“The bank mania is one of the most threatening of these imitations. It is raising up a moneyed aristocracy in our country which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. These have taken deep root in the hearts of that class from which our legislators are drawn, and the sop to Cerberus from fable has become history. Their principles lay hold of the good, their pelf of the bad, and thus those whom the Constitution had placed as guards to its portals, are sophisticated or suborned from their duties.”

— Thomas Jefferson

Letter to Josephus B. Stuart (May 10, 1817) ME 15:112; reported in The Writings of Thomas Jefferson, ed. Andrew A. Lipscomb (1904), vol. 15, p. 112
Posthumous publications, On financial matters

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Thomas Jefferson 456

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

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“I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.”

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

The earliest known appearance of this statement is from 1895 (Joshua Douglass, "Bimetallism and Currency", American Magazine of Civics, 7:256). It is apparently a combination of paraphrases or approximate quotations from three separate letters of Jefferson (longer excerpts in sourced section):
I sincerely believe, with you, that banking institutions are more dangerous than standing armies...
Letter to John Taylor (1816)
The bank mania...is raising up a moneyed aristocracy in our country which has already set the government at defiance...
Letter to Josephus B. Stuart (1817)
Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.
Letter to John W. Eppes (1813)
Misattributed

“I hope we shall… crush in it’s birth the aristocracy of our monied corporations which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country”

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

to George Logan, 1816 http://memory.loc.gov/master/mss/mtj/mtj1/049/0600/0642.jpgLetter
Posthumous publications, On financial matters
Source: The Papers of Thomas Jefferson: Retirement Series, Volume 10: 1 May 1816 to 18 January 1817

“The history of our great state is rich and deep, and our commitment to freedom and justice has always been our strength. … In our hearts, Marylanders are hard-wired for inclusiveness. It's who we are, it's our founding principle, it's part of our identity, and it is our greatest strength.”

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“It is good to recall how our freedom has been gained in this country—not by great abstract campaigns but through the objections of ordinary men and women to having their money taken from them by the State. In the early days, people banded together and said to the then Government, “You shall not take our money before you have redressed our grievances”. It was their money, their wealth, which was the source of their independence against the Government.”

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“…the practice of thrift is not one of the most distinguishing characteristics of the people of this country. It exists more beyond the border, in Scotland, undoubtedly, than it does in England, but it is increasing, and increasing very much, happily, in England itself. I rejoice to say that it has been in the power of the State to effect this by judicious legislation—not by what is called "grandmotherly legislation", of which I for one have a great deal of suspicion—but by legislation thoroughly sound in principle—namely, that legislation which like your savings bank, helps the people by enabling the people to help themselves.”

William Ewart Gladstone (1809–1898) British Liberal politician and prime minister of the United Kingdom

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