Ayn Rand Quotes
There is only one institution that can arrogate to itself the power legally to trade by means of rubber checks: the government. And it is the only institution that can mortgage your future without your knowledge or consent: government securities (and paper money) are promissory notes on future tax receipts, i.e., on your future production.
Rand, Ayn. "Egalitarianism and Inflation." Philosophy: Who Needs It, Bobbs-Merrill, 1982.
The sentence was actually drafted by Secretary of the Treasury Salmon Chase.
At the time any private bank could issue their own money. Private sector bankers thought it outrageous that the Congress should consider trampling on their rights to issue money. The solution that was finally adopted some years later was to use the Federal Reserve Board to control the money supply. It is independent of the Congress and the President but members are appointed by the President and confirmed by the Senate. Our system, like no other system, is a compromise where neither the Government or the Private Sector controls the American money supply.
Ayn Rand was a Russian-American writer and philosopher. She is known for her two best-selling novels, The Fountainhead and Atlas Shrugged, and for developing a philosophical system she named Objectivism. Born and educated in Russia, she moved to the United States in 1926. She had a play produced on Broadway in 1935 and 1936. After two early novels that were initially unsuccessful, she achieved fame with her 1943 novel, The Fountainhead. In 1957, Rand published her best-known work, the novel Atlas Shrugged. Afterward, she turned to non-fiction to promote her philosophy, publishing her own periodicals and releasing several collections of essays until her death in 1982.