The Caucasian. (Clinton, N.C.) 188?-1913, 1896-05-07

at o.5lo grains of pure gold to til.
smiling. They direct that q pound
OF silver, consisting of eleven and
one tenth ounces OF pure silver, and
nine tcntbs OF an ounce of alloy
shall be cut into g. shillings. This
establishes the shilling at S.. 90 grain.
OF pure silver, and consequently, the
proportion Of gold TO silver as 1898
to 5.5lS, or 1857 to |.
| In letter 10 Col. Monroe, dated
Philadelphia, July 10, 1891, after
telling of the rapidity with which the
stock of the First National Bank was
subscribed for, Mr.. jefferson said
THUS it is that We shall be pay
ing thirteen per cent. per annum for
eight millions OF paper money, in
stead OF having that circulation of
gold and silver for nothing. Expe-
| rience has proved 10 us that n dol
lar Of silver disappears for every
dollar OF paper emitted, and for the
paper emitted from the bank, seven
per cent, profits Will be received by
tho subscribers fer it as bank paper,
according to the last division of
profits by the Philadelphia bank }
and SIX per cent. on the public paper
OF which it is the representative
This public paper" is the seven
millions of stock subscribed for by
the United States.
And here follows something ApRO-
POS to an income tax, of which JEFF
fersOnlan Democrats should take no.
tee. In letter to IN. b." dated
Philadelphia, February ., 1900, Mr..
Jefferson says:
"a tax on public stock, bank
stock, &C., is to be proposed. This
would bring one hundred and fifty
millions into contribution with the
lands, and levy a sensible proportion
OF the expenses of war OH those
who are SO anxious to engage us in
it.D
On tho constitutlonality of bank
charters, and of other corporations,
Mr.. Jefferson, January Is, 1909. just
before retiring from the Presidential
Office, wrote as follows:
"It has always been denied by the
Republican party in this country,
that the constitution has given the
power of incorporation to Congress-"
To Thomas Cooper, January lG,
1Sl4, Mr.. Jefferson wrote: every
thing predicted by the enemies of
banks, in the beginning, is now COM
ing to pass. We are to bo ruined
now by the deluge of bank paper,
as we were formerly by the old CON
tinental paper"
To Joseph C. CabeH, Mr.. Jeffer-
son wrote, January II, 1914, sug-
gesting tho gradual retirement Of
bank notes, by the states, in order
to bring metallic money into circula-
ton.
September 10, 1914, Mr.. Jefferson
wrote to Thomas Cooper, as follows:
"The crisis, then Of the abuses Of
banking is arrived. Between two
and three hundred millions of dol
lars of their promissory notes are in
the hands of the people, for solid
produce and property sold, and they
formally declare they will not pay
them. This IS an act of bankruptcy,
of course, and will be SO pronounced
by any court before which it shall be
brought"
l might quote much more from
Mr.. Jefferson, showing his devotion
to a metallic currency, and his oppo-
sition to banks, both National, State,
or individual, and especially his OPP
position to bank paper, issued as
money. But | desist, and instead,
will draw attention to q substitute
he proposes. 1t is as follows:
He suggests to the State Gov
ernments "to relinquish the
power" of establishing banks.
"This," he says "would not, as it
should not, have given the power of
establishing them to Congress. But
Congress could then have issued
treasury notes, payable within fixed
period, and founded on specific tax,
the proceeds of which, as they came
in, should be exchangeable for the
notes of that particular issue only,
Congress may now borrow of
the public, and without interest, all
the money they may want, to the
amount of competent circulation,
by merely issuing their own pronis-
sorry notes, of proper denominations
for the larger purposes OF clrcula-
ton, but not for the small. Leave
that door open for the entrance Of
metallic money. And to give the
reader credit to their bills, without
obliging themselves to give cash for
them on demand, let their collectors
be instructed to do SO, when they
have cash; thus in some measure
performing the functions of bank,
as to their own notes."
In letter to the celebrated Po-
liticalEconomist, Jean Baptiste says
Mr.. jefferson wrote, March End,
1915, as follows: "The Government
is now issuing Treasury Notes for
circulation, bottomed on solid
funds, and bearing interest. The
Banking Confederacy (and the
merchants bound to them by their
debts) will endeavor to crush the
credit of these notes; but the coun-
try is eager for them, as something
they can trust to, and so soon as a
convenient quantity of them get into
circulation, bank notes die. History
repeats ITSELF"
Ina letter to Mr.. Gallatin dated
October 10th, 1915, Mr.. Jefferson re.
peats his opposition to banks, and
his support of a greenback currency.
When Mr.. Jefferson wrote, eighty
years ago, the country was poor and
undeveloped. Its credit had been
exhausted by the war with England
and he felt thatit would be ncces
sary to bolster up the Treasury notes
by special taxes imposed for theil
redemption, with interest. But il
he lived now, when the United States
has become the richest country il
the world, ne would see that neithe
the tax nor the interest is necessar.
to their credit. He would see tina