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That people are compelled to accept them, are absolutely distinct from money, which
Are accepted because people believe that the emitter will save their stability.
Voluntary accepted paper money should not suffer from the nasty
Reputations which the governments have created to paper money.
Money is appreciated so, how much them considers as a rare resource. On this
To the reason they, possibly, also begin to be accepted on the declared value. And any
Money which people use voluntary only owing to belief that
The emitter will save their quantity limited and which begin to hold
Only until the emitter justifies this trust, will be, the further, the
More to confirm that they can be accepted on the established value. People
Will know that risk to which they are exposed, holding this money, less,
Than risk of education of stocks of any other resource, the special information,
About which they have no. Their readiness will hold money to lean on
Sensation of that other people agree to accept them on more or less
To the firm price as also they divide the same expectations, etc. Similar
The state of affairs can proceed as much as long and even will be more and more and
More to be stabilised as the justified expectations become
To strengthen trust.
To Someone, obviously, it will appear to believe difficultly that simple paper signs,
Which do not allow to the holder of the legitimate right to demand their exchange on a proportion,
Established in terms of any object possessing internal value
(To its equal current cost), can become standard on some
Long time interval or to save the value. Thus,
Apparently, forget that for last 40 years in all Western world was not
Other money, except unchangeable paper bank notes. The various paper
Currencies with which to us should use, saved some value,
Decreasing any time rather slowly, not because of hope of them
Final exchange, but only because the monopolistically agencies having
Powers on issue of currency of the given country, let in insufficient degree, but
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