"It is a settled principle that a paper currency depends, for its true and natural market value, wholly upon the redemption that is provided for it. It has, and it can have, no more true or natural market value than the property with which it is to be redeemed. A paper currency, therefore, that has no other redemption than that of being convertible into interest-hearing bonds, can be worth no more in the market than are the bonds themselves, and, consequently, no more than it is worth for conversion into the bonds. And it is worth nothing for conversion into bonds, unless there are some one or more persons who wish thus to convert it. In other words, it is this demand for the bonds, as investments, that alone gives the currency any value in the market. A convertible note of this kind, therefore, circulates as money only because some one or more persons want it for conversion. And it circulates only until it falls into the hands of such a person. When it falls into his hands, he converts it, and thus takes it out of circulation."

https://theanarchistlibrary.org/library/lysander-spooner-our-financiers