The monopoly of a single bank is certainly an evil. The…
“The monopoly of a single bank is certainly an evil. The multiplication of them was intended to cure it; but it multiplied an influence of the same character with the first, and completed the supplanting the precious metals by a paper circulation. Between such parties the less we meddle the better.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Jefferson warns that a single bank concentrates power, and that creating many banks merely spreads the same corrupt influence, replacing hard money with paper credit.
In simple terms: Banking concentration spreads corruption.
Key Takeaway
More banks ≠ less power.
Themes
economic power
financial regulation
monetary policy
wealth distribution
institutional corruption
Mood
critical
cautious
skeptical
Type
political
economic
historical
When to use this quote
- policy debates on banking reform
- historical analysis of early US finance
- modern discussions on fintech and decentralization
- academic courses on monetary history
Key Concepts
central banking
paper money
market competition
government intervention
Practical Applications
- designing diversified financial systems
- educating public on banking risks
Questions to Reflect On
- How does competition affect systemic risk?
- What alternatives to paper money address Jefferson’s concerns?