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Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation -- to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoliation desolate the country.

Thomas Jefferson#190

BankingFinanceEconomyPolicyMoneyLegislation

About this quote

What does it mean?
Jefferson warns against private control of banking and currency, arguing that it leads to inflation and plunder unless the legislature intervenes.
In plain terms
Private banks can manipulate money to steal property unless the government stops them.
What can you take from it?
Government should regulate banking to prevent economic abuse.

Where it applies

  • economic policy
  • finance
  • government oversight

Putting it to work

  • advocate for banking regulation
  • monitor inflation
  • protect property rights

Questions to consider

  • Should banks be regulated?
  • How do you protect property?

Another view

Free market advocates argue private banks operate efficiently without regulation.

More from Thomas Jefferson

  1. 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 su…

    Permalink to quote #189
  2. I am an enemy to all banks discounting bills or notes for anything but coin.

    Permalink to quote #191
  3. 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

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