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A German 100-mark notice, سعر الذهب اليوم في كندا for example, upon which curiosity is paid by the holder, is equal to 117 marks of the German Imperial Loan which brings in 3% interest to the holder. Further, if the promise of conversion have been the masking of the banknotes which keeps them in circulation, if banknotes should be regarded simply as guarantees to pay, if the issuer were debtor and the holder creditor as with payments of exchange, then the Banks of Issue must pay their creditors, that is, the noteholders, interest. These forces, hidden for the second, which flip a promise to pay (banknote) into capital, and power the creditor to pay interest to the debtor, are, we maintain, sturdy sufficient by themselves to assure the functioning of cash available in the market.
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