“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

Letter to William H. Crawford, 1815. ME 14:242
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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“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 (1743–1826) 3rd President of the United States of America

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

“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them in preference to the bank paper now afloat, on a principle of patriotism as well as interest; and they would be withdrawn from circulation into private hoards to a considerable amount.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 tax here involved is bad not because it takes money from the pockets of the appellees. If that were all, a wholly different question would be presented. It is bad because, in the light of its history and of its present setting, it is seen to be a deliberate and calculated device in the guise of a tax to limit the circulation of information to which the public is entitled in virtue of the constitutional guaranties.”

George Sutherland (1862–1942) Associate Justice of the U.S. Supreme Court, United States Senator, member of the United States House of Re…

Grosjean v. American Press Co. (1936)

“We were laboring under a dropsical fulness of circulating medium. Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will. Lands in this State cannot now be sold for a year’s rent; and unless our Legislature have wisdom enough to effect a remedy by a gradual diminution only of the medium, there will be a general revolution of property in this state.”

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

Letter to John Adams (7 November 1819) http://oll.libertyfund.org/Home3/HTML.php?recordID=0054.12#hd_lf054-12_head_057 ME 15:224 : The Writings of Thomas Jefferson "Memorial Edition" (20 Vols., 1903-04) edited by Andrew A. Lipscomb and Albert Ellery Bergh, Vol. 15, p. 224
1810s

“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.”

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

Letter to Charles Pinckney (1820) ME 15:280
Posthumous publications, On financial matters

“Put down the banks, and if this country could not be carried through the longest war against her most powerful enemy without ever knowing the want of a dollar, without dependence on the traitorous classes of her citizens, without bearing hard on the resources of the people, or loading the public with an indefinite burden of debt, I know nothing of my countrymen. Not by any novel project, not by any charlatanerie, but by ordinary and well-experienced means; by the total prohibition of all private paper at all times, by reasonable taxes in war aided by the necessary emissions of public paper of circulating size, this bottomed on special taxes, redeemable annually as this special tax comes in, and finally within a moderate period.”

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

Letter to Albert Gallatin, 1815. http://www.yamaguchy.netfirms.com/7897401/jefferson/gallatin1.html ME 14:356
Posthumous publications, On financial matters

“I have often thought that nothing would do more extensive good at small expense than the establishment of a small circulating library in every county, to consist of a few well-chosen books, to be lent to the people of the country under regulations as would secure their safe return in due time.”

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

Letter to John Wyche (19 May 1809)
1800s, Post-Presidency (1809)

“I like well your idea of issuing treasury notes bearing interest, because I am persuaded they would soon be withdrawn from circulation and locked up in vaults & private hoards. It would put it in the power of every man to lend his 100. or 1000 d. tho’ not able to go forward on the great scale, and be the most advantageous way of obtaining a loan. The other idea of creating a National bank, I do not concur in, because it seems now decided that Congress has not that power, (altho’ I sincerely wish they had it exclusively) and because I think there is already a vast redundancy, rather than a scarcity of paper medium.”

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

Letter to Thomas Law (6 November 1813) http://oll.libertyfund.org/Texts/Jefferson0136/Works/Vol11/0054-11_Pt07_1813.html#hd_lf054-11_head_125 FE 9:433 : The Writings of Thomas Jefferson (10 Vols., 1892-99) edited by Paul Leicester Ford
1810s

“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.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Vol. II, Ch. XXI, p. 497.
(Buch II) (1893)

“The art and mystery of banks… is established on the principle that 'private debts are a public blessing.' That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.”

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

ME 13:420
1810s, Letters to John Wayles Eppes (1813)

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