Quote by Thomas Jefferson
The monopoly of a single bank is certainly an evil. The multiplication of them was intended to cure it; but it multiplied an influence of the same character with the first, and completed the supplanting the precious metals by a paper circulation. Between such parties the less we meddle the better.
Summary
This quote, attributed to Thomas Jefferson, criticizes the existence of a single dominant bank, stating that it is undoubtedly an unfortunate situation. The solution to this problem was to create multiple banks, with the intention of rectifying the issue. However, Jefferson argues that the proliferation of banks only intensified their negative influence, replacing valuable precious metals with a system reliant on paper money. Given the nature of these institutions, Jefferson suggests that it is best to refrain from interference and involvement between these parties.
Topics
Character
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