Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.
About this quote
- What does it mean?
- Jefferson warns that bank paper is ruining fortunes and criticizes adventurers who use capital for profits instead of useful industries.
- In plain terms
- He blames banks for causing financial ruin and says investors should fund real businesses instead of making easy profits.
- What can you take from it?
- Financial speculation can harm fortunes more than productive investment.
Where it applies
Putting it to work
Questions to consider
- How do we distinguish useful profit from swindling?
- Who bears the cost of financial revolutions?
Another view
The claim that all bank profits are swindling overlooks legitimate financial services.
More from Thomas Jefferson
Put down all banks, admit none but a metallic circulation that will take its proper level with the like circulation in other countries, and then our manufactur…
Permalink to quote #188 Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circ…
Permalink to quote #190 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…
Permalink to quote #187
Related quotes
I hate banks. They do nothing positive for anybody except take care of themselves. They're first in with their fees and first out when there's trouble.
Earl WarrenEarl Warren quote #9 The stock market and economy are two different things.
Milton FriedmanMilton Friedman quote #49 That we are overdone with banking institutions which have banished the precious metals and substituted a more fluctuating and unsafe medium, that these have wi…
Thomas JeffersonThomas Jefferson quote #58