The bank mania... is raising up a moneyed aristocracy in our country which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. These have taken deep root in the hearts of that class from which our legislators are drawn, and the sop to Cerberus from fable has become history. Their principles lay hold of the good, their pelf of the bad, and thus those whom the Constitution had placed as guards to its portals, are sophisticated or suborned from their duties.
About this quote
- What does it mean?
- Jefferson argues that bank mania creates a moneyed aristocracy that subverts the government and corrupts legislators.
- In plain terms
- He says banks are creating a rich elite that controls the government and bribes lawmakers.
- What can you take from it?
- Financial elites can distort government and undermine constitutional duties.
Where it applies
Putting it to work
Questions to consider
- How does money influence politics?
- What protects a government from financial elites?
Another view
The term aristocracy may overstate the influence of financial institutions.
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