--- title: "Meaning & Key Takeaway of: It is the people who constitute the basis…" description: "\"It is the people who constitute the basis of Government credit. Why then cannot the people have benefit of their own gilt-edge credit by receiving non-..." image: "https://sms4smile.com/quotes/i/cfe/thomas-a-edison-866_bankers_it-is-the-people-who-constitute-the-basi_1262109.jpg" --- # It is the people who constitute the basis of Government… ![“It is the people who constitute the basis of Government credit. Why then cannot the people have benefit of their own gilt-edge credit by receiving non-interest bearing currency-instead of bankers receiving the benefit of the people's credit in interest-bearing bonds. If the United States…” quote by Thomas A. Edison](https://sms4smile.com/quotes/i/cfe/thomas-a-edison-866_bankers_it-is-the-people-who-constitute-the-basi_1262109.jpg) [Download](https://sms4smile.com/quotes/i/cfe/thomas-a-edison-866_bankers_it-is-the-people-who-constitute-the-basi_1262109.jpg) [Open image](https://sms4smile.com/quotes/i/cfe/thomas-a-edison-866_bankers_it-is-the-people-who-constitute-the-basi_1262109.jpg) > “It is the people who constitute the basis of Government credit. Why then cannot the people have benefit of their own gilt-edge credit by receiving non-interest bearing currency-instead of bankers receiving the benefit of the people's credit in interest-bearing bonds. If the United States Government will adopt this policy of increasing its national wealth without contributing to the interest collector-for the whole national debt is made up on interest charges-then you will see an era of progress and prosperity in this country such as could never have come otherwise.” [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The quote argues that government credit should benefit the people directly, not just bankers, by issuing non‑interest‑bearing currency to increase national wealth and reduce debt interest. **In simple terms:** People should get credit benefits, not just banks. Key Takeaway Advocate for interest‑free public currency. Themes economics government wealth debt policy Mood critical optimistic Type political economic reform When to use this quote - national budgeting - banking reform - public debt management - currency issuance - social equity Key Concepts public finance monetary reform wealth distribution Questions to Reflect On - How would non‑interest currency affect inflation? - What safeguards protect against misuse? A Different Perspective Implementation may face resistance from entrenched financial interests and legal constraints. ★ ★ ★ ★ ★ No ratings yet [Bankers](https://sms4smile.com/quotes/about/bankers/) [Bases](https://sms4smile.com/quotes/about/bases/) [Benefits](https://sms4smile.com/quotes/about/benefits/) [Collectors](https://sms4smile.com/quotes/about/collectors/) [Contributing](https://sms4smile.com/quotes/about/contributing/) [Country](https://sms4smile.com/quotes/about/country/) [Credit](https://sms4smile.com/quotes/about/credit/) [Credit Bearing](https://sms4smile.com/quotes/about/credit-bearing-4017074/) [Credit People](https://sms4smile.com/quotes/about/credit-people-712420/) [Currency](https://sms4smile.com/quotes/about/currency/) [Customer](https://sms4smile.com/quotes/about/customer/) [Debt](https://sms4smile.com/quotes/about/debt/) [Edges](https://sms4smile.com/quotes/about/edges/) [Eras](https://sms4smile.com/quotes/about/eras/) [Government](https://sms4smile.com/quotes/about/government/) [Government Credit](https://sms4smile.com/quotes/about/government-credit-2231359/) [Ifs](https://sms4smile.com/quotes/about/ifs/) [Interest](https://sms4smile.com/quotes/about/interest/) [Made](https://sms4smile.com/quotes/about/made/) [National debt](https://sms4smile.com/quotes/about/national-debt/) [National Wealth](https://sms4smile.com/quotes/about/national-wealth-376840/) [People](https://sms4smile.com/quotes/about/people/) [Policy](https://sms4smile.com/quotes/about/policy/) [Progress](https://sms4smile.com/quotes/about/progress/) [Prosperity](https://sms4smile.com/quotes/about/prosperity/) [Receiving](https://sms4smile.com/quotes/about/receiving/) [State government](https://sms4smile.com/quotes/about/state-government/) [States](https://sms4smile.com/quotes/about/states/) [United](https://sms4smile.com/quotes/about/united/) [United states](https://sms4smile.com/quotes/about/united-states/) [United states government](https://sms4smile.com/quotes/about/united-states-government/) [Wealth](https://sms4smile.com/quotes/about/wealth/) [Whole](https://sms4smile.com/quotes/about/whole/) ## Related quotes > [We must take away the government's credit card. With limits on both tax revenue and borrowing, the Federal government would finally be forced to…](https://sms4smile.com/quotes/alan-keyes/we-must-take-away-the-government-s-credit-card-with-limits-on-both/) [Alan Keyes](https://sms4smile.com/quotes/author/alan-keyes/) > [It is absurd to say that our country can issue $30,000,000 in bonds and not $30,000,000 in currency. Both are promises to pay; but…](https://sms4smile.com/quotes/thomas-a-edison/it-is-absurd-to-say-that-our-country-can-issue-30-000-000-in-bonds/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges, at…](https://sms4smile.com/quotes/thomas-a-edison/it-is-a-terrible-situation-when-the-government-to-insure-the-national/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [We give people way too much credit. People just get crazy.](https://sms4smile.com/quotes/vince-staples/we-give-people-way-too-much-credit-people-just-get-crazy/) [Vince Staples](https://sms4smile.com/quotes/author/vince-staples/) > [I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good…](https://sms4smile.com/quotes/charlie-munger/i-don-t-want-to-sell-credit-to-people-who-are-going-to-hurt/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [It's been my experience that the people who gain trust, loyalty, excitement, and energy fast are the ones who pass on the credit to…](https://sms4smile.com/quotes/robert-townsend/it-s-been-my-experience-that-the-people-who-gain-trust-loyalty-2/) [Robert Townsend](https://sms4smile.com/quotes/author/robert-townsend/) > [“She didn’t like taking credit for other people’s camels,”](https://sms4smile.com/quotes/rick-riordan/she-didn-t-like-taking-credit-for-other-people-s-camels/) [Rick Riordan](https://sms4smile.com/quotes/author/rick-riordan/) > [People say I give too much credit to people but it's not about that. It's about being real. And being real is giving props…](https://sms4smile.com/quotes/trina/people-say-i-give-too-much-credit-to-people-but-it-s-not-about-that/) [Trina](https://sms4smile.com/quotes/author/trina/) > [I shall lend credit to nothing against my people which parents would not believe against their own children.](https://sms4smile.com/quotes/elizabeth-i/i-shall-lend-credit-to-nothing-against-my-people-which-parents-would/) [Elizabeth I](https://sms4smile.com/quotes/author/elizabeth-i/) > [“When you have a wit of your own, it's a pleasure to credit other people for theirs.”](https://sms4smile.com/quotes/criss-jami/when-you-have-a-wit-of-your-own-it-s-a-pleasure-to-credit-other/) [Criss Jami](https://sms4smile.com/quotes/author/criss-jami/) > [The fact is, unlike a lot of writers, I credit the people who help me. A lot of writers out there have a ton…](https://sms4smile.com/quotes/graydon-carter/the-fact-is-unlike-a-lot-of-writers-i-credit-the-people-who-help-me-a/) [Graydon Carter](https://sms4smile.com/quotes/author/graydon-carter/) > [“It’s been my experience that the people who gain trust, loyalty, excitement, and energy fast are the ones who pass on the credit to…](https://sms4smile.com/quotes/stephen-m-r-covey/it-s-been-my-experience-that-the-people-who-gain-trust-loyalty/) [Stephen M.R. Covey](https://sms4smile.com/quotes/author/stephen-m-r-covey/) > [That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to…](https://sms4smile.com/quotes/thomas-a-edison/that-is-to-say-under-the-old-way-any-time-we-wish-to-add-to-the/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Our children are the rock on which our future will be built, our greatest asset as a nation. They will be the leaders of…](https://sms4smile.com/quotes/nelson-mandela/our-children-are-the-rock-on-which-our-future-will-be-built-our/) [Nelson Mandela](https://sms4smile.com/quotes/author/nelson-mandela/) > [As American productivity, once the exuberant engine of national wealth, has dipped to an embarrassingly uncompetitive low, Americans have shaken their heads: the country's…](https://sms4smile.com/quotes/lance-morrow/as-american-productivity-once-the-exuberant-engine-of-national-wealth/) [Lance Morrow](https://sms4smile.com/quotes/author/lance-morrow/) ## More by Thomas A. Edison > [We are striking it big in the electric light, better than my vivid imagination first conceived. Where this thing is going to stop Lord…](https://sms4smile.com/quotes/thomas-a-edison/we-are-striking-it-big-in-the-electric-light-better-than-my-vivid/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [I will not say I failed 1000 times, I will say that I discovered there are 1000 ways that can cause failure](https://sms4smile.com/quotes/thomas-a-edison/i-will-not-say-i-failed-1000-times-i-will-say-that-i-discovered-there/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Friendship is the heaven of life.](https://sms4smile.com/quotes/thomas-a-edison/friendship-is-the-heaven-of-life/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Even though I am nearly deaf, I seem to be gifted with a kind of inner hearing which enables me to detect sounds and…](https://sms4smile.com/quotes/thomas-a-edison/even-though-i-am-nearly-deaf-i-seem-to-be-gifted-with-a-kind-of-inner/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Being busy does not always mean real work. The object of all work is production or accomplishment and to either of these ends there…](https://sms4smile.com/quotes/thomas-a-edison/being-busy-does-not-always-mean-real-work-the-object-of-all-work-is/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [The very first thing an executive must have is a fine memory. Of course it does not follow that a man with a fine…](https://sms4smile.com/quotes/thomas-a-edison/the-very-first-thing-an-executive-must-have-is-a-fine-memory-of/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Personally, I enjoy working about 18 hours a day. Besides the short catnaps I take each day, I average about four to five hours…](https://sms4smile.com/quotes/thomas-a-edison/personally-i-enjoy-working-about-18-hours-a-day-besides-the-short/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [The brain can be developed just the same as the muscles can be developed, if on will only take the pains to train the…](https://sms4smile.com/quotes/thomas-a-edison/the-brain-can-be-developed-just-the-same-as-the-muscles-can-be/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [“People who will not turn a shovel full of dirt on the project nor contribute a pound of material, will collect more money from…](https://sms4smile.com/quotes/thomas-a-edison/people-who-will-not-turn-a-shovel-full-of-dirt-on-the-project-nor/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [When I have fully decided that a result is worth getting I go ahead of it and make trial after trial until it comes.](https://sms4smile.com/quotes/thomas-a-edison/when-i-have-fully-decided-that-a-result-is-worth-getting-i-go-ahead/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [I remember that I was never able to get along at school. I was at the foot of the class.](https://sms4smile.com/quotes/thomas-a-edison/i-remember-that-i-was-never-able-to-get-along-at-school-i-was-at-the/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Invention is 10% inspiration and 90% perspiration.](https://sms4smile.com/quotes/thomas-a-edison/invention-is-10-inspiration-and-90-perspiration/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [There seems to be no limit to which some men will go to avoid the labor of thinking. Thinking is hard work.](https://sms4smile.com/quotes/thomas-a-edison/there-seems-to-be-no-limit-to-which-some-men-will-go-to-avoid-the/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Somewhere between the ages of eleven and fifteen, the average child begins to suffer from an atrophy, the paralysis of curiosity and the suspension…](https://sms4smile.com/quotes/thomas-a-edison/somewhere-between-the-ages-of-eleven-and-fifteen-the-average-child/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) > [Not only will atomic power be released, but someday we will harness the rise and fall of the tides and imprison the rays of…](https://sms4smile.com/quotes/thomas-a-edison/not-only-will-atomic-power-be-released-but-someday-we-will-harness/) [Thomas A. Edison](https://sms4smile.com/quotes/author/thomas-a-edison/) [Explore all 345 Thomas A. Edison quotes ](https://sms4smile.com/quotes/author/thomas-a-edison/) ## More Bankers quotes > ['Inequality' has become the political theme/slogan of our time in both Europe and the U.S., yet political leaders do not even bother to consider…](https://sms4smile.com/quotes/paul-singer/inequality-has-become-the-political-theme-slogan-of-our-time-in-both/) [Paul Singer](https://sms4smile.com/quotes/author/paul-singer/) > [The socially redeeming aspect of golf lies in the vast number of lawyers and bankers and managers who play it, and when you think…](https://sms4smile.com/quotes/garrison-keillor/the-socially-redeeming-aspect-of-golf-lies-in-the-vast-number-of/) [Garrison Keillor](https://sms4smile.com/quotes/author/garrison-keillor/) > [What Wall Street and credit card companies are doing is really not much different from what gangsters and loan sharks do who make predatory…](https://sms4smile.com/quotes/bernie-sanders/what-wall-street-and-credit-card-companies-are-doing-is-really-not/) [Bernie Sanders](https://sms4smile.com/quotes/author/bernie-sanders/) > [When a government is dependent upon bankers for money, they and not the leaders of the government control the situation](https://sms4smile.com/quotes/napoleon-bonaparte/when-a-government-is-dependent-upon-bankers-for-money-they-and-not/) [Napoleon Bonaparte](https://sms4smile.com/quotes/author/napoleon-bonaparte/) > [3 people get stranded on a remote Island A Banker, a Daily Mail reader & an Asylum seeker All they have to eat is…](https://sms4smile.com/quotes/christopher-brookmyre/3-people-get-stranded-on-a-remote-island-a-banker-a-daily-mail-reader/) [Christopher Brookmyre](https://sms4smile.com/quotes/author/christopher-brookmyre/) > [“After analyzing our current crisis and studying well-established historical precedents, I must conclude that the global bankers have only three possible cards left to…](https://sms4smile.com/quotes/ziad-k-abdelnour/after-analyzing-our-current-crisis-and-studying-well-established/) [Ziad K. 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