Sep 4, 2008

Thomas Jefferson on banking and paper money

I have ever been the enemy of banks; not of those discounting for cash [that is, charging interest on loans of real money], but of those foisting their own paper into circulation, and thus banishing our cash. My zeal against these institutions was so warm and open at the establishment of the bank of the U.S. that I was derided as a Maniac by the tribe of bank-mongers, who were seeking to filch from the public their swindling and barren gains. ... Shall we build an altar to the old paper money of the revolution, which ruined individuals but saved the republic, and burn on that all the bank charters present and future, and their notes with them? For these are to ruin both republic and individuals. This cannot be done. The Mania is too strong. It has seized by its delusions and corruptions all the members of our governments, general, special and individual.

~ Thomas Jefferson in a letter to John Adams in 1814

(Quoted by G. Edward Griffen, The Creature from Jekyll Island, page 341.)

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