“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

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

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Thomas Jefferson 456

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

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“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

“Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation — to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoliation desolate the country.”

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

Letter to William C. Rives (1819) ME 15:232
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)

“The body is our general medium for having a world.”

Maurice Merleau-Ponty book Phenomenology of Perception

Source: Phenomenology of Perception

“Treasury notes of small as well as high denomination, bottomed on a tax which would redeem them in ten years, would place at our disposal the whole circulating medium of the United States… The public… ought never more to permit its being filched from them by private speculators and disorganizers of the circulation.”

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

Letter to William H. Crawford, 1815. ME 14:242
Posthumous publications, On financial matters

“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)

“That we are overdone with banking institutions which have banished the precious metals and substituted a more fluctuating and unsafe medium, that these have withdrawn capital from useful improvements and employments to nourish idleness, that the wars of the world have swollen our commerce beyond the wholesome limits of exchanging our own productions for our own wants, and that, for the emolument of a small proportion of our society who prefer these demoralizing pursuits to labors useful to the whole, the peace of the whole is endangered and all our present difficulties produced, are evils more easily to be deplored than remedied.”

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

Letter to Abbe Salimankis (1810) ME 12:379 The Writings of Thomas Jefferson "Memorial Edition" (20 Vols., 1903-04) edited by Andrew A. Lipscomb and Albert Ellery Bergh, Vol. 12, p. 379; also quoted at "Thomas Jefferson on Politics & Government: Money & Banking" at University of Virginia http://etext.virginia.edu/jefferson/quotations/jeff1325.htm
Posthumous publications, On financial matters

“No matter how nearly perfect an Almost Perfect State may be, it is not nearly enough perfect unless the individuals who compose it can, somewhere between death and birth, have a perfectly corking time for a few years.”

Don Marquis (1878–1937) American writer

The Almost Perfect State (1921)
Context: No matter how nearly perfect an Almost Perfect State may be, it is not nearly enough perfect unless the individuals who compose it can, somewhere between death and birth, have a perfectly corking time for a few years. The most wonderful governmental system in the world does not attract us, as a system; we are after a system that scarcely knows it is a system; the great thing is to have the largest number of individuals as happy as may be, for a little while at least, some time before they die.

“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.

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

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

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