The Effects of a Competition for the Most General Acceptance of Money

There is no reason to be concerned about the effects of such an arrangement on ordinary men who know neither how to handle nor how to obtain strange kinds of money. People would soon learn to hold the government responsible for the value of the money in which they were paid. It would also prevent employers from conceding such wages in the expectation that the national monetary authority would bail them out if they promised more than they could pay. The reputation of financial righteousness would become a jealously guarded asset of all issuers of money.