Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1879-02-04
From the y. \. World.
Mr.. Jefferson and Paper Cur
reFscy.

HF. OCUCTNONs hAste a NAN'
reSscy.
The Greenback party in the last Pres
idential election did not muster IN great
force at the polls, but it put sentimen,
into It's national platform which has lived
longer than any utterance in the resoIu-
tions of either Of the other parties, unless
perchAnce it be the "hindrsnce' plank in
the Democratic platform. The dec.ara-
ton to which We refer has enjoyed this
relatively long life and high confederation
because it, authorship Is attributed 10
Thomas Jefferson. 1t Is to be found al
the end Of the third item Of the bin OF
Greenback vagsries adopted at Indian
apolis, May 18th 1876, where 1t appears
as . reason for the Greeuback demand
that the national currency shall be Gov
ernment legal tenders convertible into
S.65 per cent. bond. The sentence quot
ed from Mr.. Jefferson runs thus Bank
paper must be suppressed, and the cIrcu-
istion restored to the nation, 10 which It
belongs"
The quotation Is at this moment going
the rounds Of our hospitsble contempt
raries in the West il most vivaciOus
sort Of way. In one form or another II
Is a guest at every Greenback feast.
General Ewing gracefully introduced 1t
to the Young Democracy Of Cleveland
the other evening, and Mr Wendell Phil
lips effectively used il but Z day or two
400 70 illuminate one Of MS Greenbsck
sketches. as an artist would light up
sandy waste with touch Of scarlet. The
intention Of all these writers and orators,
from Indianapolis 70 Boston, has been to
teach their readers or listeners that Mr.
Jefferson advised the United States to
make Government Legal tender greeHbscAs
the only national currency IL time OF
profound peace and with 20 need for Dor
rowing money, and that he also recon-
msnded to that end the suppression Of
banks Of issue. The Greenback Conven-
tion IN Indiana snd the newspapers and
speakers who put about this single seq
tence, which was no doubt written by Mr..
Jefferson. bat which Is now thus violently
wrested from Its context, are careful not
to explain that the words were penned in
the darkest days Of the war Of 1872, when
the author was advising his friend, Mr.
Eppes, then Chairman OF the Ways and
Means Committee Of the House, how best
70 raise the money necessary to keep up
the fight with England. The sentence
which precedes these words, as jefferson
used them. explains them. Mr.. Jefferson,
In September and November, 1913, wrote
two letters TO Mr.. Eppes-one concerning
q proposition then before Congress to issue
Treasury notes bearing interest and to
circulate as money" and the other con-
eerniDg the re-establishment Of the United
Sta'es Bank. The sentence quoted by
our greenbaek worshippers Is TO be found
In he letter Of September II, 1918, and
II the following connection:
ssTae question will De asked. and ought % be
looked 81, What is u De the resource If lOans
Garnet be OotalQet p There ls but one Cartilage
hSleldG est Bank paper must oe suppressed and
tEe circulating medium musS o restored 20 Inc
naticu 70 whom 10 belongs. II = the only fund
on waieh they eau rely Tor loans M d. the only
res,g.ce which can never fail them, and il is an
abundant one for every necessary purpose"
Mr.. Jefferson explained that such a
war currency should have but brief time
to run before maturity, and should be
based on adequate taxes contemporsne.
ously levied. BE furiOusly denounced the
issuing of any Government notes or bond.
to mortgage the nation beyond the life Of
q majority of the then adult voting pop.
ulation, which life he declared to be not
over nineteen years at the outside limit
In the subsequent letter Of November 6
1913, Mr.. Jefferson takes pains to leave
no doubt about his own opinion concern
inc a proper standard Of value and In
strume1t of exchange in time Of peace
Paper cur reney was his abomination. HI
associated it with the British Government
which TO him incarnated almost everything
that was worst in political Affairs. at is
. htigated question, he says, whether
the circulation Of paper rather than Of
specie il a God or an evil In the opin,
ion of England and of English writers II
Is sOod in that Of al other nations il