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" "Put down all banks, admit none but a metallic circulation that will take its proper level with the like circulation in other countries, and then our manufacturers may work in fair competition with those of other countries, and the import duties which the government may lay for the purposes of revenue will so far place them above equal competition.
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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Yours of July 27 is received. It confirms the accounts we receive from others that the infractions of the embargo in Maine and Massachusetts are open. I have removed Pope, of New Bedford, for worse than negligence. The collector of Sullivan is on the totter. The Tories of Boston openly threaten insurrection if their importation of flour is stopped. The next post will stop it. I fear your Governor [Sullivan] is not up to the tone of these parricides, and I hope on the first symptom of an open opposition of the law by force you will fly to the scene, and aid in suppressing any commotion.
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The bank mania is one of the most threatening of these imitations. It is raising up a moneyed aristocracy in our country which has already set the government at defiance, and although forced at length to yield a little on this first essay of their strength, their principles are unyielded and unyielding. These have taken deep root in the hearts of that class from which our legislators are drawn, and the sop to Cerberus from fable has become history. Their principles lay hold of the good, their pelf of the bad, and thus those whom the Constitution had placed as guards to its portals, are sophisticated or suborned from their duties.