Note 61 — F R A N K L I N (continued 2)
Reading edition
Paper money is a promise to pay its face value in gold or silver. When a state or nation issues more such promises than there is a likelihood of its being able to redeem, the paper representing the promises depreciates in value. Before the success of the Colonies in the Revolution was assured, it took hundreds of dollars of their paper money to buy a pair of boots.