Tuesday, October 11, 2011

Thomas Jefferson in 1937?

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 them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. 
Is this a quote to be attributed to Thomas Jefferson or is it to be attributed to writing since 1937. Which, shouldn't be forgotten, was in the middle of the Great Depression and more than 100 years after the passing of the scribe of the Declaration of Independence.

Many people like to argue it was in a letter that Jefferson wrote on May 28th, 1816 to John Taylor (as seen here) which is available in the Library of Congress. Now, if the quote was there they'd may have a case for it being attributed to him, however, you cannot even find the word private in the entire letter, but here's the quote on banks:

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
Quite a bit different, and definitely can see how the first quote and the one that is always attributed is more influenced by the 20s and 30s. While, I agree that there is some merit to what is said in the quote, it is also equally important to credit these merits to the correct people. Otherwise, you lose credibility in an intellectual manner, it is important. It'd be far different if Jefferson picked apart this process in 1816 than if some book wrote about it in 1937 in the middle of a major recession about the Central Banking elite.

I would quote the book, but I don't know what book it is so I will take this sites fact as what it says, but I may be wrong. I do know however, it is not in the letter on May 28th, 1816 with John Taylor.
   

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