of Rome asking for the currency, at the time of issuance, to be owned by the Italian citizens. He also questioned the legality of the then existing system of monetary emission, leading to the transformation of the Central Bank as the managing body responsible for monetary values and policy. Auriti's theory viewed the issued banknotes as mere promissory notes and false bills of exchange issued by the banks. It was considered false because the bank promise gold that it did not have. Instead of gold, Auriti argued that the currency has an induced value and prediction value, which are created by social convention. The Bank of Italy opposed the request. Consequently, Auriti wrote, "The vision of the currency and monetary functions which the petitioner intends to credit is clearly distorted and completely unfounded" ... "Acceptance by the community, far from being due to the value of the coin, it is really just the effect, so the syllogism must be reversed; it is true that the currency is accepted as true, but if anything, as the story and the news are demonstrating that it is only accepted as having value. Hence the need for this value, responding to a fundamental public interest, should be defended and guaranteed by public authorities, were assigned to function in modern central banks." The Bank of Italy posited that the coinage is an expression of state sovereignty, and therefore "the value of the currency draws its basis only and only by rules of the road, which, usually, regulate in detail the creation and circulation of currency shall stipulate the discharging effect, punishing the failure to accept it as payment and protect the public trust against the falsification and alteration." On the question of ownership of the money raised by Auriti in the same proceeding, the Bank of Italy said: "The question is then plaintiff, even in substance, devoid of the slightest foundation." Because it is based on "the premise is completely wrong" missing "in our law a law stating that the owner of the coin on the issue." The appropriation of money by the Bank of Italy, the argument of the Bank, in Auriti "is based on a tradition of interpretation in violation of law." But, notes the Bank, "tickets just produced by the workshop production of the Bank of Italy are a mere commodity owned by the Central Bank, who is directly printing and assume