Treasury Quotes
Jefferson was opposed to a standing army or a buildup of revenue even in case of war. He thought that a national surplus might tempt an administration to engage in war. This was one of the biggest differences between the Jeffersonians or Republican Democrats as they called themselves and the Federalists led by George Washington and John Adams. Washington was a strong advocate of military preparedness, while Jefferson believed that a nation which had a strong army and war chest would be too easily tempted to use it. That debate has raged in America since. However, at the beginning of the second world war, the then conservative party, the Republicans, had adopted the Jeffersonian view and it was FDR and the Democrats arguing for armament and preparedness. The United States was terribly unprepared for war, but mobilized rapidly and won the day. Since then both parties have supported military preparedness and the political argument has been over the degree, but there are few Jeffersonians left when it comes to military preparedness.
The association with a bag involves the hunting customs of the time. When small animals were killed or captured they would be put into a bag for transporting back. Hence the expression of someone “bagging” game. Politics was not a gentle activity amongst the “gentlemen” who then practiced it in England.
The “Fed Note” was the term for a Federal Reserve Note. It was a then a new form of paper money issued by the Federal Reserve Banks instead of the Treasury department as the previous United States Notes had been. The United States was a guarantor of the Federal Reserve Notes in case the Federal Reserve defaulted and there were many who feared having the responsibility to back up the Federal Reserve notes which could be issued by the Federal Reserve Banks—not government entities and not under the control of the President or Congress.
This could have been sent to constituents currently. The only difference between now and then is that the parties have switched positions. In 1858 the Democrats sounded like the Republicans of modern times.