[saul-james]

“I wonder if they would ever call on us to make good the promissory notes we write and issue?”

My understanding is that a promise to pay is only payable with gold or silver, and in a bankrupt world operating on negotiable instruments exclusively, the only other way to “pay” a promise to pay is with more promises to pay.

I think the general idea is that you promise to pay one day when gold and silver coins return to the payment system. Until then…