“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

ME 13:431
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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“But it will be asked, are we to have no banks? Are merchants and others to be deprived of the resource of short accommodations, found so convenient? I answer, let us have banks; but let them be such as are alone to be found in any country on earth, except Great Britain. There is not a bank of discount on the continent of Europe (at least there was not one when I was there) which offers anything but cash in exchange for discounted bills.”

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

ME 13:277
1810s, Letters to John Wayles Eppes (1813)

“No one has a natural right to the trade of a money lender, but he who has the money to lend. Let those then among us who have a moneyed capital and who prefer employing it in loans rather than otherwise, set up banks and give cash or national bills for the notes they discount. Perhaps, to encourage them, a larger interest than is legal in the other cases might be allowed them, on the condition of their lending for short periods only.”

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

ME 13:277
1810s, Letters to John Wayles Eppes (1813)

“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)

“Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

Berkshire Hathaway Inc.: An Owner's Manual http://www.berkshirehathaway.com/owners.html (1999)
Letters to Shareholders (1957 - 2012)

“I am an enemy to all banks discounting bills or notes for anything but coin.”

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

Letter to Thomas Cooper, 1814. ME 14:61
Posthumous publications, On financial matters

“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 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)

“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)

“You cannot help being a female, and I should be something of a fool were I to discount your talents merely because of their housing.”

Laurie R. King book The Beekeeper's Apprentice

Source: The Beekeeper's Apprentice

“Sexism is discounting the female experience of powerlessness; the new sexism is discounting the male experience of powerlessness.”

Warren Farrell (1943) author, spokesperson, expert witness, political candidate

Source: Why Men Are the Way They Are (1988), p. 194.

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Thomas Jefferson 456

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