Notes on "Has Government Any Role in Money?" (Milton Friedman and Anna J. Schwartz)

http://www.nber.org/chapters/c7507.pdf

Competition versus government monopoly in the creation of or control over outside or high-powered money
so-called free banking
the determination of the unit of account and its relation to media of exchange

the resource cost of a pure commodity currency and hence its tendency to become purely fiduciary
the peculiar difficulty of enforcing contracts involving promises to pay that serve as a medium of exchange and of preventing fraud in respect of them
the technical monopoly character of a pure fiduciary currency which makes essential the setting of some external limit on its amount - questioned, far more persuasively
the pervasive character of money and the important effects on parties other than those directly involved in the issuance of money