Wednesday, October 01, 2008

J.A. on the Bailout

A national bank of deposit I believe to be wise, just, prudent, economical, and necessary. But every bank of discount, every bank by which interest is to be paid or profit of any kind made by the deponent, is downright corruption. It is taxing the public for the benefit and profit of individuals; it is worse than the old tenor, continental currency, or any other paper money.

Now, Sir, if I should talk in this strain, after I am dead, you know the people of America would pronounce that I had died mad.

John Adams to Benjamin Rush, 1811

(Adapted by E.P. in Canto LXXI, p. 416)

[Earle Davis notes that, in Jefferson's opinion, "The National Bank mortgaged public taxes for private gain" (Vision Fugitive, p. 123).]

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