Experience
“Experience, however,
shows that neither a state
nor a bank ever have [sic] had the
unrestricted power of issuing paper money
without abusing that power; in all states, therefore,
the issue of paper money ought to be under some check and control;
and none seems so proper for that purpose as that of subjecting the issuers
of paper money to the obligation of paying their notes either in gold coin or bullion.”
-David Ricardo -
