Ok, but he would still want any paper money represented by one commodity then? Silver, gold, whatever, just something of traditional value, correct? And that would not preference one metal over the other as long as people could use whatever currency they wished to use?
So were the holders of silver back then not able to use their silver in transactions? Or was the problem that the silver had become so devalued after gold became the de facto standard? I guess that is what concerns me. I wouldn't want a return to those days, where the silver holding masses had an even greater comparative disadvantage to the wealthy.
Want DP delivered to your inbox daily? Subscribe here:
Content of posts