Lysander Spooner

“ The diversity of industry and increase of production that follow an increase of currency by paper, and the effect which that diversity and production have upon the prices of commodities, utterly destroy the argument that the rise in prices results from any depreciation in the value of coin below its true and natural value as a metal. ”

“ The people of the United States comprise not more than a twenty-fifth – perhaps not more than a thirtieth – part of the population of the globe. And if they were to abandon the use of gold and silver entirely, not only for money, but for plate, watches, jewelry, and every other purpose whatever; If they were even to banish the metals themselves from the country, – they thereby would reduce their value in the markets of the world by not more than a twenty-fifth, or perhaps a thirtieth, of their present value. ”

“ And if the issue of such notes for circulation as money-that is, among those who voluntarily give and receive them in exchange for other property – be illegitimate, and ought to be suppressed, then all promissory notes whatsoever are equally illegitimate, and ought to be suppressed. But if any one such note, which any one man, or company of men, can make, be legitimate, then any and every other similar note, which any other man, or company of men, can make, is equally legitimate. ”

“ Now, all the other vendible property of the world cannot be actually cut up into pieces or parcels, each capable of being carried about in the pocket, and each having the same amount of true and natural market value as a dollar in coin. ”

“ The opposers of a solvent paper currency either ignorantly overlook, or craftily and dishonestly attempt to keep out of sight, the vital fact that, in all safe, legitimate, solvent, and prudent banking, all the notes issued for circulation will be wanted to pay the notes discounted, and will come back to the banks in payment of notes discounted; and that it is only rarely that any other redemption-redemption in coin-will be demanded or desired. ”

“ All the usurpation, and tyranny, and extortion, and robbery, and fraud, that are involved in the monopoly of money are practised, and attempted to be justified, under the pretence of maintaining the standard of value. ”

“ By this it is not meant that every man who takes a gold or silver coin as money takes it because he himself wants a piece of gold or silver plate or jewelry; nor because he himself intends or wishes to work it into plate or jewelry, – for such is not the case probably with one man in a thousand, or perhaps one man in ten thousand, of those who take the coin. Each man takes it as money simply because he can sell it again. But he can sell it again solely because some other man wants it, or because some other man will want it, in order to convert it into articles for use. ”

“ As sensible men would not be likely to go through such unprofitable operations as this, the result would be that men generally, instead of buying and selling the humming birds themselves as money, would seldom or never buy them, except when they had a special use for them as humming birds; but, in place of them, would buy and sell such notes, checks, drafts, and the like as had an equal value in the market with the birds, and were more convenient to keep, handle, and transport than the birds. ”

“ The bankers soon learn by experience how often coin will be called for, and how much, therefore, it is necessary for them to keep on hand for such contingencies. This amount a clue regard for their own interests will induce them to keep on hand, because they cannot afford to be sued on their notes, or to have their credit injured by not meeting their notes when coin is demanded. ”

“ In this way the annual crops of gold and silver that are taken from the mines are worked up into articles for use as regularly as the annual crops of breadstuffs are consumed as food, or as the annual crops of iron, and cotton, and silk, and wool, and leather are worked up into articles for use. ”

“ The mass of the people have either no money at all, – taking their pay for their labor in rice or other articles of food, – or have only certain shells, called cowries, of which it takes from fifty to a hundred to be worth one of our cents. ”