The advocate., 1895-03-13

1
Thomas Jefferson. It may be found, together
with some others to which am about to re-
fer, in the fourth volume Of JefiersOn's pub.
llshsd correspondence. I take from 1t the
following extract;
@The system OF banking we have both equally
and ever reprobated. 1 contemplate It as q
blot lett In oil our constitutions, which, II not
corrected, will end In their destruction which
Is already hit by the gamblers in corruption,
and is sweeping away in its progress the for
tunes and morals OF our citizens"
In the same letter are these emphatic words :
AZ sincerely believe, with you, that banking
establishments are moro dangerous than
standing armies"
In another letter, addressed to that sterling
republican, William B. Giles, OF the date OF
December 26, 1895, Jefferson alludes TO "a vast
accession OF strength" which the federallsts
had received "from their younger recruits,
who, having nothing in them OF the feelings
or principles OF '76, now look to a single and
splendld government, Of an Grlstocracy,
founded on banking institutions and monied
corporations under the gulse aud cloak OF
their favored branches OF manufactures, COM
merce and navigation. riding and ruling over
the plundered plowman and bsggared yeo.
manry"
In another letter Of the date OF November g.,
1918, which was addressed to John w. Eppes,
Jefferson declares that the object OF the paper
emissions OF the banks sis to enrich swindlers,
at the expense OF the honest and industrious
part OF the nation.
AVA L.. vEnkB "a "A
culAtion OF paper rather than OF specie, is q
good or an evil. In the opinion OF England
and OF English writer's 1t is good; 10 that Of
all other nations 1t Is an evil; and excepting
England, and her copylst, the United States,
there Is not nation existing, believe, which
tolerates paper circulation. The experiment
Is going on, however, desperately In England,
pretty boldly with us, and at the end Of the
chapter, we shall see which opinion expert
ence approves; for believe IT to be one OF
those cases where mercantile clamor will beN r
down reason until Il Is corrected by ruin.
AT the time we funded our national debt, we
heard much about % public debt being pub
lie blessing that the stock representing twas
o creation Of active capital for the aliment ol
commerce, manufactures and agrl ;ultare. This
paradox was we'll adapted to the minds OF be
lievers In dreams, and the gulls OF that size en-
tered bona Gde into It. But the art and misery
OF banks is o wonderful improvement on
that 1t is established on the principle that
private debts are q public blessing that the
evidences OF those private debts, called bank
notes, become active capital, and allment for
the commerce, manu- features and agriculture
OF the United States. Here are q set OF people,
for instal nee, who have bestowed on US the
great blessing OF running In our debt about 200
millions Of dollars, without our knowing who
they are, where they are, and what property
they have to pay this debt when called on
nSy, who have made us so sensible OF the bles-
aings OF letting them run In our debt, that we
have exempted them by law from the repay
ment OF these debts beyond a given proportion
generally estimated at one third). And to
fill up the measure Of blessing, instead OF pay
| Ing, they receive an interest on what they owe
from those they owe, for oil the notes or evil
dences OF what they owe, which we see in cir
culallon, have been lent to somebody on an
interest which Is levied again on as through
the medium OF commerce.
"If the debt which the banking companies
owe be blessing to anybody, 1t iS to them
selves alone, who are realizing solid interest
OF or per cent. on It. AS to the public,
these companies have banished all our gold
and silver medium, which, before their insti'
tlon, we had without interest, which never
could have perlshed in our hands, and would
have been our salvation now in the hour OF
war; instead Of which they have given US 200
millions Of froth and bubble on which we are
to pay them heavy interest, until II shall van
iSh into air.
1t is said that our paper Is as good as silver
because we may have silver for It at the bank
where Il issues This Is not true. One, two OF