actually its central bankers that the founding fathers warned of
Founding Fathers Quotes on How Central Banking is Destructive to America's Economic System
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Founding Fathers Quotes on How Central Banking is Destructive to America's Economic SystemCentral banking is such a core part of the American economic system that it’s hard to imagine a world without it. However, central banking in the United States is a very recent development – barely over a century old, established in 1913. The Founders warned against central banking, with Thomas Jefferson going so far as to say that he thought a prohibition against central banking was the only thing missing from the Constitution.
While no one could argue that the Founders were opponents of capitalism, they were deeply troubled by the prospect of unchecked speculative capitalism as opposed to productive capitalism. Thomas Jefferson considered central banking to be a bigger threat to liberty than standing armies. What a far cry from both ends of the political spectrum today, who see the needs of the financial sector as the starting point of domestic policy.
Brian Miller
Curated by
Brian Miller
“I wish it were possible to obtain a single amendment to our constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its constitution; I mean an additional article, taking from the federal government the power of borrowing.” - Thomas Jefferson
“I wish it were possible to obtain a single amendment to our constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its constitution; I mean an additional article, taking from the federal government the power of borrowing.”
Thomas Jefferson, Letter to John Taylor, November 26, 1798
“Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.” - Thomas Jefferson
“Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.”
Thomas Jefferson to John Wayles Eppes in 1813
“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.” - Thomas Jefferson
“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.”
Thomas Jefferson to John Taylor, 1816
“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.” - George Washington
“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”
George Washington to J. Bowen 1787
“All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.” - John Adams
“All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.”
John Adams
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