The Redemption of Paper Money Excerpted from the book; Individual Liberty: Selections From the Writings of Benjamin R. Tucker Vanguard Press, New York, 1926 Kraus Reprint Co., Millwood, NY, 1973. In a paper entitled "Banking and the State," read before the Single Tax Club of Chicago, Mr. A. W. Wright took the position, which he considered of the greatest importance, that paper money must always be subject to immediate redemption, the sole reason assigned for that contention being that nothing but public confidence can make paper money possible. The editor of Liberty took issue with him on that point: It remains to be proved that immediate redemption is essential to public confidence. It is, of course, true that certainty of ultimate redemption is such an essential. But this is the most that can be claimed. A run on a bank o...
Dedication For always in thine eyes, O Liberty! Shines that high light whereby the world is saved; And though thou slay us, we will trust in thee. --John Hay. In abolishing rent and interest, the last vestiges of old-time slavery, the Revolution abolishes at one stroke the sword of the executioner, the seal of the magistrate, the club of the policeman, the gauge of the exciseman, the erasing-knife of the department clerk, all those insignia of Politics, which young Liberty grinds beneath her heel. --Proudhon. To the Memory of My Old Friend and Master Josiah Warren Whose Teachings were My First Source of Light I Gratefully Dedicate this Volume...