“Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.”

— Thomas Jefferson

Letter to Thomas Cooper, 1814. ME 14:61
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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“In order to be able to meet a general combination of the banks against us in a critical emergency, could we not make a beginning towards an independent use of our own money, towards holding our own bank in all the deposits where it is received, and letting the treasurer give his draft or note for payment at any particular place, which, in a well-conducted government, ought to have as much credit as any private draft or bank note or bill, and would give us the same facilities which we derive from the banks?”

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

Letter to Albert Gallatin, 1803. http://www.yamaguchy.netfirms.com/7897401/jefferson/gallatin.html ME 10:439
Posthumous publications, On financial matters

“The pursuits of commerce would be as admirable as they are profitable if they were not subject to so great risks: and so, likewise, of banking, if it was always honestly conducted. For our ancestors considered, and so ordained in their laws, that, while the thief should be cast in double damages, the usurer should make four-fold restitution.”

Cato the Elder book De Agri Cultura

Introduction: of the dignity of the farmer
De Agri Cultura, about 160 BC

“Capitalism might be defined, if we wish to be scientific, as a form of economic organization motivated by the pursuit of profit within a price structure.”

Carroll Quigley (1910–1977) American historian

Source: The Evolution of Civilizations (1961) (Second Edition 1979), Chapter 8, Canaanite and Minooan Civilizations, p. 240

“The profit motive should not be confused with the profit system. By the profit system, of course, we mean the institution of private property in capital goods and the free private enterprise that goes along with it. There is no reason why the "profit motive" should be necessarily connected with the profit system. In a profit system there is nothing to prevent anyone acting on altruistic lines; there is no law that says a businessman must maximize his profits. If a businessman chose to operate with outputs, prices, and wages that yielded him a smaller profit than the maximum, but which he felt were socially more desirable, there is nothing in the profit system that would prevent him from doing this. Nothing in the profit system would prevent the most ardent liberal from refusing an increase in wages, or from accepting an unpleasant and poorly paid job. At the other extreme, there is nothing in a communist system that would do away with the profit motive, or the "advantage motive."”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, The Economics of Peace, 1945, p. 239

“I threw families onto the street in Iraq, only to come home and find families thrown onto the street in this country, in this tragic and unnecessary foreclosure crisis. We need to wake up and realize that our real enemies are not in some distant land. They're not people whose names we don't know and cultures we don't understand. The enemy is people we know very well and people we can identify. The enemy is a system that wages war when it's profitable. The enemy is CEOs who lay us off our jobs when it's profitable. It's the insurance companies who deny us health care when it's profitable. It's the banks who take away our homes when it's profitable. Our enemies are not five thousand miles away. They are right here at home.”

Michael Prysner (1983) American anti-war political activist

"Our Real Enemies"

“Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will.”

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

Letter to John Adams (1819) http://www.yamaguchy.netfirms.com/7897401/jefferson/1819.html ME 15:224
Posthumous publications, On financial matters

“We were laboring under a dropsical fulness of circulating medium. Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will. Lands in this State cannot now be sold for a year’s rent; and unless our Legislature have wisdom enough to effect a remedy by a gradual diminution only of the medium, there will be a general revolution of property in this state.”

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

Letter to John Adams (7 November 1819) http://oll.libertyfund.org/Home3/HTML.php?recordID=0054.12#hd_lf054-12_head_057 ME 15:224 : The Writings of Thomas Jefferson "Memorial Edition" (20 Vols., 1903-04) edited by Andrew A. Lipscomb and Albert Ellery Bergh, Vol. 15, p. 224
1810s

“The principal and primary function of banks is to serve as an intermediary in the making of payments. In doing so they transform inactive money capital into active capital, that is, into capital producing a profit; they collect all kinds of money revenues and place them at the disposal of the capitalist class.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Source: Imperialism, The Highest Stage of Capitalism (1917), Chapter Two

“The art and mystery of banks… is established on the principle that 'private debts are a public blessing.' That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.”

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

ME 13:420
1810s, Letters to John Wayles Eppes (1813)

“We are faced with the curiously appalling trend of modern thought, in which the absolute which was once a means of entering into communion with the divine, has now become an instrument used by those who profit from it, to distort, pervert, and conceal the meaning of the present.”

Karl Mannheim (1893–1947) Hungarian sociologist

Ideology and Utopia (1929)

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