"Truth lives, in fact, for the most part on a credit system. Our thoughts and beliefs pass, so long as nothing challenges them, just as bank-notes pass so long as nobody refuses them"

In this quote, William James suggests that fact is not an absolute concept but rather a versatile one that exists in a comparable way to a credit system. He argues that much like bank-notes which are accepted as currency as long as nobody questions their authenticity, people's beliefs and ideas are accepted as real as long as there is no evidence to contradict them. Therefore, fact is not always a repaired and universal concept but rather one that undergoes alter based on the collective agreement of society. This idea challenges the notion of a particular truth and highlights the importance of important thinking and questioning in determining what need to be accepted as real.