In so many ways, William G. Sumner was a pre-Austrian. See his History of American Currency, in full pdf in the study guide.
There is nothing new to be discovered about the operation of paper money. There is no new invention possible for making it “as good as gold,” no new device conceivable for making it elastic, no difficulty connected with it which has not been experienced, no phenomenon of its development for which we have not abundant analogies…. For a nation which has fallen into this mistake, there are only three courses of action which are even logically conceivable: to go on, to turn back, to stand still. The last is the “growing up” idea, and may be ruled out at once as impracticable.
To try to stand still will inevitably end in drifting onwards into inflation. It will be much gained, therefore, if we come to face the situation as a grim alternative, for such is its actual character. To go on to further inflation, whether by free banking, intro-convertible bonds, or direct issues, means simply bankruptcy and repudiation. Each new issue will produce, only for a time, ease and apparent prosperity, to be followed in a few years by a new crisis and new distress, then a new issue, and so on over again. Reform will then be no longer possible, and we must run the course to its end, in which the paper disappears as ignominiously as the continental notes.