Quotes about National Banks

Thomas Jefferson

I believe that banking institutions are more dangerous to our liberties than standing armies.

This was in the midst of the debate over The Recharter Of The Bank bill

Andrew Jackson

Every man is equally entitled to protection by law; but when the laws undertake to add… artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society -- the farmers, mechanics, and laborers -- who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their government.

Andrew Jackson

… a hydra-headed monster eating the flesh of the common man.

The Bank of the Untied States was not a government entity. It was a privately owned. Jackson arranged its demise. See {630653}

Nicholas Philip Trist

Independently of its misdeeds, the mere power, — the bare existence of such a power, — is a thing irreconcilable with the nature and spirit of our institutions

The Bank was privately owned. Jackson was a major opponent of the Bank. See his description {630650} .

Thomas J. Fleming

Alexander Hamilton set of the Bank of America exactly on the model of the Bank of England which had been so successful…. It was emergency surgery and a time when America was almost expiring.

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.

John Colman

Most certainly it was a very wrong step to Crush the Private Bank, and set up this Publick Bank in its place

Alexander Hamilton

A power to regulate trade, is a power to make all needful rules and regulations concerning trade. Why may it not, then, include that of erecting a trading company, as well as, in other cases, to erect a government ?

Chrystia Freeland

Central bankers swooped to the rescue only once it became clear that the leaders we had elected were unwilling or unable to do the job. Technocracy trumped democracy—and probably saved it. But how many central political functions can democracies farm out to unelected superheroes while still remaining democratic?

The Federal Reserve Banks are private and are part of the Federal Reserve system whose head is a Presidentially appointed and Senate Confirmed Chairman. However, the operations of the bank including setting the monetary policy of the United States are performed independent of the Congress and the President, and in a number of cases the politicians have been very unhappy with the Fed’s policies. So a critically important function of government is not under the control of the democratically elected representatives of the citizens; the General Accounting Office which can audit every other function of government including the CIA may not audit the Federal Reserve System even though it handles more money than any other aspect of government.

Mikhail Bakunin

The privilege of ruling would be in the hands of the skilled and the learned, with a wide scope left for profitable crooked deals carried on by the Jews, who would be attracted by the enormous extension of the international speculations of the national banks.

Langdon Cheves

… a dangerous, unexampled, desperate resort.

Ironically Cheves voted against the bank, but later was appointed head of the first national bank.

James A. Garfield

The refunding of the national debt at a lower rate of interest should be accomplished without compelling the withdrawal of the national-bank notes, and thus disturbing the business of the country.

Alexander Hamilton

a political machine of the greatest importance of the state.

The Bank of the United States would be

Thomas P. Grosvenor

The government relying on it would be disappointed, and ruin soon stare them in the face.

Alexander Hamilton

To attach full confidence to an institution of this nature, it appears to be an essential ingredient in its structure that it shall be under a private direction—under the guidance of individual interest, not of public policy.

Hamilton, then the Treasury Secretary, had proposed the creation of a national bank with the seemingly incredible notion of having it run by private individuals and not responsive to Congress. The experience of Europe and the individual states convinced Hamilton and some others that no government, monarchy or republic, could resist the temptation to print money rather than deal with basic economic problems. If in private hands, and least to protect their wealth, the bankers would not debase the national currency. Hamilton’s view actually prevailed with some Jacksonian adjustments and interruptions along the way. Today, the Federal Reserve Banks are to a great extent private. But neither Congress nor the President can control the money supply. There are some who object for just the reason that they feel that in a democracy all the levers of government should be under the control of the representatives of the people.

Francois Mitterrand

Employment no longer responds to governments …

National Banks Quotes