igorot. The peso (the Spanish and Mexican silver
dollar) passes in the area at the rate of two to one with American
money. There is also the silver half peso, the peseta or one-fifth
peso, and