The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-04-23
NEWSPAPERS OPINION
THOMAS JEFFERSON ON DEBT

! ,tor1or, whore he had negotiated loan with
| rohr Adams and after visit to Germany also. he
| r.oto . long letter to Washington in which among
thor tb;ros he said 'The English credit is the first
| IoNore Enropean nations) because they never
omen loan without laying and approprlatlng taxes
| for the payment of the interest; and there mas
never been an instance of their failing one day III
! that uayment | am anxious about everything
that NAV affect our credit. My wish would
he to possess it in the highest degree, but to use it
little.
! In letter to Elbrdge Gerry in 1899, he wrote,
81 am for government frugal and simple, apply
inc all Of the possible savings Of the public revenue
70 the discharge of the national debt; and not for
q MULTIPLICATION OF officers and salaries merely to
make partsans."
When jefferson took office he decided to abolish
all internal taxes They were costly to collect and
involved the maintenance of host of officials,
whose patronage was thought very valuable for
party purposes by of his supporters, but Jeff
erson was resolute He looked upon unnecessary
officials as parasites; and he took double delight
in suppressng taxes and collectors of taxes SIM
tultaneously.
| In letter to one of his supporters dated De-
cember 49, 1901, who was Directing to the abolish
the Officers that did the collecting he wrote, "Those
| taxes are under million dollars, and we can
! economic the government two or three millions
wear The mpostS alone give us ten or eleven MIL
! lions annually increasing at compound ratio OF
| 6 2-3 per cent per annum. But leaving that M
crease for contingencies the present amount VIII
support the government, pay the interest Of the
whole public debt and discharge the principal IN
fifteen years q. . by suppressing at once the whole
internal taxes we abolish three-fourths of the of
fees now existing and spread over the land"
In an interesting and important letter to his SON.
in-law, John W. EppeS, member of congress and
| chairman of the finance committee, he wrote IN
June 1878, during Madsons administration, as
| follows:
at is wise rule and should be fundamental in
government disposed to cherish its credit, and at
the same time restrain the. of it within the
limits of it's faculties, never to borrow dollar
without laying q the same instant for paying
the interest annually and the principal within a
given term: and to consider that tax pledged to
the creditors the public faith. On shch pledge
as this, sacredly observed, government may al
ways command, on a reasonable interest, all the
llendabe money Of their citizens, while the neceS-
sity Of an equivalent tax is salutary warning to
I them and their constituents against oppression
bankruptcy, and it's inevitable consequence, revo-
luton" He adds, THE earth belongs to the living
and not TO the dead we may consider each
generation distinct nation, with the right, by
the will Of it's majority, to bind themselves, but
none to bind the succeeding generations more than
the inhabitants Of another country" And he urges
that the principle should be established that the
EpenpratI0n which maea loan cbOnld foN
the payment of the debt by that generation itself,
and Il hope yourself and your committee will rem
der the immortal service of introducing this prac-
Etice." -. --.-- -
y He says Madison's government has not begun to
act on the rule of loans and taxes going hand in
/ hand. loan has been issued without any redeem
ing tax.
j However. his admonitions to Eppes were not
wholly in vain In the summer of 1914 specie pay
ments had to be suspended But the right course
was taken at last. The debt contracted in the wa,
with England was paid off within Jeffersoniar
lgeheration.. by the year 1885 the whole public
, debt of the United States ha dbeen extinguished
IN letter to Governor Plumer in 1916 he wrote
81 place economy among the first and most i'm
poftant~ OF republican virtues and public debt as
: the greatest Of the dangers to be feared"
! To refer briefly to his views concerning the cur
, rency. He had inherited when he became COVER
nor Of Virginia rapidly deprecating currency anc
an empty treasury. When he took office the gov
ernor's salary of $500 pounds in paper mony die
not pay for the food of his household His expert
ences of initiation and paper money led him to be
. come as strong an advocate of b. sound currency az
was the Democratic platform of 1882, and he woult
have opposed the greenbacksm of Congressman
, Tatnan and Senator Thomas with all his strength
The policies and acts of the New Deal are suffi
GENTLY well known to make it unnecessary to cite
;, them by way of contrast to the above quotation:
from Jefferson's writings. But certainly it is ;
spurious and false claim for the New Dealers tc
up that they are the nhertors of the Jefferson
ian tradition. Contributor to News anc