disaster. This feeling often leads to the use of a currency without value,
like the token money used for change in the absence of legal coins. Though
nobody is bound to redeem these tokens, everybody takes the risk of loss
as less disastrous than no exchange. Paper money issued by corporations is
universally considered dangerous to the interests of communities, unless
very carefully restricted within distinct and clearly understood limits.
The discussion of such issues will be given in another chapter devoted to
banking. The issue of paper money by governments has been a frequent
device for enforcing contributions of citizens to extraordinary expenses
in war or other disaster. A history of such issues cannot be given within
the limits of this book, but is well worth the study of those who seek an
understanding of the powers and limitations of government under natural
laws, in making a satisfactory currency. A government's stamp upon the
piece of paper is so far good, and only so far, as it secures to the
receiver of the paper an equivalent value to what he gave for it. If the
government itself is unable to give that value, it can never insure the
ability or the willingness on the part of any individual to give such
value. While millions of dollars in such form may serve as currency
without any deterioration, as at the present time, when government
promises in all the various forms amount to nearly $1,000,000,000, should
any of these, on any day, be refused payment for want of means in
government possession, every individual in the land would feel that the
value of his possessions in the shape of such notes was made just so far
doubtful as the chances of redemption are postponed. All issues of such
notes at once become certificates of debt rather than credit, and lose, to
greater or less extent, their exchangeable value.

In the extraordinary issue of "greenbacks" during the civil war, the
purchasing power of a paper dollar was reduced to less than half, and
gradually appreciated in value as the expectation of early redemption
increased. The effect of such issues upon government revenues will be
treated in its proper connection. As currency, it certainly robs each
creditor and holder while depreciating, and as surely robs each debtor
while appreciating. As wage earners are universally creditors, according
to prevailing customs, they suffer most in a depreciation of money values:
i. e., they work for dollars at one value