It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthral us in debt but half the time.
About this quote
- What does it mean?
- Paper currency systems double war costs through debt and interest.
- In plain terms
- Banking systems make wars more expensive.
- What can you take from it?
- Avoid debt-based financing to reduce war burdens.
Where it applies
Putting it to work
Questions to consider
- How does debt affect war decisions?
Another view
Modern economies rely on credit systems.
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