Do you agree with Thomas Jefferson when he said in 1802:

  1. bayareagreatthing profile image69
    bayareagreatthingposted 6 years ago

    Do you agree with Thomas Jefferson when he said in 1802:

    I believe that banking institutions are more dangerous to our liberties
    than standing armies. If the American people ever allow private banks to
    control the issue of their currency, first by inflation, then by
    deflation, the banks and corporations that will grow up around the banks
    will deprive the people of all property - until their children wake-up
    homeless on the continent their fathers conquered.

  2. jvhirniak profile image92
    jvhirniakposted 6 years ago

    You have to understand the historical context and Jeff's dislike of banking institutions seem to have little to do with the merits/demerits of banks in of themselves. Jefferson had a hatred of banks because they were creditors, and he was a debtor from a very early age.  Most of his asset was in land which he inherited from his father and father-in-law.  Historians will tell you he ran up considerable debts while serving as the US minister to France mostly because of his own extravagence for French wines, entertaining guests, and a large household of staff (ie slaves).  Secondly, Jefferson disliked the British because British banks lent credit to the colonies and then the fledgling United States. Jefferson's dislike of banking institutions had deep personal and political motives. He hated big government just as much - again, ramifications of his Whig political roots against English tyranny which was thought to originate from the King.