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The chapter VIII. Introduction in the reference of private bank notes
Private Swiss "it"
Constant, but not fixed value
The control over value of currency by means of a competition
During discussion more low I will start with the assumption that in the different
World regions it is possible to create a number of the establishments having the right freely to let out
Competing banknotes and bills poste restante, denominated in the
Own, "private" units. I will name these establishments simply
"Banks", and "banks of issue" in cases when it is required to distinguish them
From other banks, preferring not to let out a banknote. Further I assume,
That the name of unit which the bank chooses for issue, will be protected from
Uses without the permission as it is protected firm or the trade mark and that
The same protection against fakes, as in case of any others will be provided
Documents. These banks will compete for use by public let out
Them of money, trying to make their as more as possible convenient in the use.
Private Swiss "it"
As readers, possibly, will ask at once, how such banknotes
Can start to be accepted everywhere as money, possibly is better
To explain, I if supervised, say, over one of leaders as though operated
The Swiss commercial joint-stock banks. Supposing, what is it legally
Probably , I would declare about
Issues of interest-free certificates or bills and about readiness to open
Current check bills in monetary unit with the registered trading
The name, say, "it". The unique legal obligation,
Which I on myself would take, would consist in the following: to carry out repayment
These banknotes or delivery of means from current bills for choice the holder - on
To course or 5 Swiss francs, or 5 German stamps, or 2 US dollars
For it. This course, however, should be considered only as a limit,
Below which value of my monetary unit, for simultaneously cannot fall
I would declare the intention to regulate quantity it thus,
To save their (precisely certain) purchasing capacity as it is possible
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