Nevada County picayune., 1888-04-11
JEFFERSON ON PAPER MONEY.

| at so exhorbitant an interest. And yet even at 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 pur chase, or improvement of lands or stocks. The lendable money among them, is in the hands of executors and guardians, and that which the farm CT lays by till he has enough for the purchase in view. In such nation there is one and one only. resource for loans, sufficient to carry them through the expenses of a war, that will always be sufficient. and in the power of an honest government, punctual in the preservation of it's faith. The fund l mean is the mass of ,t ,i,, ,i ,',c""Iating coin. Every one knows, that although not Iirarah3., T! is nearly true, that every paper dol lar emitted banishes a silver one from the ejaculation. A nation therefore, making it's purchases and payments with bills fitted for circu- lation, thrusts and equal sum of coin out of circulation. '-Jefferson's works, Vol. VI, P. 139.
 ''In this way, 1 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 perpetuum, it would always be sufficient to carry us through any war; provided, that in the 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 cir culaton until another war should re- qure it's yielding place again to the national medium. ."-Jefferson' works, Vol. VI. P. Al.
 Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it be- longs. lT Is TIE ONLY fUND UPON WHICH THEY CAN RELY FOR LOANS it is the onl Y resource which can never fail them. and it is an abundant one for every necessary purpose. TREAS URY BILLS, B)ToMED oN TAXES, hear ing or not bearing interest, as may be found necessary, thrown into cir culation will take the place of so much gold and silver, which last when crowded will find an eflluN in- to other countries. and thus keep the quantum of medium at it's salutary level. ."-.Jefferson' works, V. 6. D. l99.
 We are now without any medium; and necessity, as well at patriotism and confidence will make us eager to receive treasury notes, if FOUNDED ON SPECIFIC TAXES. -- Jefferson works, Vol. VI. P. 3S2.
 But Congress could then have issued treasury notes. payable with in a fixed period, and founded on Il specific tax, the proceeds of which, as they come in, should be exchange able for the notes of that particular emission only. .'-.Jcfferson works, Vol. VI, F. 3S2.
 "Treasury notes of small as well as high denominations, bottomed on tax which would redeem them in ten years, would place at our dispos- al the whole circulating medium of he United States fund of credit, sufficient to carry us through any probable length of war. "-Jeffer- sons works, Vol. VI, F. 419.
 ''ln both cases, tine truth is, that capital may be produced by indus try, and accumulated by economy, but JUGGLERs ONLY propose to cre- ate it by legerdemain tricks with paper. r.'-Jeffcrsons' works, Vol. VI, r. 24l.
 "There is indeed a convenience in paper; it's easy transmission from one place to another. But this may be mainly supplied by bills of Ex- change, so as to prevent any great displacement of actual coin. Two places trading together balance their dealings, for the most part, by their mutual supplies, and the debtor in dividuals of either may. instead of cash, remit the bills of those who are creditors in the same dealings. or may obtain them through some third place with which both have dealings. The cases would be rare where such bills could not he obtained eihter di- rectlv or circutouslv, and too unim- portant to the nation to overweight the train of evils flowing from paper circulation. ."-Jefferson' x works, V. {, D. 531'
 And it is for this petty addition to he capital of the nation, this minimum of one dollar added to one hundred and thirty three and d third, or three fourths per cen , that we are to give up our gold and silver medium, its intrinsic solidty, its universal value, and its saving powers in time of war, and to substitute for 1t paper, with all its train of evils, moral, politica! and physical, which will not pretend to enuncrate. '- Jetferson's works, Vol. VI, F. 23G,
 "Ihe bankruptcies in London have re- commenced with new force. There is no saving where this fire will end perhaps ir ihL. .r.nn,.,,l If nll thnir nn1,nr