4788. LOANS, Treasury Notes vs.—
The
question will be asked and ought to be looked
at, what is to be the resource if loans cannot
be obtained? There is but one, “Carthago
delenda est”. Bank paper must be suppressed,
and the circulating medium must be
restored to the nation to whom it belongs.
It is the only fund on which they can rely
for loans; it is the only resource which can
never fail them, and it is an abundant one
for every necessary purpose. Treasury bills,
bottomed on taxes, bearing or not bearing interest,
as may be found necessary, thrown
into circulation will take the place of so much
gold and silver, which last, when crowded,
will find an efflux into other countries, and
thus keep the quantum of medium at its salutary
level.—
To J. W. Eppes. Washington ed. vi, 199.
Ford ed., ix, 399.
(Sep. 1813)
