The system of banking we have both equally and ever reprobated . I contemplate it as a blot left in all our constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens.
About this quote
- What does it mean?
- Banking systems corrupt constitutions and ruin citizens' morals and fortunes.
- In plain terms
- Banks destroy the nation and its people's character.
- What can you take from it?
- Avoid central banking systems to protect morals and wealth.
Where it applies
Putting it to work
Questions to consider
- Can finance exist without corruption?
- Is there a middle ground?
Another view
Modern economies rely heavily on banking systems for stability.
More from Thomas Jefferson
To the existence of banks of discount for cash... there can be no objection, because there can be no danger of abuse, and they are a convenience both to mercha…
Permalink to quote #170 Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will.
Permalink to quote #172 It is said that our paper is as good as silver, because we may have silver for it at the bank where it issues. This is not true. One, two, or three persons mig…
Permalink to quote #169
Related quotes
No greater mistake can be made than to think that our institutions are fixed or may not be changed for the worse. ... Increasing prosperity tends to breed indi…
Charles Evans HughesCharles Evans Hughes quote #3 I hate banks. They do nothing positive for anybody except take care of themselves. They're first in with their fees and first out when there's trouble.
Earl WarrenEarl Warren quote #9 What is the burgling of a bank to the founding of a bank?
Bertolt BrechtBertolt Brecht quote #23