5632. NATIONAL CURRENCY, Redemption.—[continued].
The third great measure
necessary to ensure us permanent prosperity,
should ensure resources of money by the suppression
of all paper circulation during peace,
and licensing that of the nation alone during
war. The metallic medium of which we
should be possessed at the commencement of
a war, would be a sufficient fund for all the
loans we should need through its continuance;
and if the national bills issued, be
bottomed (as is indispensable) on pledges of
specific taxes for their redemption within certain
and moderate epochs, and be of proper
denominations for circulation, no interest on
them would be necessary or just, because they
would answer to every one the purposes of
the metallic money withdrawn and replaced
by them.—
To William H. Crawford. Washington ed. vii, 8.
Ford ed., x, 36.
(M.
1816)
See Banks, Dollar, Money, and Paper Money.
