Page:Coin's Financial School.djvu/97

 Rh "Yes," said "It is practical, and, to the extent to which it could be brought into use, would be on a parity with other forms of money based on property.

"Suppose the government owned and controlled all the railroads—it could issue paper money redeemable in services. That is, it would be good in the payment of freight and at all the ticket offices.

"If the passenger and freight business of the country amounted to $1,100,000,000 a year, which is the case at present, then that amount of paper currency thus redeemable could be safely kept in circulation. The supply would have to be limited—so that confidence would be maintained in the ability of the government to redeem it, in a reasonable time, if called upon so to do.

"This would be credit money redeemable in labor. It should also be made legal tender, and differ in no respect from credit money redeemable in property—silver and gold—except as to the nature of redemption.

"Naturally it would circulate side by side with the other form of credit money, inside of the United States, and in the payment of freight and purchase of transportation, no discrimination would ordinarily be made in the form of money used.

"If confidence in the existence of the government should be shaken by wars or disintegration, as such a danger arose, this form of money would be assorted out