#time

"If treasury bills are emitted on a tax appropriated for their redemption in fifteen years, and 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them in preference to the bank paper now afloat, on a principle of patriotism as well as interest; and they would be withdrawn from circulation into private hoards to a considerable amount.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."

React to this quote

More by Thomas Jefferson

See all

“A free people [claim] their rights, as derived from the laws of nature, and not as the gift of their chief magistrate.”

“Compulsion in religion is distinguished peculiarly from compulsion in every other thing. I may grow rich by art I am compelled to follow, I may recover health by medicines I am compelled to take against my own judgment, but I cannot be saved by a worship I disbelieve & abhor.”

“No freeman shall be debarred the use of arms [within his own lands].”

“Christianity neither is, nor ever was, a part of the common law [this quote is referring to English Common Law].”

“To begin an affair of that kind now, and carry it on so long a time in form, is by no means a proper plan ... whatever assurances I may give her in private of my esteem for her, or whatever assurances I may ask in return from her, depend on it — they must be kept in private. Necessity will oblige me to proceed in a method which is not generally thought fair; that of treating with a ward before obtaining the approbation of her guardian. I say necessity will oblige me to it, because I never can bear to remain in suspense so long a time. If I am to succeed, the sooner I know it, the less uneasiness I shall have to go through. If I am to meet with a disappointment, the sooner I know it, the more of life I shall have to wear it off: and if I do meet with one, I hope in God, and verily believe; it will be the last.”

“It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthral us in debt but half the time.”