Page:Coin's Financial School.djvu/95

Rh people at such times embarrassed with a paper money fluctuating with their confidence in the government, and saddled with a worthless paper money if the government goes down, and does the use of silver and gold as money ever prevent this condition from arising?"

"The use of redemption money, replied "does not prevent the conditions you describe. Paper money always takes its place at such times. The people, however, are not injured by it. They store away their good money—and have it in their possession ready to use at any time, and it becomes especially useful if the other money should worthless.

"After the use of redemption money ceases because of war, every one is on the same footing. As the paper money fluctuates from day to day, all are taking chances alike. If it becomes wholly worthless, all have suffered more or less proportionately, and primary money immediately takes its place.

"This latter is true, whether a new government is founded on the ruins of the old one at once or not. There may be a long interregnum, as in France toward the close of the last century, when one form of government was from year to year almost, substituted for another. No one knew what was coming next. No stability was in the government itself. During such a period, which may last for