Father Fahey reports: "Given the defective principles of money manipulation outlined in the last section, it is easy to see how financiers came to occupy their present dominant position in modern States. The bankers observed that about 90 per cent of their total stock of gold remained in their vaults entirely undisturbed, and that only about 10 per cent of the precious metal was required for the normal transaction of business. The Banks then began to circulate far more promises to pay for gold than they had gold to meet, and to collect interest on the fictitious money. ... The toleration by...