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The Jeffersonian cyclopedia;

a comprehensive collection of the views of Thomas Jefferson classified and arranged in alphabetical order under nine thousand titles relating to government, politics, law, education, political economy, finance, science, art, literature, religious freedom, morals, etc.;

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6345. PAPER MONEY, Contraction.—
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6345. PAPER MONEY, Contraction.—

have been endeavoring to persuade a friend
in our Legislature to try and save this State
[Virginia] from the general ruin by timely
interference. I propose to him, first, to prohibit
instantly, all foreign paper. Secondly,
to give our banks six months to call in all
their five-dollar bills (the lowest we allow);
another six months to call in their ten-dollar
notes, and six months more to call in all
below fifty dollars. This would produce so
gradual a diminution of medium, as not to
shock contracts already made—would leave
finally, bills of such size as would be called
for only in transactions between merchant
and merchant, and ensure a metallic circulation
for those of the mass of citizens. But
it will not be done. You might as well, with
the sailors, whistle to the wind, as suggest
precautions against having too much money.
We must bend, then, before the gale, and try
to hold fast ourselves by some plank of the
wreck. God send us all a safe deliverance.—
To John Adams. Washington ed. vi, 306.
(M. Jan. 1814)