I've never tried this with a Basset. Since they're lower to the ground it might be a little awkward. Here's what's worked for me when all the traditional methods failed.

You'll have to set the situation up so both hands are completely free. Without making an issue of it, (no harsh commands, yelling or jerking ) I would slip my fingers of my hand into the collar underneath the neck and apply gentle but firm and constant force downward until all 4 feet were on the floor.

Once the feet were back on the floor, (the dog will still be squirming) I'd begin gently rubbing the chest area from just between the front legs and below the throat with the other hand while speaking in a soft yet firm voice. In this situation I usually use the words, settle or settle down. (do not praise him)This will usually calm even the most excited dog down after a few moments.

After the dog is calmed down completely, release him and be prepared to repeat the process immediatley and for as many tries as it takes. With absolute consistency and calm, It usually doesn't take too many sessions for them to get the idea that keeping all 4 on the floor is much more rewarding than jumping up on people.

Absolute consistency is vital to this method. If you come home with an armload of groceries, leave them in the car and go inside and deal with the dog first until such time as you're positive he's got it down pat. Otherwise you'll be reinforcing the idea that he can get away with it when your arms are full.

Good luck!