Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1876-11-02

ob Au0tAuS AON- 10 IcpuGidtS4o q
are very anxious TO quote the ar
thOrity Of the Revolutionary is
theirs on their side, but an exarsi.
nation Of the original documents
always vindica'es the memory of
the dead from any such imputa--
tiOn
| Major Sykes 10 the course OF
Lis remarks had the following 60
Issy in regard to the opinion held
by Mr. Jefferson in regard to tho
creation Of public debts;
! You have doubtless often heard
it said that Thomas Jefferson did
not believe one generation had
the right to bind another, and that
bonds Issued by one generation
we're not binding upou the succeed
ling generation, and might with
equity be repudiated. Mr.. Jefer
son advanced no such ideas, as |
will show you from bis letter
which l have in my possession.
Mr. Jefferson did think and say
tLat one generation should not
contract debts to be paid by sue
ceedlng generation; but be irsis-
ted that this principle should bo
applied to debts hereafter to be
contracted. Nowhere in all his
writings can be found the doctrine
that debts heretofore contracted
should not be paid. The doctrine
that was advanced by Mr.. Jeffer-
son, in the shape of q question.
was answered eonclusively by Mr.
Madison.
Mr. Jefferson, ia a letter dated
September 6. 1859. says: The
interest Of the national debt of
France being, ia fact, but two
thousandth pant Of the rent roll,
the payment OF it is practicable G
nOugh: and so becomes a question
merely of honor or of expedIenoy.
But with respect to future debts,
would it not be wise end Just for
that nation to declare in the con-
stitution they are forming, that
neither the Legislature nor the
nation itself can valid v contract
more debt than they may pay
in their own age, or within the
term Of thirty four years? and
that all future contracts shall ba
deemed void, as 70 what shall re-
main unpaid at the end OK thirty
four years from their date ? This
would put the lenders and th bor,
rowers a so, on their guard.
In this letter nothing is indicl-
ted as to the invalility of contracts
already made, bat his whole argu.
ment is evidently intended to ap-
ply TO future contracts. | believe.
and always have believed, that no
debt should be created without az
the same time making provisions.
rs Andrew Johnson expressed it
10 his inaugural address, in 1853,
"to meet the annually Gccruing in.
terest and principal as they fall
due" Mr.. Madison replied to
this letter Of Nj. Jefferson, in a
letter dated at New York, Feb. I,
1890, he said III the earth bs
the gift Of nature to the living.
their title can extend to the earth
in lis natural state only. The
improvements made by the dead
form u debt against the living, who
take the benefit OF them. THIS
debt cannot be otherwise discharg-
ed than by q proportionate obedi-
ence to the will cf the authors Of
the Improvements. Bnt cas-,
less liable to be cOntYoverted NAV
perhaps be stated, Debts may Ee
incurred with direct view TO the
interest of the unborn, rs we'll a.
OF the living. Such are debts for
repelling conquest, the evils OF
which descend through many gen.
erations. Debts may be incurred
by governments principally for the
benefit OF posterily, such is the
present debt Of TIE United States.
In these instances, the debt might
not be dischargeable within the
Term of nieeteen years, There
seems then TO be some foundation
IN the nature Of things, in the re-
latlon which one generation bears
to another, for the descent OF obi.
cations from One.to another. En-
uity may require it. Mu,ull good
may be promoted by it; and all that
seems Indispensable in stating the
account between the dead and tho
living, Is to see that the debts A.
gainst the latter do not exceed the
advances mad by the former"
According to the doctrine Of Mr..
Jefterson,eyen as expounded by the
advocate oCrepudiation, our debt il
still binding f; because thirty four
years have not expired since the
debt was contracted. But as
have shown you from Mr.. Jeitur-
sons letter. he intended the prin-
ciple to be incorporated in the Con.