Can we please stop propagating the fake Jefferson quote about "PRIVATE BANKS"?
Submitted by Flame on Thu, 01/22/2009 - 20:22
Over and over I see people here posting the following alleged quote from Thomas Jefferson:
"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."
This is a fake. No one has been able to say where Jefferson wrote this. It's been spreading around the internet and has even made it in a few books (unsourced). This book points out that the quote is "spurious:" (The term "deflation" cannot even be traced back further than 1920, and the term "inflation" 1864 - long after Jefferson died).
Also, this quote disagrees with Ron Paul who says that the best thing would be to allow the private market to create money (which is the standard position among Austrian economists). Dr. Paul would not be opposed to private banks creating money. He is for privately produced money rather than government money (http://www.ronpaullibrary.org/document.php?id=914) What he is opposed to is a single bank (the Fed) being granted a monopoly by the government to print legal tender, and the legal tender law which enforces the use of that money. Private banks, with no government granted monopoly, printing money, including commodity-backed money, is not a problem. That's what a free market in money would be. So not only the quote fraudulent but it doesn't align with the free market philosophy. It's more like something a socialist would say to justify nationalization (in fact I've seen that advocated here, and using this bogus quote to back it up http://www.dailypaul.com/node/80103). Jefferson was not a socialist.
Finally, note that though the Constitution allows the government to coin money, it doesn't forbid the people AND THE BANKS THEY OWN from coining and printing money. The Constitution restricts the government, not the people and their private businesses.
The first sentence of the
The first sentence of the fabricated quote:
"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies ; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
T.J. to John Taylor, May 28, 1816
http://www.yamaguchy.netfirms.com/7897401/jefferson/jefftayl...
The middle is fabrication, regurgitated by gas bags who never read Thomas Jefferson's letters.
The last sentence could be from this letter:
"Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs."
T.J. to John W. Eppes, September 11, 1813.
http://www.yamaguchy.netfirms.com/7897401/jefferson/eppes1.html
similar sentiment:
T.J. to John Wayles Eppes, June 24, 1813
"The States should be applied to, to transfer the right of issuing circulating paper to Congress exclusively, in perpetuum, if possible, but during the war at least, with a saving of charter rights."
Please read full-text T.J. letters on money,banking, etc.
http://www.yamaguchy.netfirms.com/7897401/jefferson/jefind.html
Thomas Jefferson Direct Quote From His Writings:
"From a passage in the letter of the President, I observe an idea of establishing a branch bank of the United States in New Orleans. This institution is one of the most deadly hostility existing, against the principles and form of our constitution."
- Thomas Jefferson
http://books.google.com/books?id=124EAAAAYAAJ&pg=PA231&lpg=P...
Ron Paul's Convention Speech
Ron Paul's Convention Speech
"Freedom brings people together." - Ron Paul
Jefferson Quote
Thank you for the information. Unfortunately, I just used that quote in a recent lecture that I gave and posted to Google video. It was voice-over, however, and can be changed.
I dont doubt what you're saying, and should have been more careful. I'll nonetheless do my own quick research on the quote and replace it with another if it proves to be false.
Since the presentation was purposefully elementary, the last thing I want is a mistake in fact or misquote...particularly from Jefferson.
Also be sure you research
Also be sure you research all the Woodrow Wilson quotes. There are multiple quotes in MoneyAsDebt that are either false or the stringing together of multiple different sentences minsconstruing their meaning.
Same with the Jefferson quote
I believe that both men have actually uttered the whole phrases attributed to them. The reason you hear of bits and pieces from other sources is because we have a tendency to repeat ourselves when we really believe in something .You know, offer the same concept using slightly different wording. Think of all the occasions Dr. Paul called for a "return to sound money" or whatever. Think of his speeches. He constantly re-ietrates what he's been saying for 25+ years; soemtimes just a line or two, sometimes not in quite the exact wording, but close.
Now imagine that 100 or so years have gone by and some of his speeches have survived, showing the original sources, but others didn't (by accident or design). You would find bits and pieces of the same concepts scattered around or you might find instances where he says most of these things in the same speech.
I think that finding other sources where pieces of other quotes attributed to the same person keep showing up only strengthens the idea that the person really felt that way. Think of the Gospels. They sort of told the same story from 4 different perspectives - so when a quote attributed to Jesus shows up in more than one place, even with variations, it makes you think that he really said it. (yes, there is always the possibility of plagarism). It's the meaning of the overall concept that counts.
flame, why do you even care?
it's still true...
do or do not. there is no "try" - yoda
do or do not. there is no "try" - yoda
I don't agree that
private banks should not be allowed to issue currency. I believe in a free market, not government monopoly or government-granted monopoly.
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The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
I thought we had this cleared up
I thought we had this cleared up and would have thought the OP would have amended by now. That quote is a combination of 3 separate quotes by TJ
Study a compilation of his quotes at:
http://etext.virginia.edu/jefferson/quotations/jeff1325.htm
and you will see where it comes from and that the essence of the quote is authentic and still holds true!
It's now beginning to look like a childish attempt at propaganda by repetition! I have nothing else to say!
actually
inflation can be found in websters 1828 dictionary. Jefferson did talk about inflation in at least 2 letters which i have in his writtings. you are definatly right about that quote, however. it is a fake.
Fake
Not really a fake so much as a compilation, as far as I can tell. In fact, there were quite a few Ron Paul "quotes" circulating during his campaign that were not direct quotes but were compiled snippets of quotes. . . .
I think it's important to know, but I wouldn't personally use the word fake.
-Chad
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true
my only concern is for our credibility. people hear or see that quote and some will look for it to see if it is true. when they do not find THAT quote, they will look at us as liars and less likely to listen to the message. perhaps we will be looked at as uneducated folks that dont do their homework, or simple minded folks who believe whatever they are told.
in no way am i trying to put anyone down, i believe we all share good intentions, and being different we hold different opinions.
ive used the quote before until i found out that THAT direct quote couldnt be found in jefferson's writings.
we all share a cause that we want to see accomplished and we all have our own ways of accomplishing it, but we should be careful that we do not build on sand.
"The state is the great myth where everyone tries to live at the expense of everyone else." - Frederic Bastiat
EXACTLY! That is why I never
EXACTLY! That is why I never point anyone towards the Money Masters or MoneyAsDebt videos. They are both riddled with inaccurate or false quotes. I always recommend the Federal Reserve video by the Mises Institute.
Ron Paul's position
My understanding is that you are SLIGHTLY mischaracterizing Ron Paul's position on this issue.
It is true that Ron Paul would not propose any state-enforced restrictions on creation of money by private institutions, but his opinion and the slight majority of the Austrian school (as I understand it) is that printing paper money should be abolished by the market as a form of fraud. In other words, it should be illegal but not based on positive law--based on natural law.
Of course printing a receipt for a commodity is not "printing money" and I may just be misunderstanding you based on this semantic distinction.
Others in the Austrian school say a free market in money will and SHOULD include fractional reserve banking; I am pretty sure Ron Paul is not in that tradition.
Cheers.
-Chad
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If there are no legal tender laws
, as Dr. Paul is in favor of abolishing, then there is no problem if someone is printing paper money because the market naturally is not going to choose to use it anyway. You don't have to, and shouldn't, make it illegal. Paper money only predominates because of the law making it legal tender. Without the legal tender law, people would not choose to use something as money that has no "intrinsic value." What society in history without legal tender laws, has chosen to use money that has little or no intrinsic value? It's not a natural occurrence, but a product of government mandate.
Paul talks about this here: http://www.ronpaullibrary.org/document.php?id=914
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The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
Intrinsic value is a myth
Value comes from the eye of the beholder.
Which is why
I put "intrinsic value" in quotes, because it's the normal terminology when speaking about money. It actually just means that the paper itself has little or no exchange value, unlike gold which people are willing to work to obtain regardless of what is stamped on it.
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
But, paper money does sometimes have high exchange
value. For ex, right now FRN's are highly valued by individuals. As you know, the FRN's are so respected that they are considered the world's reserve currency.
But that's because of government fiat.
Eliminate the legal tender law, and see if people still value it.
For example, if someone's holding a gun to a person's head to get them to use something, would you say that the fact that they're using it is indicative that they value it? It wouldn't be a free choice. The question is whether they would value it in the condition of freedom.
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
I agree
That's quite true that the legal-tender laws have caused people to value it much higher than they otherwise would have.
That's an interesting question. I believe the answer is that yes, the majority of present users of the FRN would still use it if it's legal-tender laws were stripped away.
Why? Because there's all sorts of other regulations
on top of the legal tenders laws that give in an unjust advantage. Ie. taxes on precious metal transactions, business regulations (ex. Wal-Mart would have one hell of a time getting thru the red-tape to be able to issue their own "Wal-Mart" money that is redeemable (and thus backed) by their store merchandise).
But, in a more freed-market you're correct. The FRN's would die off long-term.
We have a store in Canada
We have a store in Canada called "Canadian Tire" which used to hand out its small change in "Canadian Tire Money". I believe now they just give you "bonus" dollars (cents,really) by percentage. But I recently bought $10 worth for about $8 canadian. Went and bought a new faucet. Saved two bucks.
cool...
I think we agree on all of this. I was just clarifying that one semantic point.
"You don't have to, and shouldn't, make it illegal."
I am just pointing out that Ron Paul (and Rothbard etc.) would say printing money (other than 100% commodity backed deposit recepits) is and should be illegal by natural law, but that no positive legal system (coercive state) is needed to enforce this; all it would take would be a couple good ol' fashioned bank runs if anything!
This also seems to be a point where a good portion of the Austrian school of economics also becomes the Rothbardian school of natural-law-based libertarianism. There is law, but the state is the worst (and most backwardly incentivised) agent of its discovery and enforcement.
Cheers,
chad
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Also, Jeferson....
Also, my reading of Jefferson is that he was not opposed to banks per se, but only heavily distrusted them and was very opposed to a government-corporate alliance in the form of Hamilton's central bank, which gave the government 20% share and private banks 80% share...
I don't know about that quote as it is presented (e.g. whether it's assembled from separate quotes), but I've read a lot of Jefferson and nothing in that quote contradicts what I've read regarding his feeling about banks.
He definitely was NOT opposed to the existence of banks, and even did business with them regularly (and died with quite a bit of debt thanks to an inheritance problem that he never effectively dealt with). However, he personally had very little trust of banks (which is not unreasonable--especially considering the highly fractional system at the time) and was opposed to the government charter and/or creation of a national bank.
-Chad
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Part of the quote comes from
Part of the quote comes from a letter to Taylor:
"We may say with truth and meaning that governments are more or less republican, as they have more or less of the element of popular election and control in their composition; and believing, as I do, that the mass of the citizens is the safest depository of their own rights, and especially, that the evils flowing from the duperies of the people are less injurious than those from the egoism of their agents, I am a friend to that composition of government which has in it the most of this ingredient. And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
Letter to John Taylor (28 May 1816) ME 15:23.
The rest can be found in his others; if not the exact same words, the exact same sentiment.
To quote Mr. Waldo below:
"Study a compilation of his quotes at:
http://etext.virginia.edu/jefferson/quotations/jeff1325.htm and you will see where it comes from and that the essence still holds true!"
"There can be only one permanent revolution - a moral one: The regeneration of the inner man."
—Tolstoy
Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other. — John Adams
There can be only one permanent revolution - a moral one: The regeneration of the inner man. — Tolstoy
Do you take from that
that he is against the existence of banks?
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The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
Make of it as you will
You are entitled to your opinion. You could make that argument I suppose. Personally, I think we could exist without banks, off-the-grid, as they say, but it would be extremely difficult because you would be limiting yourself from the present reality.
"There can be only one permanent revolution - a moral one: The regeneration of the inner man."
—Tolstoy
Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other. — John Adams
There can be only one permanent revolution - a moral one: The regeneration of the inner man. — Tolstoy
Interesting
This is actually really interesting, I never even secondguessed the quote as not belonging to Jefferson. From what I'd read it seemed in character.
Can anyone provide the quote? Below, as early as 1810-1820 there's a reference to Jefferson using the word "inflate" so that would mean the term was being used at the time. Any other instances of the words inflate or deflate being used?
Lets stop the "guvment paid disinfo trolls" as this is a discussion for rational people, not one for name callers who don't want to look at the actual evidence. The odds that the quote has been revised or changed over time, even misattributed, are MUCH higher than people being paid to strike this word to the internet. No one would do that while all the paper copies of documentation exist, and the historians would throw a fit.
Any other actual pieces of evidence to add here? Instances of the words "deflation" and "inflation" being used within his lifetime? I haven't been able to find anything yet unfortunately.
Eric hoffer
I agree
The idea is not to prove or disprove any one person's position, the objective is to arrive at a better collective understanding of the issues.
As we have seen here, the issues are complex and trying to raise the collective learning curve will only help us understand and educate others.
I would say the mutual reciprocity of learning from each other is probably the best thing about the DP.
I certainly don't claim to know it all, and anyone who does is only exposing their own ignorance.
Good that you've come to your senses,
because it was you that was calling me a "troll" for correcting what I believe to be misinformation from you and others.
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The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
My apologies!
I saw your fairly new membership and thought you were likely a paid infiltrator - here to reek discord instead of discussion.
The exercise we went through was very educational and helped me find some reliable sources for TJ quotes which I now understand were co-mingled to produce the composite that is so often used - the essence of which, as I interpret it - still holds true.
It seems like we have a confluence of topics here that still need clarification. I read your reference to RP's speech on the bill to repeal the Legal Tender laws and found that to be something new and interesting to me. If you could do a thread on competing currencies and bring us up to speed on your understanding it would be quiet helpful.
Thanks,
RW
Give it up already
Can you give me one shred of evidence that there are "paid infiltrators" here at Daily Paul? I think you overestimate the government in this case.
Register as Republican and Vote for Ron Paul
Well thanks.
I find it hard to believe anyone would be paid to come here and cause discord. Surely there are enough people willing to do it for fun.
And I don't see discord as an intrinsically bad thing. If the consensus is wrong about something, then there needs to be some discord.
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The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
Hang around here long enough and you will see trolls do seem
to pop up frequently and most are newcomers. You will also find there is a large majority of very astute people who are regular, long term members.
I'm still trying to figure out how competing currencies could actually work in a real world practical manner? It seems like it would be so difficult to actually get one going. Are there any countries that currently have competing currencies?
In order to have real competition within a jurisdiction,
there can't be legal tender law, because that gives a state-granted privilege.
There is competition in currencies on an international level though. because there is no international legal tender. That currency which is less likely to be inflated is that which has the highest exchange rate. It's that currency that the world chooses to use for most its transactions. It would work the same way WITHIN the U.S.. If there were no legal tender law, then the market, you and me and the businesses we deal with, would gravitate to using money that is most likely to hold its value. That money would have the highest exchange value against other currencies within the U.S. That would probably be a commodity-backed money, at least in the long run. There is private gold-backed money now trying to compete, such as http://www.e-gold.com, but it's not possible for it to get a significant foothold in the market because of the legal tender privilege for unbacked government/central bank money.
There is also the tax penalty for buying and selling gold, which makes it even more difficult for gold to compete as a currency.
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
Currency doesn't operate
Currency doesn't operate like that on an international level either. The US has gone to great pains to ensure that their dollar is the world's reverse currency, such as their stronghold on the sale of oil in USD. So in truth, there exists legal tender laws on an international level as well. Although that is quickly changing before our eyes.
OK, I never said it...
Sue me....
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"Life's tough......It's even tougher if you're stupid."
-John Wayne
★★★★★★
http://www.documentarywire.com/
http://freedocumentaries.net/c/All/
I'm with you flame
I spent a week of my life reading and researching trying to find this quote somewhere and came to the same conclusion as you. But you can't take away the fact that who ever said it first, knew what they were talking about.
They don't appear
to know what they're talking about, to me.
I don't have problem with money produced by the private sector. I support it and prefer it, as does Dr. Paul: http://www.ronpaullibrary.org/document.php?id=914.
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The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
OK fine, I don't have a problem
with the fact that TJ didn't say or write everything in this quote, as noted below. What I want to know is do you agree with the Subject Matter or substance of the quote?
Then with respect to private banks, currently the FED is a banking system, it's not a single bank. I think Dr Paul would have a problem with private banks if they were set up in the same fashion as the FED which is a Private bank in many respects.
Finally I think this cobbled together quote perfectly describes the current reality that we are facing in this country. What is Your answer to the problem that we are facing with respect to banking?
My answer is the same as Dr. Paul's answer.
Abolish the legal tender law. Let the free market decide whether we create/use pure paper money or commodity-backed money. Read it here: http://www.ronpaullibrary.org/document.php?id=914 Dr. Paul is clearly in favor of private money: "absent legal tender laws, many citizens would refuse to accept government money for their transactions."
In reponse to your other question, I thought I made it clear that I don't agree with the substance of the quote. I don't agree that government should have a monopoly on money. The private sector be allowed to compete, without legal tender law coercively restricting its ability to compete.
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
I agree with abolishing legal tender laws,
let their be competition.
The quote "If the American people ever allow private banks to control the issue of their currency...", this was done by the passing of the federal reserve act, private banks were given a monopoly under very surreptitious conditions.
This portion of the quote talks about private banks that may gain a monopoly by hook or crook, in this case crook, and I think with respect to private banks, whom ever made the quote, they are implying that if this happens, that is, private banks morphing to monopoly status, it is bad for the free market philosophy.
In other words i don't think this quote represents any negatives for free markets other than those markets going sour by allowing private banks to control the issuance of the currency. You would have to agree that their needs to be some regulation to avoid this from happening.
In fact the quote ends with:
"The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
To me this says we want free markets and the [private] banks that gained monopoly status need to be reigned in so that we can maintain the free market philosophy.
Therefore I don't understand your anti free market description of this quote by your remark:
"So not only [sic]the quote fraudulent but it doesn't align with the free market philosophy."
So exactly how does this misalign with free, but properly regulated free markets?
Response
"The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." That's not free market.
Issuing power shouldn't be taken from private banks. Anyone who wants to issue money should be allowed to. To take that power away from banks and restoring it to "the people" sounds like a call for public control over money (socialism), rather than private control. The free market position is to allow private banks to have the power to issue money.
It's not just me that sees that in the quote, because others use this quote as a justification to call for socialized banking.
And why say "private banks" in the earlier part of the fake quote? Why not just speak against "banks" giving monopoly power?
It appears to me that someone fabricated this quote precisely to justify nationalization.
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
I totally disagree with you on this issue
If those private banks have gained monopoly power then that is not a free market, period. You keep talking about private banks as if they are always good little banks and will always play fair to a free market. You need to clean your ears out if thats all you are hearing.
This quote in my view does not call for nationalization of the banks, and I'm sure not advocating that, it calls for taking the issuance away if they gain monopoly control, like they have now.
You seem to be saying that private banks should be able to issue currency in the free market and they will never try to obtain a monopoly. I think you are misconstruing this in very naieve way and with rose colored glasses in favor for the private bankers.
Just because you and other people misconstrue this to mean socializing the banking industry does not make you or them correct.
The reason I referred to private bank was to clarify and limit it to them because that is what the FED is for all intents and purposes. Granted they, the FED is at the core of a national banking system they are still private. I'm not saying do not let private banks issue money, I'm just saying the quote does not say to socialize them to me.
I guess we will agree to disagree, you are welcome to comment further, I won't unless you make some obnoxious untruth.
Are you not aware that
the position of free-marketers, including myself, is that monopoly is not possible without government bringing it about? There can be no monopoly in banking, or anything else, if there is no government regulation.
The Fed is not truly private. The Fed was created by government and continues to hold a monopoly to create legal tender by force of government. That's not an ordinary understanding of private enterprise. (Not to mention, the government appoints who heads it, and nearly all their profits are sent to the Treasury. So to call it "private" is a stretch. At best, it's a hybrid of private and public).
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
gee you are full of
opinions, everybodys got them and you know what they say about that. Come on! You think the FED sends their profits to the US Treasury.
Are you freakin kidding where did you learn that, and source it if you can.
How much profit did they make and how much of that did they send to the Treasury?
Yes the Pres does appoint the FED Head, but do you think he picks this person himself, i don't, he is given a list, a very small list, a list that comes from the cabal.
It's a matter of public record.
They're required by law to turn nearly all their profits over to the Treasury. Would Peter Schiff be a good enough source for you? http://www.youtube.com/watch?v=58zQw16O1LE (He starts talking about it around 7:15)
How about a balance sheet? http://www.federalreserve.gov/boarddocs/rptcongress/annual06...
Schiff says the same thing I say, which is that the Fed is "legally" private but in actuality it doesnt operate as a private entity.
You can learn more about the Fed on the Wikipedia page: http://en.wikipedia.org/wiki/Federal_reserve
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
It's a matter of interpretation
I believe the quote does refer to giving private banks monopoly power. The quote speaks against allowing private banks to CONTROL the issue of currency (not merely to allow them to issue currency). The only way they could really control currency is to be granted a monopoly, i.e. through legal tender laws which are nothing more than pointing a gun to your head and saying, 'accept this currency [whether you want to or not] as payment for your valuable goods and services or else!' Without coercive acceptance of the state-favored currency, "the people" would be free to choose whatever currency they desire. Some enterprising individuals would step up to the plate and offer free market alternatives. I suppose the quote was silent on whether or not it is acceptable to allow the government to control the currency, so there is room for multiple interpretations.
---
Alcohol, Tobacco, and Firearms - should be a convenience store, not a government agency!
That sounds reasonable
And it would be more congruent with the fact that Jefferson was supposed to be for free-enterprise.
My understanding is that
My understanding is that that is a legitimate quote taken from a letter to the Secretary of the Treasury Albert
Gallatin (1802)
Also, the term inflation appears in Noah Websters 1828 dictionary.
Thanks
“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.”
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
3rd president of US (1743 - 1826)
"There can be only one permanent revolution - a moral one: The regeneration of the inner man."
—Tolstoy
Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other. — John Adams
There can be only one permanent revolution - a moral one: The regeneration of the inner man. — Tolstoy
where did you access this quote from?
please provide link