The idea of creating a national bank I do not concur in, because it seems now decided that Congress has not that power (although I sincerely wish they had it exclusively), and because I think there is already a vast redundancy rather than a scarcity of paper medium.
About this quote
- What does it mean?
- Jefferson opposes creating a national bank because he believes Congress lacks the power to do so and because there is already too much paper currency.
- In plain terms
- He thinks the government should not start a national bank since it has no authority and there is already too much money.
- What can you take from it?
- Government should avoid adding financial institutions when there is already excess currency.
Where it applies
Putting it to work
Questions to consider
- Is too much currency ever beneficial?
- Should Congress have exclusive power over money?
Another view
His view assumes excess paper money is inherently harmful without considering potential benefits.
More from Thomas Jefferson
The incorporation of a bank and the powers assumed [by legislation doing so] have not, in my opinion, been delegated to the United States by the Constitution. …
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Permalink to quote #175 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
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