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.
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Letter to Albert Gallatin, 1802. ME 10:323.Thomas Jefferson
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"Copyright is monopoly, and produces all the effects which the general voice of mankind attributes to monopoly. [...] Monopoly is an evil. For the sake of the good we must submit to the evil; but the evil ought not to last a day longer than is necessary for the purpose of securing the good."
Thomas Babington Macaulay
In the ancient cultural places of the world there was a temple, a church or a cathedral in its center. From there came the order of life. In every modern big city there is a bank building in its center. In my »Pied Piper« I have tried to depict this as a kind of demon cult, where money is something to be prayed to like something sacred. It's even being expressed there in words that it is »God«. It performs miracles, because the multiplication of money itself is yet a miracle. After all, the dealings there are with a miraculous multiplication of money. It has the character of everlastingness. But if there is anything that is just a purely man-made thing, then it's money.
Michael Ende
Thus, then, stands the case. It is good, that authors should be remunerated; and the least exceptionable way of remunerating them is by a monopoly. Yet monopoly is an evil. For the sake of the good we must submit to the evil; but the evil ought not to last a day longer than is necessary for the purpose of securing the good.
Thomas Babington Macaulay
If treasury bills are emitted on a tax appropriated for their redemption in fifteen years, and (to insure preference in the first moments of competition) bearing an interest of six per cent, there is no one who would not take them in preference to the bank paper now afloat, on a principle of patriotism as well as interest; and they would be withdrawn from circulation into private hoards to a considerable amount. Their credit once established, others might be emitted, bottomed also on a tax, but not bearing interest; and if ever their credit faltered, open public loans, on which these bills alone should be received as specie. These, operating as a sinking fund, would reduce the quantity in circulation, so as to maintain that in an equilibrium with specie. It is not easy to estimate the obstacles which, in the beginning, we should encounter in ousting the banks from their possession of the circulation; but a steady and judicious alternation of emissions and loans would reduce them in time.
Thomas Jefferson
You have power, rank, command, influence; we have wealth, the source both of our strength and weakness; the value of these toys, ten times multiplied, would not influence half so much as your slightest wish.
Walter Scott
Jefferson, Thomas
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