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Old Prophet Jefferson--Context and Comment | 276 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
Old Prophet Jefferson
Authored by: rcsteiner on Thursday, July 26 2012 @ 04:29 PM EDT
Hmmm. Snopes doesn't seem to like that quote. Link to Snopes Article

---
-Rich Steiner >>>---> Mableton, GA USA
The Theorem Theorem: If If, Then Then.

[ Reply to This | Parent | # ]

Old Prophet Jefferson--Context and Comment
Authored by: Anonymous on Thursday, July 26 2012 @ 04:50 PM EDT
This "quote" appears to be a compilation from several writings. Some
find the references to inflation and deflation anachronisms. In any case,
"emissions of paper money" by private banks were a real concern at the
time. Your sound New Hampshire dollar might be worth fifty cents in South
Carolina, because the local banks discounted notes to make up for credit risks
(it that bank really sound?) and for processing costs to redeem the bill in
silver or gold coin.

Another factor was the debate about creating a Bank of the United States. There
had previously been a Bank of North America chartered by the Continental
Congress under the Articles of Confederation. As in the case of its
predecessor, the first Bank of the United States would be privately owned--the
plan proposed by Hamilton would have the United States owning a 20% equity
stake. One of its primary functions was to be commercial lending. (See the
bank bill of 1791.) To say that this was controversial is to put it mildly.
Jefferson and Madison were strongly opposed. The Bank's charter expired in
1811, and was not renewed. The Bank was purchased by Girard, and the Girard
Bank survived until 1983 when it was bought by Mellon Bank.

There was also a Second Bank of the United States chartered in 1817 whose
charter was not renewed. For more, check Andrew Jackson and the Second bank of
the United States, particularly the election of 1832.

The current Federal Reserve System dates from 1913.

[ Reply to This | Parent | # ]

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