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.
About this quote
- What does it mean?
- Jefferson suggests the federal government should control banking to stabilize currency, while preserving existing state charters.
- In plain terms
- The national government should manage banks, but states keep their current rights.
- What can you take from it?
- Centralize banking power carefully to avoid economic chaos.
Where it applies
Putting it to work
Questions to consider
- How much power should the central government have over finance?
Another view
It assumes centralized control is always better for stability.
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