Nevada County picayune., 1888-01-18
JEFFERSON ON PAPER MONEY.

V i1A ! -StSOsf SA' Ala A1At il V kN "A .
 ''I am sorry tc sec our loaus be. gin at so exorbitant all interest And yet even al that, you will soon be at the bottom of the loan-bag- We are an agricultural nation. Such an one employs it's sparings in the purchase, or improvement of land or stocks. The leudable money among them. is chiefly that of orphans and wards, in the hauds of executors and guardians. and that which the farmer lays by till ne has enough for the purchase in view. In such a nation there is one and one only, resource for loans, sufficient to carry them through the expenses of a war; and that will always be sufficient, and in the power of an honest govern. ment, punctual in the preserva- ton Oflts faith. The fund l mean. is the mass of circulating coin Every one knows, that although not literally, 1t is nearly true. that every paper dollar emitted ban- ishes silver one from the circu- lati0n. A nation, therefore, mak. ing it's purchases and payments with bills fitted for circulation, thrusts an equal sum of coin out of circulationn-J efferson's works, Vol. VI, P. 139.
 ''In this way, am not without hope, that this great, this sole re. source for loans in an agricultural country. might yet be recovered for the use of the nation during war; and, if obtained in perpetu- um, it would always be sufficient to carry us through any war; pro vided, that in the interval between war and war. all the outstandn. paper should be called in, coin he permitted to flow in again, and to hold the field of circulation until another war should require it's yielding place again to the national medium" "-.Jcfferson's works, Vol. VI, P. 141.
 Bank paper must be suppress ed, and the circulating medium must he restored to the nation to whom It belongs. H is the only fURd upon Which they can rely FOR LOANS; it k the only resource which can never tail them, and it is an abundant one for every nee. rssary purpose. i'redsUy bills. boH0med on tares, bearing or not bearing interest, aS may be found nece ssary. thrown into circulation will tai ke the place of so much gold and silver, winch last, when crow ded, will find nn ei1iux into other countries, and thus keep the quan. tum of medium at its salutary lev. el.'-J JeffersonS works, Y. 6, l93.
 "We are now without any me.ii- utn: and necessity, as well as pHtri otiSm and confidence will make ns eager to receive treasury notes, ifI f0Hndcd on SpeciGc taTeS n-Jeiler sons works, Vol. VI, P. 3S2
 But Congress could then have issued treasury notes, payable within a fixed period. and founded on specific tax, the proceeds of which, as they come ill, Shonld be exchangeahle for the notes of that particular emisSion only. .'-Jcffcr, sons works. Vol, VI, F. 3S2.
 Treasury notes "f small as Well as high denomination, hottomrd on a tax which would redeem them in ten years, would place at our i disposal the whole circulating me- drum of the United States: find of credit sufficient to carry us through any probable length Of war ."-.Ietferson's works, Vol. VI, i P. i19
 "ln boEh cases, the truth IS, that capital may be produced by indus ! try, and accumulated by economy; hut jHggierS only propose to create it by legcrdemain tricks with pa. per. '-JellerSon's works, Y. 6, D 24l.
 "Thcre is indeed d convenince l in paper; its 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 togeth- CT balance their dealings, for ! the most part, by their mutual sup. 1 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 l obtain them through some third i place with which both have deal. | ings. The cases would be rare where such bills could not be Ob- tained either directly or crcuit- 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 237. l And it is for this petty addition to the capi- tal of the nation, this minimum of one dollar, added to one hundred and thirty three and third, or three fourths per cent, that we aIe to give up our gold and silver medium, ts intrinsic solidty, its universal value, and | its saving powers in time of war, and to sub stitutc for it paper with all its train of evils, moral political and physical, which l will not pretend to enumerate. '-Jetierson's