Nevada County picayune., 1888-02-08
JEFFERSON ON PAPER MONEY,

''l am sorry tC see our loans be. gin it so eXorbitaut all interest And yet even al that, you will soon he at the bottom of the loan bag We are an agricultural nation, Such an one employs it's sparines in the purchase, or improvement of land or stocks. The lendable money among them. is chiefly that of orphans and wards, in the hands 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 Co carry them through the expenses of a war;and that will always be sufficient, and ill the power of an honest govern nent, punctual in the preserva- ton ofIts faith. The fund I 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- lation. A nation, therefore, mak. ing it's purchases and payments with bills fitted for circulation, thrusts an equal sum of coin out of circulation."-J effcrsOn'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 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 to flow in again, and ,o hold the tiel,l of circulation until another war should require it's yielding place again to the national medium" ."-.Jrflerson'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 oniy ! fund upon whieh they can rely FOR LOANS; it is the only resource which can never fail them, and it is an abundant one for every nee. cssary purpose. Treasury bills. b0tt0med 0n tdres, bearing or not l bearing interest, as may be found ! uece ssary, thrown into circulation will take the place of so much gold and silver, which last, when crow ded. will find an cftlux into other countries, and thus keep the quan. tum of medium at its saIutary lev. el."-Jeffersons works, V. 6, p. l99.
 i've are now without any medi, ] um: and necessity, as well as patri ] otism and confidence will make H. eager to receive treasury notes. ii fonaded On specific tores"-Jefler 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 Ot which, as they come in, should be eXchangeahle for the notes of that particular emission only .'-Jetfcr- sons works. Vol. VI, P. 3S2
 Treasury notes of small as well as high denomination, bo,tomed on a tax which would redeem then, in ten years, would place at our disposal the whole circulating me- dunn of the United States: a fund of credit sufficient to carry us through any probable length of war. ."-J efferson's works, Vol. VI, P. 419.
 "In both cases, the truth IS. that capital may be produced by indus try, and accumulated by economy; hut jnggicrs only propose 10 create 1t by legerdemain tricks with pa. per. "-Jeiferson's works, v.6, D 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 coiu. Two places trading togeth. CT balance their dealings, for the most part, by their mutual sup. plies, and the debtor individual. 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 or circuit ously, and too unimportant 10 the nation to overweight the train ot evils flowing from paper circular ton. --.J efferson's works, Y. G. D g
 And its for this petty addition to the capi- tal of the nation, this minimum Tone dollar. added to one hundred and .thirty three and a third, or three fourths per cent, that We ale to give mp our gold and silver medium, its intrinsic solidty. its universal value. and its saving powers in time of war, and to sub stitute for it paper, with all it's train of evils. moral, political and physical. which l vii! not pretend to enumeratc. '-.] Jefferson works, Vol VI. F. 236.