At present, financial crises occur, chiefly because the paper currency is redeemable in gold only.
It was the king's army, the king's people, the king's taxes; and he who questioned the propriety of the royal prerogative of taking from his people without return or accounting, was reckoned, and felt himself to be, a criminal, guilty of the highest crime of disloyalty.
When not only gold but all commodities are available for the redemption of the paper currency, its volume is limited only by the value of all the wealth of the country, and it can never become insecure up to this limit.
Paper currency has hitherto been regarded with suspicion, as insecure.
Not an old woman that buys a paper of pins, without yielding a part of the price to the banks as interest!
Large sums were paid for the use of money, because the available amount of gold and silver was far less than was needed to carry on the commercial transactions of the times.
