In the same year he published Banks, Banking, and Paper Currencies, a work which helped to promote the growth of the free banking system in America.
These debased currencies are usually at a premium over gold owing to the extreme scarcity of fractional coinage.
- The monetary system, which has been greatly complicated by the use of two depreciated currencies, silver and paper, has been undergoing a radical reform since 1905, the government proposing to redeem the depreciated paper and establish a new uniform currency on a gold basis.
They might even own foreign currencies the same way.
The fact that small nations can adopt standard treaties, laws, currencies, and international practices of larger countries means that a small economic unit can be viable.