The ultimate check on credit is the amount of gold in
the country, regardless of the amount of wealth in the country.
I am not prepared to dogmatize on the subject of money or credit. As far
as money and credit are concerned, no one as yet knows enough about them
to dogmatize. The whole question will have to be settled as all other
questions of real importance have to be settled, and that is by
cautious, well-founded experiment. And I am not inclined to go beyond
cautious experiments. We have to proceed step by step and very
carefully. The question is not political, it is economic, and I am
perfectly certain that helping the people to think on the question is
wholly advantageous. They will not act without adequate knowledge, and
thus cause disaster, if a sincere effort is made to provide them with
knowledge. The money question has first place in multitudes of minds of
all degrees or power. But a glance at most of the cure-all systems shows
how contradictory they are. The majority of them make the assumption of
honesty among mankind, to begin with, and that, of course, is a prime
defect.
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