“The States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for paper.”

— Thomas Jefferson

ME http://www.yamaguchy.netfirms.com/7897401/jefferson/eppes2.html 13:431 <br class="br">1810s, Letters to John Wayles Eppes (1813)

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3rd President of the United States of America 1743–1826

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“It is a palpable falsehood to say we can have specie for our paper whenever demanded. Instead, then, of yielding to the cries of scarcity of medium set up by speculators, projectors and commercial gamblers, no endeavors should be spared to begin the work of reducing it by such gradual means as may give time to private fortunes to preserve their poise, and settle down with the subsiding medium; and that, for this purpose, the States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for paper.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

6 November 1813, ME 13:431: The Writings of Thomas Jefferson "Memorial Edition" (20 Vols., 1903-04) edited by Andrew A. Lipscomb and Albert Ellery Bergh, Vol. 13, p. 431
1810s, Letters to John Wayles Eppes (1813)

“The State legislatures should be immediately urged to relinquish the right of establishing banks of discount. Most of them will comply, on patriotic principles, under the convictions of the moment; and the non-complying may be crowded into concurrence by legitimate devices.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to Thomas Cooper, 1814. ME 14:190
Posthumous publications, On financial matters

“It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthral us in debt but half the time.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

ME 13:364
1810s, Letters to John Wayles Eppes (1813)

“Unquestionably the States have the powers and rights reserved to them in and by the National Constitution; but among these surely are not included all conceivable powers, however mischievous or destructive, but at most such only as were known in the world at the time as governmental powers; and certainly a power to destroy the Government itself had never been known as a governmental — as a merely administrative power. This relative matter of national power and State rights, as a principle, is no other than the principle of generality and locality. Whatever concerns the whole should be confided to the whole — to the General Government — while whatever concerns only the State should be left exclusively to the State. This is all there is of original principle about it. Whether the National Constitution in defining boundaries between the two has applied the principle with exact accuracy is not to be questioned. We are all bound by that defining without question.”

Abraham Lincoln (1809–1865) 16th President of the United States

1860s, Fourth of July Address to Congress (1861)

“If the States may tax one instrument, employed by the Government in the execution of its powers, they may tax any and every other instrument. They may tax the mail; they may tax the mint; they may tax patent rights; they may tax the papers of the custom house; they may tax judicial process; they may tax all the means employed by the Government to an excess which would defeat all the ends of Government. This was not intended by the American people. They did not design to make their Government dependent on the States. […] If the controlling power of the States be established, if their supremacy as to taxation be acknowledged, what is to restrain their exercising control in any shape they may please to give it? Their sovereignty is not confined to taxation; that is not the only mode in which it might be displayed. The question is, in truth, a question of supremacy, and if the right of the States to tax the means employed by the General Government be conceded, the declaration that the Constitution and the laws made in pursuance thereof shall be the supreme law of the land is empty and unmeaning declamation.”

John Marshall (1755–1835) fourth Chief Justice of the United States

17 U.S. (4 Wheaton) 316, 432-433
McCulloch v. Maryland (1819)

“To the existence of banks of discount for cash… there can be no objection, because there can be no danger of abuse, and they are a convenience both to merchants and individuals. I think they should even be encouraged, by allowing them a larger than legal interest on short discounts, and tapering thence, in proportion as the term of discount is lengthened, down to legal interest on those of a year or more. Even banks of deposit, where cash should be lodged, and a paper acknowledgment taken out as its representative, entitled to a return of the cash on demand, would be convenient for remittances, travelling persons, etc. But, liable as its cash would be to be pilfered and robbed, and its paper to be fraudulently re-issued, or issued without deposit, it would require skilful and strict regulation.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

ME 13:431
1810s, Letters to John Wayles Eppes (1813)

“Youth should be a savings-bank.”

Sophie Swetchine (1782–1857) Russian salon-holder

Reported in Hoyt's New Cyclopedia Of Practical Quotations (1922), p. 921-24.

“It will be remembered, that the object of the several states in the adoption of that instrument, was not the establishment of a general consolidated government, which should swallow up the state sovereignties, and annihilate their several jurisdictions, and powers, as states; but a federal government, with powers limited to certain determinate objects; viz. their intercourse and concerns with foreign nations; and with each other, as separate and independent states; and, as members of the same confederacy: leaving the administration of their internal, and domestic concerns, to the absolute and uncontrolable jurisdiction of the states, respectively; except in one or two particular instances, specified, and enumerated in the constitution.”

St. George Tucker (1752–1827) Bermudan lawyer and judge

https://books.google.com/books?id=NTQ0AQAAMAAJ&pg=RA1-PA412 Page 412
Blackstone’s Commentaries (1803)

“No government should have the right to prevent another government from going into competition with it, or to require consumers of security to come exclusively to it for this commodity.”

Gustave de Molinari (1819–1912) Belgian political economist and classical liberal theorist

Source: The Production of Security (1849), p. 23.

“What is the nature of this government? It is emphatically federal, vested with an aggregate of special powers for general purposes, conceded by existing sovereignties, who have themselves retained what is not so conceded. It is said that there are cases in which it must act on implied powers. This is not controverted, but the implication must be necessary, and obviously flow from enumerated power with which it is allied.”

Henry Clay (1777–1852) American politician from Kentucky

Speech in the Senate on the National Bank Charter (February 11, 1811).

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