"The treasury, lacking confidence in the country, delivered itself bound hand and foot to bold and bankrupt adventurers and bankers pretending to have money, whom it could have crushed at any moment…These jugglers were at the feet of government. For it was not, any confidence in their frothy bubbles, but the lack of all other money, which induced…people to take their paper…We are now without any common measure of value of property, and private fortunes are up or down at the will of the worst of our citizens…As little seems to be known of the principles of political economy as if nothing had ever been written or practiced on the subject."
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Sources
Thomas Jefferson, October 1815 letter to Gallatin. Letters and Addresses, edit. William Parker, (New York: 1905).
https://en.wikiquote.org/wiki/Monetary_reform
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Monetary reform
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