“Old Bill” Suggests—
In economic theory, “token money” is assumed to be a promise to pay certain commodities of fixed value, usually gold, in return for the token. That is a trust, a fiduciary relationship, whether the pledge is given by the king, people, or dictator. Except for belief that the promise will some day be kept, paper money would be used for wallpaper.
The common or garden variety of honesty is just as essential in national affairs as in paying for a street car ride. The amazing thing is that this should have to be stated.
ROYAL F. MUNGER.