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 -