An irredeemable paper money may be, for a time, the standard money.] [Footnote 2: The faith _( fides)_ is not always that the issuer of the money (whether it be a bank or the government) will redeem the money on demand at any future time; for fiduciary money may circulate while irredeemable, that is, either carrying no promise of redemption in the standard money or in fact not being redeemed.

Yet undoubtedly actual redemption on demand or a good prospect of future redemption is one of the circumstances stimulating the faith and the readiness of each person in turn to receive fiduciary money.] [Footnote 3: In the broad sense as above defined, ch.

3, sec.

10.] [Footnote 4: See next section on worn coins.] [Footnote 5: Receipts and Expenditures of Mint Service in 1914:] [Footnote 6: It makes no difference what may be deemed the cause of their acceptance; whether it be habit, public opinion in business circles, or the act of law making them a legal tender; the essential thing is that they continue to be accepted as money.] [Footnote 7: In this and following numerical examples no account is taken of the possibility that the standard metal may depreciate in the world market in terms of all other goods as a result of its diminished use as money in one or more countries.

This properly belongs in a complete theoretical treatment of the subject.] [Footnote 8: See "Modern Currency Reforms" (1916), by E.W.