The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-07-31
Was Jefferson a Greenbacker?

/
Eppes, chairman of the Ways and Means
Committee of the House in 1S12-13, and tri-
umphantly says: eff the above is not about
as fair statement of Greenbackism as can
be found by any later author, we would like
to see the other" Let us see about that.
The passage quoted by the Argus is this:
"Bank paper must be suppressed and the is
sue on the circulating medium restored to the
nation 10 whom it belongs. Treasury bills bot
toned on taxes, bearing interest or not bearing
interest, thrown into circulation will take the
place Of so much gold and silver, which last
when crowded will find an eff1uX into other
countries and thus keep the quantity of medi-
lm at Its salutary level. Let banks continue,
II they please, but let them discount for cash
Lcolnl alone or for treasury notes. They dis
count ior cash alone in every other country on
earth except Great Britain and her too often
unforl 3nate copyist the United States.''
This passage is taken from the first letter by
jefferson to Eppes, written in September
1873, IN answer to the queries of the chair
man OF the Ways and Means Committee as to
the best method of raising funds for the
prosecution of the war with Great Britain
The rassage, quoted by the Argus, begins
thus
Tho question will be asked, and ought to
be looked at, What is to be the resource if
loans cannot be obtained?' There is but one
Carthage delenda est. Bank paper must be
suppressed and the issue of the circulating me-
dunn restored to the nation to whom it be-
longs &c.
Th,- words above do not appear in the
argus. From them and from the entire
letter it appears that Jefferson advocated
this course as war measure, to be used in
extremity, and as a last resource if loans
could not be obtained to prosecute the war.
He insisted that the proposed currency
should have but brief time to run before
maturity, and that it should be based on
taxes levied at the time. In the second
letter to Eppes, written in November of the
same year, he argued through twenty pages
against permanent paper currency. AT
the conclusion of the letter he said:
"The sum of what has been said is that, pre-
termitting the constitutional question on the
authority of Congress and considering this ap-
pllcatlon on the grounds of reason alone, it
would be best that our medium should be so
proportioned to our produce as to be on par
with that OF the countries with which we trade
and whose medium is in a sound state; that
specie IS the most perfect medium. because at aCM
and universal value it can never die in our
hands. and it is the surest resource of reliance
IN time OF war; that the trifing economy of
paper as the cheaper medium or its conve-
mence for transmission weighs nothing in op-
position to the advantages of the precious met
ais; that it is liable to be abused in every coun-
try In which it has been permitted.
Instead, then of yielding to the cries of search
ty OF medium, set up by spectators. projectors
and commercial gamblers, no endeavors should
hnrr 0f
such gradual means as may give time to pri-
vate fortunes to preserve their poise and settle
down with the subsiding medium; and that for
this purpose, the States should be urged to
concede to the General Government with
saving of chartered rights, the exclusive power
OF establishing banks of discount for paper"
That is the kind of ''Greenbacker'' Thorn
as Jefferson was. Is that the kind the Ar-
gus is? Does it advocate Government pa
per currency running for but brief time,
based on taxes levied at the time, and on
ly resorted to as war measure after all eff
forts to effect loans have failed? And does
it, instead of yielding to the cries of search
ty OF medium, set up by spectators, project
ors and commercial gamblers insist that "no
endeavors should be spared to begin the
work of reducing it,? And does it believe
that "the States should be urged to concede
to the Government with saving of char
tered rights, the exclusive power of estab-
fishing banks of discount for paper?" Does
it advocate these ideas of jefferson or not?
Does it say that the Greenbackers and Dem
ocrats Of Maine advocate these ideas? Does
it say that the Republicans are not more in
favor of these ideas than are the Democrats
or Greenbackers?
viii the argus answer these questions?
Or will it, as is its custom, quibble over one
and ignore the rest? Now, for once, give
fair and square and full answer. Let the
Argus try that experiment. It may do it
good. 1t will certainly astonish its readers.
The argus also quotes from Chief Justice
Chase and Mr.. Justice Clifford, to show that
Congress may constitutionally authorize the
emission of bills of credit, and restrain the
circulation of notes not issued under its own
authority. Who questions that? But Chief
Justice Chase said in the quoted decision
that he should not there attempt to pass
upon the constitutionality of legal tenders,
and we all know from other utterances of
his that he regarded the imparting of legal
tender quality to treasury notes as war
measure not justifable nor expedent in times
of peace. Mr.. Justice Clifford holds the
same belief.
Now does the Argus hold with the emil
nent jurists it has quoted, or does it differ
with them and hold that the treasury notes
or greenbacks ought hereafter to be legal
tenders? Mr.. Chase said that the Govern
ment might receive the greenbacks for debts
due itself. But he did not hold that the
Government should, in time of peace, COM
pei its creditors to take these notes. Does
the A,gus think it should? Mr.. Clifford
gays ''Public creditors may also be paid in
such currency by their own consent" Does
the argus think they should be paid in
green backs against tn. il consent? That is,
that the Greenbacks should hereafter be
legal tender?
Now don't dodge, but answer up like a
GOOD littla iourpo1