Adam Smith：The Wealth of Nations, Book II, Chapter II, Paragraph 804

A paper money, consisting in bank notes, issued by people of undoubted credit, payable upon demand, without any condition, and, in fact, always readily paid as soon as presented, is, in every respect, equal in value to gold and silver money, since gold and silver money can at anytime be had for it. Whatever is either bought or sold for such paper, must necessarily be bought or sold as cheap as it could have been for gold and silver.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter II, paragraph 804 · Verified：2026-10-19 · Verification：Exact match

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