A Short History Of Paper-Money And Banking

“Of all aristocracies,” said a Committee of the New York Legislature, in 1818, “none more completely enslave a people than that of money; and in the opinion of your committee, no system was ever better devised  so perfectly to enslave a community, as that of the present mode of conducting banking establishments.”( pg. 5)

“Against corporations of every kind, the objection may be brought, that whatever power is given them, is so much taken from either the government or the people.”

“As the object of charters is to give to members of companies powers which they would not possess in their individual capacity, the very existence of monied corporations is incompatible with equality of rights.

Corporations are unfavorable to the progress of national wealth.”   (pg.41)

“The Banking system must be regarded as the principal  cause of social evil in the United States…” (pg.133)

 “That the banking interest has a pernicious effect on the periodical press, on public elections and the general course of legislation.” (pg.138)

“But, unequal political and commercial institutions invert the  operation of the natural and just causes of wealth and poverty–take much of the capital of a  country from those whose industry produced it, and whose economy saved it, and give it to those who neither work or save…” (pg.91)

” If we had a political system as bad as that of Great Britain, with its hereditary aristocracy, with  its laws of entail and primogeniture, its manufacturing guilds, its incorporated commercial companies, its large standing army. its expensive navy, its church establishment, its borough mongering, its pensions and sinecures, our advancement would be seriously retarded. (pg. 124)

“We willingly admit that banking on proper principles would be  productive of great benefits; but we deny that banking with paper money, or by corporations possessing peculiar privileges is banking on proper principles.” (pg.47)

A Short History Of Paper Money and Banking         1833    by William M. Gouge

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