Federal Reserve System Quotes
There is some debate as to whether this statement was made at this time or different parts of it on two different occasions. The sentiment and position appears to be genuine but the issue of the timing is in doubt.
The very act of printing money created a debt—at the time and until the Nixon Administration which went off the gold standard—the government owed the gold or silver and the spicie—the printed money—was a promissory note.
The State and local bankers and financers had opposed this of course as they often made money when everyone else including the government was broke and paid very high interest rates to borrow anything. Later, under Andrew Jackson, the Bank of the United States was ended. Later it was recreated and has evolved to the Federal Reserve System. However, as in Jackson’s day, populists and local bankers and financiers still argue against the idea of a national or central bank.
