They do not recognize that there is a saturation point in the use of money, and that its use is still further limited by the fear of larger issues.
The almost universally accepted opinion among economists rejects both of these views, tho recognizing in each a certain limited aspect of the truth.

The cost-of-production view quite overlooks the features in which paper money differs from ordinary credit paper.

The value of one's promises to pay depends on his reputation and his resources; the resources constitute the basis of value.

Bonds have value because they yield interest and are payable at a definite time in standard money.
But paper money, lacking this basis for its value, has another basis in its money use, in its power to buy goods.
The theory of paper money here outlined makes the value of paper money a special case of monopoly value.

As the power of any private monopoly over price is relative, not absolute, so is that of the government over the value of political money.