“Necessity, as well as patriotism and confidence, will make us all eager to receive treasury notes, if founded on specific taxes. Congress may borrow of the public, and without interest, all the money they may want, to the amount of a competent circulation, by merely issuing their own promissory notes, of proper denominations for the larger purposes of circulation, but not for the small. Leave that door open for the entrance of metallic money.”

— Thomas Jefferson

Letter to Thomas Cooper, 1814. ME 14:189
Posthumous publications, On financial matters

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Thomas Jefferson 456

3rd President of the United States of America 1743–1826

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“Treasury notes of small as well as high denomination, bottomed on a tax which would redeem them in ten years, would place at our disposal the whole circulating medium of the United States… The public… ought never more to permit its being filched from them by private speculators and disorganizers of the circulation.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

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“Put down all banks, admit none but a metallic circulation that will take its proper level with the like circulation in other countries, and then our manufacturers may work in fair competition with those of other countries, and the import duties which the government may lay for the purposes of revenue will so far place them above equal competition.”

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“Each piece of money is a mere coin, or means of circulation, only so long as it actually circulates.”

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Vol. I, Ch. 3, Section 2(c), pg. 145.
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“God does not give us ready money. He issues promissory notes, and then pays them when faith presents them at the throne. Each one of us has a check-book.”

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“If treasury bills are emitted on a tax appropriated for their redemption in fifteen years, and (to insure preference in the first moments of competition) bearing an interest of six per cent, there is no one who would not take them in preference to the bank paper now afloat, on a principle of patriotism as well as interest; and they would be withdrawn from circulation into private hoards to a considerable amount. Their credit once established, others might be emitted, bottomed also on a tax, but not bearing interest; and if ever their credit faltered, open public loans, on which these bills alone should be received as specie. These, operating as a sinking fund, would reduce the quantity in circulation, so as to maintain that in an equilibrium with specie. It is not easy to estimate the obstacles which, in the beginning, we should encounter in ousting the banks from their possession of the circulation; but a steady and judicious alternation of emissions and loans would reduce them in time.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

ME http://www.yamaguchy.netfirms.com/7897401/jefferson/eppes.html 13:275
1810s, Letters to John Wayles Eppes (1813)

“The circulation of commodities is the original precondition of the circulation of money.”

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Source: Notebook I, The Chapter on Money, p. 107.

“These numerous points at which money is withdrawn from circulation and accumulated in numerous individual hoards or potential money-capitals appears as so many obstacles to circulation, because they immobilise the money and deprive it of its capacity to circulate for a certain time.”

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Vol. II, Ch. XXI, p. 497.
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“Money is itself a product of circulation.”

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Source: Notebook VI, The Chapter on Capital, p. 579.

“A book lying idle on a shelf is wasted ammunition. Like money, books must be kept in constant circulation. Lend and borrow to the maximum.”

Henry Miller (1891–1980) American novelist

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