The Decline from Weight to Name: Encouraging Bank Inflation

Why governments prefer money creation to taxation: the benefits are plain to whoever receives the new money first, while the losses stay hidden from everyone else. Rothbard traces how the two natural checks on a bank—redemption by outsiders and a run by its own clients—were widened by central banking, by suspensions of specie payment, and by campaigns to shame the public out of using gold day to day.