“The idea of creating a national bank I do not concur in, because it seems now decided that Congress has not that power (although I sincerely wish they had it exclusively), and because I think there is already a vast redundancy rather than a scarcity of paper medium.”

— Thomas Jefferson

Letter to Thomas Law, 1813. FE 9:433
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“I like well your idea of issuing treasury notes bearing interest, because I am persuaded they would soon be withdrawn from circulation and locked up in vaults & private hoards. It would put it in the power of every man to lend his 100. or 1000 d. tho’ not able to go forward on the great scale, and be the most advantageous way of obtaining a loan. The other idea of creating a National bank, I do not concur in, because it seems now decided that Congress has not that power, (altho’ I sincerely wish they had it exclusively) and because I think there is already a vast redundancy, rather than a scarcity of paper medium.”

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

Letter to Thomas Law (6 November 1813) http://oll.libertyfund.org/Texts/Jefferson0136/Works/Vol11/0054-11_Pt07_1813.html#hd_lf054-11_head_125 FE 9:433 : The Writings of Thomas Jefferson (10 Vols., 1892-99) edited by Paul Leicester Ford
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“Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.”

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

11 September 1813, ME 13:361
1810s, Letters to John Wayles Eppes (1813)
Context: The question will be asked and ought to be looked at, what is to be the resource if loans cannot be obtained? There is but one, "Carthago delenda est." Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs. It is the only fund on which they can rely for loans; it is the only resource which can never fail them, and it is an abundant one for every necessary purpose. Treasury bills, bottomed on taxes, bearing or not bearing interest, as may be found necessary, thrown into circulation will take the place of so much gold and silver, which last, when crowded, will find an efflux into other countries, and thus keep the quantum of medium at its salutary level. Let banks continue if they please, but let them discount for cash alone or for treasury notes.

“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)

“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)
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“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

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

“The idea of creating a national bank I do not concur in, because it seems now decided that Congress has not that power (although I sincerely wish they had it exclusively), and because I think there is already a vast redundancy rather than a scarcity of paper medium.”

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