“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them in preference to the bank paper now afloat, on a principle of patriotism as well as interest; and they would be withdrawn from circulation into private hoards to a considerable amount.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

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

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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.”

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Context: There is, in the institutions of this country, one principle, which, had they no other excellence, would secure to them the preference over those of all other countries. I mean — and some devout patriots will start — I mean the principle of change.
I have used a word to which is attached an obnoxious meaning. Speak of change, and the world is in alarm. And yet where do we not see change? What is there in the physical world but change? And what would there be in the moral world without change?

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