"But, with the devaluation of the so-called 'precious' metals the governments substituted other values. This was done at first by setting fixed values on property, such as real estate, buildings, manufacturing plants, etc. Valuations of these were made several times a year, and whoever owned such properties was given a 'State-value certificate.' A building, valued at $50,000, was appraised by the state three or four times or more, a year, and a certificate was given to you which you took to your bank, the latter immediately crediting you with part of the $50,000. If you wanted to sell your property to a friend for $50,000 or more, you would take his check and then, demand from your bank the return of the original deed, which in turn would be transferred to your friend. In that case your bank would credit you with the $50,000 check of your friend, while he would have the property. "Of course the illustration which I gave is not exactly accurate, for the reason that you could not get from your bank the exact amount of the valuation of whatever realty changed hands. The bank advanced about seventy percent of the appraised value, with certain exceptions. This also was in no wise different from the way our ancestors were accustomed to do, because in the old days such a transaction would simply have been called a mortgage. The important difference, however, later on, was that the valuation was made by the state and such valuation was final. This tended to stabilize real estate and property valuations. "Merchandise, today, is bought and sold the same as it was bought and sold centuries ago, and that is by check. So is everything else, including labor. Every workman is, of course, paid by check, which check he can use either in his own bank account or for buying merchandise from his grocer or tailor, getting the difference in a check or otherwise in fractional paper tape coin. "These government paper tape coins and banknotes--the few that are being used--instead of being covered by gold and silver bullion, are now covered by real estate bonds or other tangible property." "But," Alice asked, "suppose there were a panic, as described in some of the ancient books, and everybody ran to the bank at once to get his money, what would happen?" "Nothing," said Ralph. "Absolutely nothing. Suppose there was a 'panic,' as you call it. In the first place, why should there be one? There is no reason for it and no one nowadays would think of running to the bank and getting his or her 'money.' There is no 'money,' as you call it.