Put down the banks, and if this country could not be carried through the longest war against her most powerful enemy without ever knowing the want of a dollar, without dependence on the traitorous classes of her citizens, without bearing hard on the resources of the people, or loading the public with an indefinite burden of debt, I know nothing of my countrymen. Not by any novel project, not by an charlatanerie, but by ordinary and well-experienced means; by the total prohibition of all private paper at all times, by reasonable taxes in war aided by the necessary emissions of public paper of circulating size, this bottomed on special taxes, redeemable annually as this special tax comes in, and finally within a moderate period.
About this quote
- What does it mean?
- Jefferson suggests prohibiting private paper money and using taxes with public currency to fund wars without relying on banks or public debt.
- In plain terms
- Stop private banknotes and use taxes plus government notes to pay for war.
- What can you take from it?
- State-controlled currency and taxes can fund wars without debt.
Where it applies
Putting it to work
Questions to consider
- How to fund war without banks?
- Is private money dangerous?
Another view
Private credit can be more flexible in emergencies.
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