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"The probable accumulation of the surpluses of revenue beyond what can be applied to the payment of the public debt... merits the consideration of Congress. Shall it lie unproductive in the public vaults?...Or shall it rather be appropriated to the improvements of roads, canals, rivers, education, and other great foundations of prosperity and union."
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"When a country has substituted credit money or fiat money for metallic money, because the legal equating of the over-issued paper and the metallic money sets in motion the mechanism described by Gresham's Law, it is often asserted that the balance of payments determines the rate of exchange. But this also is a quite inadequate explanation. The rate of exchange is determined by the purchasing power possessed by a unit of each kind of money."
"I saw the poverty, I say the prosperity. Both have fundamental problems."
"They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free."
"The mistake in the argument of those who suppose that a variation in the quantity of money results in an inversely proportionate variation in its purchasing power lies in its starting-point. If we wish to arrive at a correct conclusion, we must start with the valuations of separate individuals; we must examine the way in which an increase or decrease in the quantity of money affects the value-scales of individuals, for it is from these alone that variations in the exchange-ratios of goods proceed."
"It has been proposed that monetary liabilities should be settled in terms of gold and not according to their nominal amount. If this proposal were adopted, for each mark that had been borrowed that sum would have to be repaid that could at the time of repayment buy the same weight of gold as one mark could at the time when the debt contract was entered into. The fact that such proposals are now put forward and meet with approval shows that etatism has already lost its hold on the monetary system and that inflationary policies are inevitably approaching their end. Even only a few years ago, such a proposal would either have been ridiculed or else branded as high treason."
"If the State uses this power systematically in order to force the community to accept a particular sort of money whose employment it desires for reasons of monetary policy, then it is actually carrying through a measure of monetary policy. The States which completed the transition to a gold standard a generation ago, did so from motives of monetary policy. They gave up the silver standard or the credit-money standard because they recognized that the behaviour of the value of silver or of credit money was unsuited to the economic policy they were following."
"The attempt to restrain prices within limits has to be given up. A government that sets out to abolish market prices is inevitably driven towards the abolition of private property."
"It is the consumers who make poor people rich and rich people poor."
"If you despise increase, you are a strange personality in the society."
Explore more quotes by Thomas Jefferson
"It is an axiom in my mind, that our liberty can never be safe but in the hands of the people themselves, and that too of the people with a certain degree of instruction. This it is the business of the State to effect, and on a general plan."
"A wise and frugal Government, which shall retrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned."
"Dependence begets subservience and venality, suffocates the germ of virtue, and prepares fit tools for the designs of ambition."
"When the people fear the government, there is tyranny. When the government fears the people, there is liberty."
"The contest is not between Us and Them, but between Good and Evil, and if those who would fight Evil adopt the ways of Evil, Evil wins."
"All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately, by the grace of God. These are grounds of hope for others. For ourselves, let the annual return of this day forever refresh our recollection of these rights, and an undiminished devotion to them."
"To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical."
"Peace, commerce, and honest friendship with all nations...entangling alliances with none."
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