4787. LOANS, Redeeming taxes for.—
Our government has not, as yet, begun to act
on the rule of loans and taxation going hand
in hand. Had any loan taken place in my
time, I should have strongly urged a redeeming
tax. For the loan which has been made
since the last session of Congress, we should
now set the example of appropriating some
particular tax, sufficient to pay the interest
annually, and the principal within a fixed
term, less than nineteen years. I hope yourself
and your committee will render the immortal
service of introducing this practice.—
To John W. Eppes. Washington ed. vi, 138.
Ford ed., ix, 391.
(M.
June. 1813)
See Generations.
