Nevada County picayune., 1888-01-25
JEFFERSON ON PAPER MONEY.

JEFFERSON UR PAPER MUNEY. "l am sorry l., see our lolp> be. i gin it SD cXorbltaut an interest 1 And yet even al that, you will soon be at the bottom of the loln-ha.-
 We are an agricultural nali',. Such an one employs irS Sparin.s in thc purchase, or Improvement of lan.i or stocks. The lcndablr money among them. is chicik that of orphans and wnr,ls, iu the hands of executors and guardians. anu
 that which the farmer lays by Till
 he has enough for the purchase i,l view. In such a nation there l.
 one and one only, resource for loans. sufficient to carry them through the expenses nf a war; and that will always he sufficient. and in the power of an honest govern. nlent, punctual in the prescrva, 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
 iShes d silver one from i!ie circn- lation. X nation, therefore, mak
 ing it's purchases apd payments with bills fitted for circulation, thrus.s an equal sum of coin out of circulation" ."-J Jefferson'S works, Vol. VI. P. 139.
 "ln this Way, 1 am net witiiou, hope, that this great, this sole rc. source for loans in an agricultural country. 2ht vet be recovered for the use of the nation Iurin. war; and, if obtained in prrpctu uln, 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 he called in, coin I". permitted to flow in again, and tni hold the field of circulation until another war should require it's yielding place again to the national medium. ."--.I Ietferson's works. Vol. VI, P. III.
 "Bank paper must be suppress. ed, and the circulating medium must be restored to the nation ,n whom It belongs. II is he oniy fund upon ,chieh they can rely FOR LOANS; it Is the only resource which can never fail them. and it is an abundant one for every nec- cssary purpose. Treasury bills. boHomed on tares, bearing or not bearing interest, as may he found necessary, thrown into circulation will take the place of so much gold and silver. which last, when crow. ded, will find an ef1iux into other countries, and thus keep the quan. tum of medium at its salutary ley. el."-JefiersOns works, Y. 6, 199.
 I've are now without any medi- um; and necessity. as well as I,niri otiSm and confidence will make Us eager to receive treasury notes. if tomded on specifc Mres"-Jrfitr sons works, Vol. VI. P. 3S2
 But Congress could then have issued treasury notes, payable within fixed period. and founded on specific tax, the proceeds oi which, as they come in, should he eXchangeable for the notes of that particular emission only. .'-Jcifer- sons works. Vol VI. P. 3S2. Treasury notes of small as well as high denomination, lotiuinrd on tax which would redeem then, in ten years, would place at our disposal the whole circulating me- drum of the United States: fund of credit sufficient to carry uS through any probable lrngth of war "-Jefl'erSon's works. Vol. VI. P. 4l9.
 "ln both eases, the truth Is, that capital may be produced hv indus try, and accumulated ny economy; hut jngglers only propose to create II by le9rrdemain tricks with pa. per. '-JeilerSon's works, v.6, D 24l.
 "Therc is indeed convennce in paper; it's easy transmission from one place to another. But this may he mainly supplied hy bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading toge,h. CT balance their dealings. for the most part, by their mutual -up 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 b" rare where such bills could not be ob- tained either directly ar circuit. ously, and too unimporiant to the nation to overweight the train of evils flowing from paper circular ton. .-,j eii'erS on's works, V. G, p 231.
 And lit is for this petty addition to the capi tul of the nation, this minimum ofonc dollar, added to one hundred and thirty three and third, or three fourths per cent, that we aLe to give mp our gold and silver medium. its intrinsic soidity its universal value. and its saving powers in time of wnr, and to sub sttute for it paper. with all its train of evils, moral, political and physical which l vii. not pretend To enuneratc. .Ictierson'S works, Vol. VI. P. 23G.