A letter to Thomas Law, Nov. 6, 1813
Your favor of Oct. 1. came duly to hand, and in it the Memorial which I now return. I like well your idea of issuing treasury notes bearing interest, because I am persuaded they would soon be withdrawn from the circulation and locked up in vaults & private hoards.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. the rapid rise in the nominal price of land and labor (while war & blockade should produce a fall) proves the progressive state of the depreciation of our medium.
ever with great esteem and respect
Latest posts by TAC Daily Updates (see all)
- 14 Questions for Trump HHS Nominee Alex Azar - November 29, 2017
- Local Communities Can Take the First Step Toward Rejecting Federal Militarization of Local Police - September 19, 2017
- Thomas Jefferson on Creating a National Bank - July 27, 2017