Jefferson’s bogus bank quote in the wild

I did a periodicals search through N.C. Live (thanks, N.C. General Assembly and Wake County Public Library!) for the bogus Jefferson quote. Got three hits on the “America’s Newspapers” search.

It appeared in the Chicago Sun-Times in 1992:

Return power to the people
Chicago Sun-Times – April 7, 1992
Author: Edward F. Mrkvicka Jr.
Article I, Section 8, Clause 5 of the Constitution states, “The Congress shall have Power . . . To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standards of Weights and Measures.”

In 1913, Congress passed the Federal Reserve Act, which, in seeming violation of Article I, gave the power to regulate money to a handful of unelected private bankers.

[…]

America, while not the economic power it once was, is still the richest nation in the world. Yet average Americans have virtually none of the wealth. Thomas Jefferson was prophetic when he stated, “If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered .”

Andrew Leckey, a personal finance columnist for Tribune Media, repeated it last February:

Today, penny saved an accomplishment
Chicago Tribune (IL) – February 11, 2007
Author: ANDREW LECKEY, Tribune Media Services
“I’d like to live like a poor man with lots of money,” Pablo Picasso said.

His comment fits perfectly with the less-funny modern philosophy of acting humble so long as we make sure that we get everything we could ever want.

[…]

Founding father Thomas Jefferson, adamant against banks wielding too much control over our lives, wrote:

“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered .”

What I find interesting about Leckey’s use is that he apparently cut-and-pasted it from the earlier Sun-Times article. Note the space between “conquered” and the period at the end of the quote: its identical to the one above. Way to do your homework, Andy!

Yesterday, man wrote to a letter to the editor of the Durham Herald-Sun:

Letters to the editor
Herald-Sun, The (Durham, NC) – October 1, 2008
Jefferson’s wisdom on banking industry

How did he know? Quite a few years ago, Thomas Jefferson said the following:

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

It amazes me how many Americans do not realize that the Federal Reserve is not a U.S. government agency. It is a group of individuals who, along with other so-called central bankers, decide what is the best monetary policy for the U.S. and for you and me.

The Fed and our government got us into this mess. Elections are forthcoming. You can vote out any North Carolina senator or representative who was foolish enough to vote for the recent bailout, which would make taxpayers responsible for something a private bank and irresponsible government created.

Alan Greenspan was the former Fed chairman who helped create this mess with his easy money policies. Too bad Greenspan, along with the current fools, didn’t have the wisdom of a Jefferson.

All of a sudden, in order to buy a house, you actually have to show that you are capable of paying for it.

MIKE COTTON
Durham

Yes, Mike … how did he know? How did Jefferson know about inflation when the word wasn’t even used until he was long gone? Jefferson really was a man ahead of his time!