The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-11-17

| tor Maese. who asked his influence in
| favor of the incorporation of an instr
| tuition, in one of the States, for the
promotion of the arts, and an oppro-
| priation. He said:
lit has always been denied by the
| Republican party in this country, that
| the Constitution had given the power
| Of incorporation to Congress On the
establishment of the Bank Of the
| United States, this was the great
ground on which the establishment
| was combatted; and the party prevail
ing supported il only on the argument
| of its being an incident to the power
| given them for raising money. On
| this ground it. has been acquiesccd in,
and will probably be again acquicseed
in, as subsequently confirmed by pub
lie opinion. But in no other instance
have they ever exercised this power OF
Incorporation out of this district, OF
which they are the ordinary legisla-
ture. II is still more settled that
among the purposes to which the Con-
stitution permits them to apply
money, the granting Of premiums or
bountieS is not enumerated, and there
has never been single instance of
their doing it, although there has been
a multiplicity of applications"
TO the Able Salamanllis, probably
a Spaniard, he wrote, March l4th, 1910,
as follows:
''That we are overdone with banking
institutions, which have banished the
precious metals, and substituted a
more huctuating and unsafe medium.
that these have withdrawn capital
from useful improvements and en-
Payments, to nourish idleness, that
the wars of the world have swollen
our commerce beyond the wholesome
limits of exchanging our own produc-
tlons for our own wants, and that,
for our emolument of a small proper
ton of our society, who prefer these
demoralizing pursuits to labors useful
to the whole, the peace of the whole is
endangered, and all our present diff
culties produced, are evils more easily
to be deplored than remedied."
TO DIR. Thomas Cooper, Mr.. Jefferson
wrote, January 10th, 1914, as follows:
Everything predicted by the enc
mics of banks, in the beginning, is
now coming to pass. We are to be
ruined now by the deluge of bank pa
per, as we were formerly by the old
continental paper. 1t is cruel that
such revolutions in private fortunes
should be at the mercy of avaricious adj
venturers, who, instead of employing
their capital, if any they have, in man
ufactures, commerce and other useful
pursuits, make it an instrument to
further all the interchanges of prop
erty with their swindling profits
which are the price of no useful
industry of theirs. Prudent men
must be on their guard in this game of
Robins alive. and take care that the
spark does not extinguish in their
hands. [ am an enemy TO all banks dis
counting bills or notes. for anything
but coin. But our whole country is
SO fascinated by this Jack-lantern
wealth, that they will not stop short
its total and fatal explosion, A at
this point refers to note at the foot
of the page, which reads as follows:
This accordingly took place four
years after.)
The next day, January nth, 1914,
Mr.. Jefferson wrote to Joseph G..
Cabell, Esq, in the same vein with the
above, deploring the inevitable finan-
cial ruin which must come of the in
fated paper currency, the explosion
of the bubble, he clearly foresaw. He
added, II had been in hopes that good
old Virginia, not yet so far embarked
as her Northern sisters, would have
set the example this winter, of begin
ming the process of cure, by passing
law that, after a certain time, suppose
Of six months, no bank bill of less
than ten dollars should be permitted
That after some other reasonable
term, there should be none less than
twenty dollars, and so on, until those
only should be left in circulation
whose size would be above the com
mon transactions of any but mer-
chants. This would ensure to us an
ordinary circulation of metallic money
and would reduce the quantum of pa
per within the bounds of moderate
mischief"
But enough for the present.
DANIEL r. GOODLOE.