president of the United States from 1801 to 1809
Thomas Jefferson (13 April 1743 – 4 July 1826) was author of the Declaration of Independence (1776) and the Virginia Statute for Religious Freedom (1777), founder of the University of Virginia (1819), the third president of the United States (1801–1809), a political philosopher, editor of Jefferson's Bible (1819), and one of the most influential founders of the United States.
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If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air... We are warranted, then, in affirming that this parody on the principle of 'a public debt being a public blessing,' and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.
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I am certainly not an advocate for frequent and untried changes in laws and constitutions. I think moderate imperfections had better be borne with; because, when once known, we accommodate ourselves to them, and find practical means of correcting their ill effects. But I know also, that laws and institutions must go hand in hand with the progress of the human mind. As that becomes more developed, more enlightened, as new discoveries are made, new truths disclosed, and manners and opinions change with the change of circumstances, institutions must advance also, and keep pace with the times. We might as well require a man to wear still the coat which fitted him when a boy, as civilized society to remain ever under the regimen of their barbarous ancestors.
Truth will do well enough if left to shift for herself. She seldom has received much aid from the power of great men to whom she is rarely known & seldom welcome. She has no need of force to procure entrance into the minds of men. Error indeed has often prevailed by the assistance of power or force. Truth is the proper & sufficient antagonist to error.
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I am convinced our own happiness requires that we should continue to mix with the world, and to keep pace with it as it goes; and that every person who retires from free communication with it is severely punished afterwards by the state of mind into which he gets, and which can only be prevented by feeding our sociable principles. I can speak from experience on this subject. From 1793 to 1797 I remained closely at home, saw none but those who came there, and at length became very sensible of the ill effect it had on my own mind, and of its direct and irresistible tendency to render me unfit for society and uneasy when necessarily engaged in it. I felt enough of the effect of withdrawing from the world then to see that it led to an anti-social and misanthropic state of mind, which severely punishes him who gives in to it; and it will be a lesson I never shall forget as to myself.
I thought Congress had taken their ground firmly for continuing their embargo till June, and then war. But a sudden and unaccountable revolution of opinion took place the last week, chiefly among the New England and New York members, and in a kind of panic they voted the 4th of March for removing the embargo, and by such a majority as gave all reason to believe they would not agree either to war or non-intercourse. This, too, was after we had become satisfied that the Essex Junto had found their expectation desperate, of inducing the people there either to separation or forcible opposition. The majority of Congress, however, has now rallied to the removing the embargo on the 4th March, non-intercourse with France and Great Britain, trade everywhere else, and continuing war preparations. The further details are not yet settled, but I believe it is perfectly certain that the embargo will be taken off the 4th of March.