Character Quote by Thomas Jefferson
“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
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?
![“In practice [monetary management] is merely a high-sounding euphemism for continuous currency debasement. It consists of constant lying in order to support constant swindling. Instead of automatic currencies based on gold, people are forced to take managed currencies based on guile. Instead of…” quote by Henry Hazlitt](https://sms4smile.com/quotes/img-quotes/c76/henry-hazlitt-2839_assured_in-practice-monetary-management-is-merel_416996.jpg)
![“[States and the Federal government are] coordinate departments of one simple and integral whole... The one is the domestic, the other the foreign branch of the same government.” quote by Thomas Jefferson](https://sms4smile.com/quotes/img-quotes/401/thomas-jefferson-43_branches_states-and-the-federal-government-are-co_2619.jpg)
![“Single acts of tyranny may be ascribed to the accidental opinion of a day; but a series of oppressions, begun at a distinguished period and pursued unalterably through every change of ministers, too plainly prove a deliberate, systematic plan of reducing [a people] to slavery.” quote by Thomas Jefferson](https://sms4smile.com/quotes/img-quotes/00c/thomas-jefferson-43_change_single-acts-of-tyranny-may-be-ascribed-t_5515.jpg)
![“Though you cannot see, when you take one step, what will be the next, yet follow truth, justice, and plain dealing, and never fear their leading you out of [any difficult situation] in the easiest manner possible...” quote by Thomas Jefferson](https://sms4smile.com/quotes/img-quotes/ebe/thomas-jefferson-43_difficult_though-you-cannot-see-when-you-take-one_9828.jpg)
