“It is said that our paper is as good as silver, because we may have silver for it at the bank where it issues. This is not true. One, two, or three persons might have it; but a general application would soon exhaust their vaults, and leave a ruinous proportion of their paper in its intrinsic worthless form.”

— Thomas Jefferson

ME 13:426
1810s, Letters to John Wayles Eppes (1813)

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Thomas Jefferson 456

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

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“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)

“In the Colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay no one.”

Benjamin Franklin (1706–1790) American author, printer, political theorist, politician, postmaster, scientist, inventor, civic activist, …

Quoted in Money and Men by Robert McCann Rice (1941) but no prior source is extant.
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“It might otherwise appear paradoxical that money can be replaced by worthless paper; but that the slightest alloying of its metallic content depreciates it.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

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“I have now attained the true art of letter-writing, which we are always told, is to express on paper exactly what one would say to the same person by word of mouth.”

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“Why should they also be accepted by private persons in private transactions in exchange for goods and services?
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“As for silver, I never could see any degree of fire make it part with any of its three principles. …But admitting, that some parts of the silver were driven away by the violence of the fire, what proof is there, that it was either the salt, the sulphur, or the mercury of the metal, and not rather a part of it homogeneous to what remained? for besides that the silver, that was left, seemed not sensibly altered, which probably would have appeared, had so much of any one of its principles been separated from it.”

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Christian Homburg (1962) German academic

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“Learning is like bank-notes: prudence and good behaviour are like silver, useful upon all occasions.”

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The Dignity of Human Nature (1754)

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Thomas Jefferson 456

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