The monopoly of a single bank is certainly an evil. The multiplication of them was intended to cure it; but it multiplied an influence of the same character with the first, and completed the supplanting the precious metals by a paper circulation. Between such parties the less we meddle the better.
About this quote
- What does it mean?
- Banks concentrate influence and replace money with paper; avoid meddles.
- In plain terms
- Banks are bad and use paper money; stay away.
- What can you take from it?
- Limit involvement with banking monopolies.
Where it applies
Putting it to work
Questions to consider
- Is banking inherently dangerous?
- How to manage money safely?
Another view
Modern economies rely heavily on banking systems.
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