Do you think we have property of the money we earn?

Ergo, does my argument hold water?

As a banknote is a promissory note that cannot be redeemed, clearly the ‘money’, which in this case is the gold/silver that underlies the promissory note, viz collateral, is being retained. Possession is being retained, and thus ownership.

If we argue from a different direction, we get the same result. Given that what we get is a promissory note that can be devalued at will through inflationary policy of either monetary or fiscal nature, clearly we cannot control our possession – thus, it was never our property.

So yes, your argument is proven through law and ratiocination.