The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-01

to bind the succeeding generation
more than the inhabitants of another
country. Or the case may be Ilkened
to the ordinary one of tenant for
life. who may hypothecate the land for
his debts during the continuance OF his
usufruct: but at his death, the rever-
sioner (who is for life only receives 1t
exonerated from all burthen." Mr.
jefferson, from Buttons tables of the
average length of human life, draws
| the conclusion that a majority or the
adult population passes away Ill elgh-
teen wears and eight months; and he
concludes, after further reasoning,
that the next generation, following at
the end OF nineteen years, cannot be
morally nor rightfully bound TO lay d
debt contracted by the geneiat.vl
which preceded it. Are they ttAG
| second generation) he asks, bouru 10
acknowledge the debt? lrgry
one viii say no; that the soil rs the
gift Of God TO the living, as much as IT
+ had been TO the deceased generation;
and that the laws of nature impose 10
/ obligation on them to pay TINS debt.
( And although, like some other natural
rights, this has not yet entered into
any declaration of rights, it is no less
! Jaw, ana OuP nj 10 Bc NCLCu OA ~
/ honest governmental
lie held that the enforcement of this
principle would curb the spirit of war
and Indictment; and that the redemp-
ton of public debts should take place
levied to carry on our late civil war had
within nineteen years. If the taxes
been continued in force, instead OF be-
ing repudiated, as fast as possible, at
1 =, Ial, hoE
been paid off inside of the nineteen
wears. But how about the pensions?
Mr.. jefferson was decidedly in favor
of United States notes, in preference
of Bank Notes, whether the latter are
issued by State Banks or United States
Banks. On this subject he wrote in
this same letter to Mr.. Eppes, as fol-
lows:
And SO the nation may continue to
issue it's bills as far as its wants re-
quire, and the limits of the circulation
will admit. Those limits are under
stood to extend with us at present, to
two hundred millions of dollars, "a
greater sum than would be necessary
for any war. But this, the only re-
source which the government could
command with certainty, the States
have unfortunately fooled away, nay
corruptly alienated to swindlers and
shavers, under the cover of private
banks. Say, too, as an additional evil,
that the disposed funds of individuals,
to this amount, have thus been with
drawn from improvement and useful
enterprise, and demoralizing prac-
tees of bank directors and their aci
completes"
The following statements of Mr.. JEFF
ferson are apropos to the present
times. he goes on TO say:
I'm the war of ITS, our State availed
itself of this fund by issuing a paper
money, bottomed on specific tax for
its redemption, and, to insure its cred
it. bearing an interest of five per cent.
Within very short time, not bill Of
this emission was to be found IN cir
culation. 1t was locked up in the
chests of executors, guardians, widows,
farmers, &c. We then issued bills bot
toned on redeeming tax, but bearing
no interest. These were readily re-
ceived, and never deprecated single
farthing. In the Revolutionary war.
the old Congress and the States issued
bills without interest, and without
tax They occupied the channels OF
circulation very freely, till those chan
nels were oyerfiowed by an excess be-
yond ell the calls of circulation. But
although we have improvidently suf-
fered the field of circulating medium
to be filched from US by private indi-
viduals, yet | think we may recover it
in part, and even in the whole, il the
States will cooperate with US"
Mr.. Jefferson, in the following pas
ctr. 40 Of
system substantially the same as that
which now exists, and which the banks
and their partizans are endeayoring to
break down. / mean the United
States notes, or greenbacks, which
were originally, il not now, fundable
at the viii or option of the holders,
whenever they are found to be in ex-
cess Of the demand for currency. It'll
is now the great aim of the banks
the SITS National Banks--to draw in
and cancel these greenbacks, and put
in their place the bank bills; and it is
lamentable to witness the aid the mo-
nopolists are receiving in this purely
selfish scheme, from leading men of
both the great parties But to Mr.
Jefferson. He said:
''rhe States should be applied TO, TO
transfer the right of issuing circula-
ting paper To Congress exclusively, i'll
perpetuum, if possible. but during the
war, at least, with saving of charter
rights. | believe that every State
West and South of Connecticut river,
except Delaware, would Immediately
do it; and the others would follow in
time. Congress would, of course, be-
gin by obliging unchartered banks to
wind up their affairs within a short
time, and the others an their charters
expired, forbidding the subsequent
would supply with their own, bot
toned, every emission on an adequate
tax, and bearing, or not bearing inter
est, as the state of the pulse should in
dicate. Even in the non-complying
States, these bills would make their
way, and supplant the unfunded paper
OF their banks, by their solidty, by the
universally for customs and taxes.
1t would be in their power. too, to cur
tail those banks to the amount of their
actual specie, by gathering up their
paper and running it constantly on
them. The national paper might thus
take place even in the non-complying
States. 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
use of the nation during the war; and,
il obtoined in perpetuum, it would al
ways be sufficient to carry us through
any war; provided, that in the interval
between war and war, all the outstand-