Meaning: This quote by John Robinson, a politician, speaks to the concept of redeemable paper currency and its relationship to the wealth of a country. Robinson's quote suggests that when a paper currency is backed not only by gold but by all commodities in a country, its volume is only limited by the total value of the country's wealth, thus ensuring its security up to this limit.

In order to understand this quote more fully, it's important to delve into the historical context and economic theory surrounding the concept of redeemable paper currency. Historically, many countries operated under a system known as the gold standard, where the value of a country's currency was directly linked to a specific amount of gold. This meant that individuals could exchange their paper money for its equivalent value in gold. However, as economies grew and became more complex, the gold standard became increasingly difficult to maintain, leading to the development of alternative systems.

One such alternative is the concept of redeemable paper currency, which is tied to the value of not only gold but all commodities in a country. This broader backing is intended to provide greater stability and flexibility to the currency, as it is tied to the overall wealth and resources of the nation rather than a single commodity.

Robinson's quote suggests that when a paper currency is backed by all commodities, its volume is limited by the total wealth of the country. In other words, the amount of paper currency in circulation is directly tied to the overall value of the country's assets, resources, and wealth. This implies that as the wealth of the country grows, so too can the volume of the paper currency, ensuring that it remains secure and stable.

Furthermore, Robinson's quote implies that by backing the currency with all commodities, it can never become insecure up to the limit of the country's wealth. This assertion underscores the idea that a diverse backing for the currency provides a level of security and stability that extends beyond the limitations of a single commodity. It suggests that by tying the currency to the full spectrum of a country's wealth, the risk of instability or insecurity is minimized.

From an economic standpoint, Robinson's quote aligns with the idea that a well-managed and diversified backing for a country's currency can contribute to its stability and security. By linking the currency to the total wealth of the nation, it can serve as a reliable and robust medium of exchange, store of value, and unit of account.

In conclusion, John Robinson's quote underscores the significance of a diversified backing for a country's paper currency, suggesting that when it is tied to all commodities, its volume is limited by the value of the nation's wealth, ensuring its security up to this limit. This concept reflects the broader economic theory surrounding redeemable paper currency and its relationship to a country's assets and resources. By understanding and implementing this principle, countries can strive to create a stable and secure monetary system that is closely linked to the overall wealth of the nation.