Treasury notes of small as well as high denomination, bottomed on a tax which would redeem them in ten years, would place at our disposal the whole circulating medium of the United States... The public... ought never more to permit its being filched from them by private speculators and disorganizers of the circulation.
About this quote
- What does it mean?
- Jefferson proposes using tax-backed treasury notes to control the national currency. He warns against letting private speculators manipulate the money supply.
- In plain terms
- The government should print its own money backed by taxes. Privateers should not control the money supply.
- What can you take from it?
- Currency control belongs to the public, not private speculators.
Where it applies
Putting it to work
Questions to consider
- Who should control money?
- How to prevent inflation?
Another view
Government-controlled currency can also be mismanaged.
More from Thomas Jefferson
Necessity, as well as patriotism and confidence, will make us all eager to receive treasury notes, if founded on specific taxes. Congress may borrow of the pub…
Permalink to quote #182 There can be no safer deposit on earth than the Treasury of the United States.
Permalink to quote #184 The State legislatures should be immediately urged to relinquish the right of establishing banks of discount. Most of them will comply, on patriotic principles…
Permalink to quote #181
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