I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
About this quote
- What does it mean?
- Jefferson argues private banking controls currency and threatens liberty more than armies.
- In plain terms
- He fears banks control money and will take people's property.
- What can you take from it?
- Banking systems can threaten liberty more than military ones.
Where it applies
Putting it to work
Questions to consider
- Who should control the money supply?
- How do we balance private and public banking?
Another view
Modern banking is complex and hard to fully control.
More from Thomas Jefferson
The price of freedom is eternal vigilance.
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