We present an exact-diagonalization study of the frequency- and wave-v
ector-dependent conductivity sigma(q,omega) in small clusters in the t
wo-dimensional t-J model. Unlike the related dynamical density correla
tion function, sigma(q=0,omega) in the underdoped regime has the excha
nge constant J as its characteristic energy scale and is dominated by
a resonancelike excitation with frequency similar to 1.7 J. We interpr
et this as transition to a p-like excited state of a spin-bag-type qua
siparticle (or, alternatively, a tightly bound spinon-holon pair) and
show that a simple calculation based on the string picture explains th
e numerical results semiquantitatively. For doping levels greater than
or equal to 25% t remains the only energy scale of sigma(q=0,omega).