Nevada County picayune., 1888-01-11
JEFFERSON ON PAPER MONEY,

JEFFERSON ON PAPER MONEY.
 ''l am sorry tG see our loaIs be. 1 gln at so pXorbltant an interest And yet even at that, you will soon be at the bottom of the loan-ba.- We are an agricultural nation. Such an one employs it's spalings in the purchase, or impro, of land or stocks. The lendabr money among them, is chief, that of orphans and wards, in the hands of executors and guardians. and that which the farmer lays bN till he has enough for the purchase in view. In such a nation there is one aud one only, resource for l loans, sufficient to carry them through the expenses of war;an,i that will always he sufficient. and in the power of an honest govern ment, punctual in the prescr,a. ton oflts faith. The fund l mean. is the mass of circulating coin Every one knows, that although not literally, it is nearly true. that every paper dollar emitted ban ishcs a silver one from the circu- lation. A nation, therefore, mak. ing it's purchases and payments with bills fitted for circulatiot,. thrusts an equal sum of coin out of circulation."-J efferson's works, Vol. VI, P. 139.
 ''ln this way, am not without hope, that this great, this sole rc source for loans in an agricultural country, might yet be recovered for the use of the nation during war; and, if obtained in perpctu. um, it would always be sufficient to carry us through any war; pro. vided, that in the interval between war and war. all the outstanding paper should be called in, coin be permitted tu flow in again, and Ia hold the field of circulation until another war should require it's yielding place gain to the national lnediun."-.Jefferson's works, Vol. VI, P. III.
 Bank paper must be suppress ed, and the circulating medium must he restored to the nation tn whom It belongs. H is Me oaiy fund upon whieh they can reiy FOR LOANS; it is the only resource which can never fail them, and il is an abundant one for every nee essary purpose. Treasuyy bills. b0tOmed on tdres, bearing or not bearing interest, as may he found necessary, thrown into circulation will take the place of so much g,ld and silver, which last when crow ded, will find an eitiux into other countries, and thns keep the qunu. tum of medium at it's salntary lev. el."-JefIersons works, Y. 6,p l99.
 "W, arc now without any medi- um: and necessity, as well as palri 1 otism and confidence will make ns eager to receive treasury notes. # founded Oa specifc tdreS"-Jefler sons works, Vol. VI, P. 3S2
 ''But Congress could then have issued treasury notes, payable within fixed period, and founded on a specific tax, the proceeds of which, as they come in, should be. eXchangeablc for the notes of that particular emission nly.'-.Ieifcr- son's works. Vol. VI, P. 3S2.
 "Treasury notes of small as well as high denomination, bottomrd on tax which would redeem them in ten years, would place at Onr disposal the whole circulating me- drum of the United States: a find of credit sufficient to carry us through any probable length of war ."-Jefferson's works, Vol. VI, P. 4l9.
 "In both cases, the truth IS, that capital may be produced by indus try, and accumulated by economy; but juggiers only propose to create 1t by legerdemain tricks with pa per. '-J effersOu's works, v.6, p 24I.
 "Therc is indeed convenince in paper; it's easy transmission from one place to another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading tose'h. CT balance their dealings, for the most part, hy their mutual sup plies, and the debtor individuals of either may, instead of cash, re. init the bills of those who are cred itors in the same dealings; or may obtain them through some third place with which both have deal. ings. The cases would hH rare where such bills could not hr ob- 1 tained either directly or circait. ously, and too unimportant to the nation to overweight the train Of evils flowing from paper circular | ton. -J Jefferson's works, V. 6, D 231. | And its for this petty addition to the capi- ! tai of the nation, this minimum ofone dollar. added to one hundred and thirty three and a third, or three fourths per c'nt, that We aIe to give mp our gold and silver medium, ! its intrinsic solidity its universal value, and l its saving powers in time of war, and to sub