The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-08-13

ourselves to put down at whatever
risk. The work is done. The moment
is pregnant with futurity, and if moi
seized at once by congress, know MOI
on what shoal our bark is next to bt
stranded. The state Legislature:
should be Immediately urged to re-
linquish the right of establishing
banks of discount. Most of them viii
comply on patriotic principles, under
the convictions of the moment; an6
the non-complying may be crowded
into concurrence by legitimate de
vices.u Netter to Thomas Cooper
Sept. 10, 1914. Jefferson's Works
vol. 6, pages 1929.
X \
"The government is now issuing
treasury notes for circulation, bot
toned on solid funds, and bearing in
terest. The banking confederacy (anC
the merchants bound to them by theil
debts) will endeavor to crush the
credit of these notes; but the country
is eager for them, as something they
can trust to, and so soon as a con
venient quantity of them can get into
circulation, the bank notes die" LET
ter to M. Say, March 2, 1915. Jeffer
sons Works, vol 6, pages 484-9.
awe are undone, my dear sir, if this
banking mania be not suppressed, Aut
Carthage aut Roma delenda est. The
war, had it proceeded, would have
upset our government, and new one
whenever tried, will do it. And so il
must be while our money, the nerve
of war, is much or little; real or i'm.
aginary, as our bitterest enemies
chose to make it. Put down the banks,
and if this conntry could not be car
ried through the longest war against
her most powerful enemy without
ever knowing the want Of dollar,
without dependence on the traitOrous
classes of her citizens, without bear
ing hard ON the resources of the peo-
Pile, or loading the public with an in
definite burden of debt, / know moth
ing of my countrymen. Not by any
novel project, not by any charlatanry,
but by ordinary and well experienced
means; by the total prohibition of all
private paper at all times, by reason
able taxes in war aided by the neces-
sary emissions of public paper of Cir
culating size, this bottomed on special
tax redeemable annually as this spec
ial tax comes in, and finally within a
moderate period-even with the flood
of private paper by which we are
eluged-would the treasury have
ventured it's credit in bills of circulat-
ing size of five or ten dollars, etc., they
would have been greedily received by
the people in preference to bank pa
per. But unhappily the towns of
America were considered as the ma
tion of America, the dispositions of
the inhabitants of the former as those
of the latter, and the treasury, for
want of confidence in the country, de-
livered itself bound hand and foot to
bold and bankrupt adventures and
pretenders to be money holders, whom
it could have crushed at any moment.
Even last half bold, half timid threat
of the treasury showed at once that
these jugglers were at the feet of the
government"
Netter to Mr.. Gallatin, October 10Th,
1915. Jefferson's Works, Vol. 6, page
49S.)
"The system of banking, we bave
both equally and ever reprobated. l
contemplate it as blot left in all our
constitutions, which if not covered,
will end in their destruction, which is
already hit by the gamblers iii corrup-
tiOn, and is sweeping away in its
progress, the fortunes and morals of
our citizens"
Netter to John Taylor, May Goth,
1916. Jefferson's Works, Vol. 6, page
605.)
X X
"The bank mania is one of the most
threatening of these limitations. 1t is
raising up monied aristocracy in our
country which has already set the
government at defiance, and although
forced at length to yield little on this
first essay of their strength, their
principles are unyielded and unyield-
ing. These have taken deep root in
the hearts of that class from which
our legislators are drawn, and the sop
to Cerberus from fable has become his
tory. Their principles lay hold of the
good, their pelf Of the bad, and thus
those whom the constitution had
placed as guards to the portals, are
or suborned from their
duties.n
Ietter to DR.. J.B. Stuart, May 10th,
1917. Jeferson's Works, Vol. 6, page
64-5.)
These are strong words by the
father of Democracy, which could be
and extended indefinitely,
if time admitted. They express the
mature Judgment of sublime patriot,
and are wonderfully in line with some
of the views of you Alliance people.
Do they not sustain me in my asser-
tions as to the position of Mr.. Jeffer-
son? And yet you are told by some
tyro in political science that the coun-
try ought to go back to state banks as
a panacea for present ills! Old Jeffer-
son hated state banks worse than he
did blue-nosed Federalist, and
his predictions as to their infamous
robberies of the people were often ver-
flied before their final extinction. In
writing to Mr.. Eppes, 1918, he insisted
that the state legislatures ought to be
asked to surrender their right to
charter banks to the general govern
ment. (Jeferson's works, vol. 6, page