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… - Thomas Jefferson
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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.
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Portrait from Wikimedia Commons. Credit: Rembrandt Peale. Used under Public domain / CC0. Processed and styled by Quotewise.
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.
Indeed, I tremble for my country when I reflect that God is just: that his justice cannot sleep forever.
I repair, then, fellow-citizens, to the post you have assigned me. With experience enough in subordinate offices to have seen the difficulties of this the greatest of all, I have learnt to expect that it will rarely fall to the lot of imperfect man to retire from this station with the reputation and the favor which bring him into it.
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