There is nothing about money that makes it necessary to be produced by government. there are lots of historical examples when Adam Smith wrote The Wealth of Nations, Scottish money was private bank notes. If you have a private issuer, he knows that if he doesn’t maintain the value of the money, people will stop using it. The normal system for private issue is that you have a fractional reserve system in which the money is based on, say, silver. So I have a note which says three gm of silver paid on demand. If I print too much money, its value becomes less than the value of the silver, and when that happens, people get the money and come and ask for silver. If I don’t print enough money, its value becomes larger than that of the silver and I say, look I can print some more money and get a free loan, in a sense, and nobody would come in because it is still more than the backing. In that sense, you have an automatic market mechanism for stabilisation, which depends only on the private incentives of the money issuers, not on the government politics.