Nevada County picayune., 1888-02-01
JEFFERSON ON PAPER MONEY,

''l am sorry tC see our loans be. gin at so cXorbitant an interest
 And yet even al that, you will soon be at the bottom of the loan-bag- We are all agricultural nation, Such an one employs it's sparings i'll the purchase, or improvement of land or stocks. The leudablr money among them. is chiefly that of orphans aud wards, in the hands of executors and guardians. and that whiGh tie farmer lays by i'll he has cuonga for the purchase in view. In such a nation there k one aud one only, resource for loans, sufficient to carry them through the expenses of war;ald that will always be sufficient. aud ln the power of an honest govern. ment, punctual in the prescrva- ton ofits faith. The fund I mean. Is the mass of circulating coin. Every one knows, that although not literally, it is nearly true. iha, every paper dollar emitted ban. ishcs Il silver one from the circn. lation. A nation. therefore, mak. ing it's purchases and payments l with bills fitted for circulation. thrusts an equal sum of coin out of circulation.r-J Jefferson's works. Vol. VI. P. 139.
 "ln this way, l 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 perpeiu- um, it would always be sufficient to carry LIS through any war; pro- vided, that in tle interval between war and war, all the outstanding paper should be called in, coin be 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.n-,Jefferson's works, Vol. VI, P. III.
 Bank paper must be suppress ed, and the circulating medium must be restored to the nation to whom It belongs. H is the Only fund apon ,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- essary purpose. Treasuy bills. boH0med on tares, bearing or not bearing interest, as may be found nece ssary, thrown into circulation will take the place of so much gold and silver, which last, when crow ded, will find an efflux into other countries, and thus keep the quan- tum of medium at its salutary lev el."-Jeffersons works, V. 6, D. l99.
 i've are now without any medi- um; and necessity. as well ns patri. ntiSm and confidence will make us eager to receive treasury notes, if founded on specific Hres"-Jeffer- sons works, Vol. VI, F. 3S2.
 But Congress could then have issued treasury notes, payable within a fixed period, and founded on a specific tax, the proceeds of which, aS they come in, should be exchangeahle for the notes of that particular emission only. .'-Jeffer- sons works. Vol. VI, P. 3S2.
 Treasury notes of small as well as high denomination, bottomcd on a tax which would redeem them in ten years, would place at our disposal the whole circulating me dlum of the United States: a fund of credit sufficient to carry us through any probable length of war. r."-Jefferson's works. Vol. VI. P. 419.
 "ln both cases, the truth IS, that capital may be produced by indus try, and accumulated by economy: but jngg'ers only propose Co create it by legerdemain tricks with pa per. '-J ef1'erSon's works, Y. 6, D 24I.
 "There is indeed a convenince 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, hy their mutual sup. plies, and the debtor individuals of either may, instead of cash, rc. 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 be rare where such bills could not be ob- tained either directly OF circuit- ously, and too unimportant to the nation to overweight the train of evils flowing from paper circular tion. -J efferson's works, V. 6, p 237.
 And it is for this petty addition to the capi- tai of the nation, this minimum of 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. it's intrinsic solidity, its universal value. and it's saving powers in time of war, and to sub sttute for it paper. with all it's train of cvils, moral, political and physical. which l vii. not pretend to enumeratc. -.)etferson's