The way this is presented by John T. Wayne, it seems like this plan would work, but it won't because without gold or silver to back the currency, it will fail the same way the confederacy did. The confederacy had some gold and silver that was stolen from Spain, but it wasn't enough to sustain a republic. The gold and silver that belonged to the confederacy was lost when Jefferson Davis had it transported by wagons to Jefferson, Texas to be loaded on a barge to be transported to New Orleans. The gold and silver was left somewhere in East Texas.