The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. Funding I consider as limited, rightfully, to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally, by the laws of the Creator of the world, to the free possession of the earth he made for their subsistence, unincumbered by their predecessors, who, like them, were but tenants for life.
About this quote
- What does it mean?
- Jefferson opposes banking systems, calling them corrupt, and argues each generation should live free of previous debts.
- In plain terms
- Banking destroys morals and should be ended; debts should not last longer than the generation that made them.
- What can you take from it?
- End banking corruption and limit debts to the generation that owes them.
Where it applies
Putting it to work
Questions to consider
- Should debts expire with the borrower?
- Does banking harm morality?
Another view
Modern economies often rely on banking systems for growth.
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Enlighten the people generally, and tyranny and oppressions of body and mind will vanish like evil spirits at the dawn of day.
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