Plus, both realized that public currency creation was always a pledge of future taxes not yet collected. However, Jefferson didn't seem to realize that a commodity peg for public credit was not only unnecessary, but highly constraining. He also didn't bother noting that a GROWING POPULATION OR ECONOMY would never even desire to claw back all previously created currency, by excessive taxation. (Not unless we wanted all citizens to have zero liquidity, all the time - a condition NOT conducive to policy agility.)
STATAL MONEY (by Ezra Pound)
In 1816 Thomas Jefferson made a basic statement that has NOT been properly digested, let alone brought into perspective with various "modern proposals" for special improvements of the present damned and destructive "system" or money racket. The reader had better FRAME Jefferson's statement:-
"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interest on them would be necessary or just, because they would answer to every one of the purposes of metallic money withdrawn and replaced by them." Jefferson to Crawford, 1816.The Natural Rate of Interest is Zero
see also, "Economics of Human Energy"
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