Hummel on Seigniorage

From this page: [link to wfhummel.cnchost.com]

Paragraph at the bottom with one line bolded:

Who Really Benefits from Seigniorage?

As the late economist Herb Stein observed, "The government is no one; there is nobody here but us people." In other words, government should be viewed as a public trust, rather than the people who work for it. All citizens, including government officials, are tax-payers and consumers of government services. It follows therefore that the seigniorage benefits accrue to the people as a whole and not the government itself.