It is a palpable falsehood to say we can have specie for our paper whenever demanded. Instead, then, of yielding to the cries of scarcity of medium s… - Thomas Jefferson

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It is a palpable falsehood to say we can have specie for our paper whenever demanded. Instead, then, of yielding to the cries of scarcity of medium set up by speculators, projectors and commercial gamblers, no endeavors should be spared to begin the work of reducing it by such gradual means as may give time to private fortunes to preserve their poise, and settle down with the subsiding medium; and that, for this purpose, the States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for paper.

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About Thomas Jefferson

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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Also Known As

Alternative Names: President Jefferson T. Jefferson

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Additional quotes by Thomas Jefferson

Your sect by its sufferings has furnished a remarkable proof of the universal spirit of religious intolerance inherent in every sect, disclaimed by all while feeble, and practiced by all when in power. Our laws have applied the only antidote to this vice, protecting our religious, as they do our civil rights, by putting all on an equal footing. But more remains to be done, for although we are free by the law, we are not so in practice. Public opinion erects itself into an inquisition, and exercises its office with as much fanaticism as fans the flames of an Auto-da-fé. The prejudice still scowling on your section of our religion altho' the elder one, cannot be unfelt by ourselves. It is to be hoped that individual dispositions will at length mould themselves to the model of the law, and consider the moral basis, on which all our religions rest, as the rallying point which unites them in a common interest; while the peculiar dogmas branching from it are the exclusive concern of the respective sects embracing them, and no rightful subject of notice to any other. Public opinion needs reformation on that point, which would have the further happy effect of doing away the hypocritical maxim of "intus et lubet, foris ut moris". Nothing, I think, would be so likely to effect this, as to your sect particularly, as the more careful attention to education, which you recommend, and which, placing its members on the equal and commanding benches of science, will exhibit them as equal objects of respect and favor.

I know no safe depository of the ultimate powers of the society but the people themselves ; and if we think them not enlightened enough to exercise their control with a wholesome discretion, the remedy is not to take it from them, but to inform their discretion by education. This is the true corrective of abuses of constitutional power.

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