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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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