"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 metaphorically corresponds reality to a credit system, recommending that much of what we think about true runs on a kind of societal contract or trust, akin to how currency functions in an economic system. Just as a banknote is accepted as long as its worth is undoubted, our ideas and beliefs are accepted as true as long as they are not challenged or disproven.

James's example highlights the contingent and somewhat precarious nature of fact. Fact is not necessarily an objective reality but rather an arrangement or agreement that can be kept as long as it serves its purpose without dispute. Just as currency holds its worth through collective trust and acceptance instead of intrinsic worth, facts keep their status through collective belief and absence of opposition. Whether a banknote or a truth, its credibility counts on it continuing to be accepted without hesitation or inquiry.

This perspective invites self-questioning about the nature of truth and challenges individuals to analyze the structures of their beliefs. It highlights the potential fluidity and vulnerability of beliefs and realities, suggesting that they require continuous scrutiny and recognition, specifically in the face of new proof or point of views. In a wider context, James's observation recommends that societies and people must be open to questioning recognized beliefs to grow and adjust to brand-new truths.

Ultimately, the quote can be seen as a call to crucial thinking. It motivates a deeper exploration of what we want to accept as fact and why-- prompting us to ask whether our beliefs are truly grounded in truth or merely supported by a lack of challenge. In essence, it asks people to stay watchful and inquisitive, understanding that realities not regularly re-evaluated might be as vulnerable as unexamined banknotes on a credit system.