| Title | The Ragged Trousered Philanthropists |
 |
|
| Page | 1392 |
|
|
| Chapter | -- |
|
|
| Text |
began to issue large amounts of paper money under the present system,' Barrington replied, `it would inevitably lead to bankruptcy, for the simple reason that paper money under the present system - bank-notes, bank drafts, postal orders, cheques or any other form - is merely a printed promise to pay the amount - in gold or silver - on demand or at a certain date. Under the present system if a Government issues more paper money than it possesses gold and silver to redeem, it is of course bankrupt. But the paper money that will be issued under a Socialist Administration will not be a promise to pay in gold or silver on demand or at any time. It will be a promise to supply commodities to the amount specified on the note, and as there could be no dearth of those things there could be no possibility of bankruptcy.' `I should like to know who's goin' to appoint the hofficers of this 'ere hindustrial harmy,' said the man on the pail. `We don't want to be bullied |
|
|
|
|
