Monday, March 9, 2009

Thomas Jefferson on Banking

The monetary system is a bit different today than in the age of Jefferson...or is it?
"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)
Given current Treasury actions, it could be argued that there is not much difference between private banking in the age of Jefferson and having issuing power in the hands of the "people" today.