The Importance of Legal Tender

I have no objection to governments issuing money, but I believe their claim to a monopoly or power to limit the kinds of money in which contracts may be concluded is wholly harmful. The best thing we could wish governments to do is for them to bind themselves mutually not to place any restrictions on the free use within their territories of one another's currencies. This seems to me now both the practicable and the desirable arrangement to aim at. To make this scheme effective, also to provide that banks in one country be free to establish branches in any other.