No one doubts the worthlessness of currency in any form of note, from individual or firm, which cannot be paid when presented. The notes of the government, so long as that government is considered stable, may circulate readily, and even after doubts exist as to the final ability of the government to redeem, they still circulate, perhaps with greater readiness, in the feeling that hoarding is utter loss and the stopping of trade in the ordinary perishable products of industry will be an enormous disaster. This feeling often leads to the use of a currency without value, like the token money used for change in the absence of legal coins. Though nobody is bound to redeem these tokens, everybody takes the risk of loss as less disastrous than no exchange. Paper money issued by corporations is universally considered dangerous to the interests of communities, unless very carefully restricted within distinct and clearly understood limits. The discussion of such issues will be given in another chapter devoted to banking. The issue of paper money by governments has been a frequent device for enforcing contributions of citizens to extraordinary expenses in war or other disaster. A history of such issues cannot be given within the limits of this book, but is well worth the study of those who seek an understanding of the powers and limitations of government under natural laws, in making a satisfactory currency. A government’s stamp upon the piece of paper is so far good, and only so far, as it secures to the receiver of the paper an equivalent value to what he gave for it. If the government itself is unable to give that value, it can never insure the ability or the willingness on the part of any individual to give such value. While millions of dollars in such form may serve as currency without any deterioration, as at the present time, when government promises in all the various forms amount to nearly $1,000,000,000, should any of these, on any day, be refused payment for want of means in government possession, every individual in the land would feel that the value of his possessions in the shape of such notes was made just so far doubtful as the chances of redemption are postponed. All issues of such notes at once become certificates of debt rather than credit, and lose, to greater or less extent, their exchangeable value.