Jefferson on Banking
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Thomas Jefferson Quote about Banking-Truth!

Summary of the eRumor:  
The email quotes Thomas Jefferson, one of the founding fathers of the United States, as saying "
I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
The Truth:  
The quote is only slightly different than the original, but is true.

It comes from a letter that Jefferson wrote to a man named John Taylor in 1816,  Jefferson thanked Mr. Taylor for sending him a copy of a publication that he wrote titled Enquiry into the principles of our government.

After commenting on various aspects of the American republic, Jefferson says, "And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity in the name of funding, is but swindling futurity on a large scale."

 
A real example of the eRumor as it has appeared on the Internet:



Thomas Jefferson got it right!


I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

                                                                                                  Thomas Jefferson

 


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