The State legislatures should be immediately urged to relinquish the right of establishing banks of discount. Most of them will comply, on patriotic principles, under the convictions of the moment; and the non-complying may be crowded into concurrence by legitimate devices.
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Letter to Thomas Cooper, 1814. ME 14:190.Thomas Jefferson
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The States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for paper.
Thomas Jefferson
It is a palpable falsehood to say we can have specie for our paper whenever demanded. Instead, then, of yielding to the cries of scarcity of medium set up by speculators, projectors and commercial gamblers, no endeavors should be spared to begin the work of reducing it by such gradual means as may give time to private fortunes to preserve their poise, and settle down with the subsiding medium; and that, for this purpose, the States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for paper.
Thomas Jefferson
To the existence of banks of discount for cash... there can be no objection, because there can be no danger of abuse, and they are a convenience both to merchants and individuals. I think they should even be encouraged, by allowing them a larger than legal interest on short discounts, and tapering thence, in proportion as the term of discount is lengthened, down to legal interest on those of a year or more. Even banks of deposit, where cash should be lodged, and a paper acknowledgment taken out as its representative, entitled to a return of the cash on demand, would be convenient for remittances, travelling persons, etc. But, liable as its cash would be to be pilfered and robbed, and its paper to be fraudulently re-issued, or issued without deposit, it would require skilful and strict regulation.
Thomas Jefferson
But it will be asked, are we to have no banks? Are merchants and others to be deprived of the resource of short accommodations, found so convenient? I answer, let us have banks; but let them be such as are alone to be found in any country on earth, except Great Britain. There is not a bank of discount on the continent of Europe (at least there was not one when I was there) which offers anything but cash in exchange for discounted bills.
Thomas Jefferson
The interests of the State are therefore the same as those of the United States. Its prosperity will rise or fall with the welfare of the country. The duty of its citizens, then, appears to me too plain to admit of doubt. All should unite in honest efforts to obliterate the effects of war, and to restore the blessings of peace. They should remain, if possible, in the country; promote harmony and good feeling; qualify themselves to vote; and elect to the State and general Legislatures wise and patriotic men, who will devote their abilities to the interests of the country, and the healing of all dissensions. I have invariably recommended this course since the cessation of hostilities, and have endeavored to practice it myself.
Robert E. Lee
Jefferson, Thomas
Jeffrey, Francis
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