The honesty of the government as an agent for all the people is, of course, assumed in this plan; but the credit of the government, in any other than a trust capacity, is neither assumed nor involved, since it would hold secured claims against others for every dollar issued (unless, of course, a portion of the money was left as an unsecured issue, which, as above stated, is no necessary part of the plan). Money, in its ultimate analysis, is simply a claim which the holder has against society for goods in general. It is the faith that such claim will be recognized, and its value be stable, that gives currency to all money. This faith, in the case of coin, is based wholly on long custom and usage; in the case of paper money, it rests on such custom joined to the pledge--express or implied--of the issuer of the paper. Selling is simply the exchange of a particular thing for a command over things in general, and the reverse--buying--is the exchange of the general command over goods for some particular good. In all existing moneys, this claim is one only of usage, and its value is variable. In the plan proposed it becomes a definite promise of such goods in general, and to a definite value, the government being the guarantor. The plan closely resembles the present national banking system, but broadened and improved, and with the objectionable features of that system removed. CHAPTER X. MERITS AND OBJECTIONS CONSIDERED. The foregoing chapter is only an outline, but is believed to be a sufficiently definite one to show the feasibility of the plan. _Merits of Plan._ The merits of the plan are believed to be:-- (1) It furnishes a standard of value as nearly invariable as it is possible to obtain in practice. (2) It gives a medium of exchange conforming in value closely to the standard, one which is cheap, convenient, elastic, and to be had in any amount needed.