What would John Adams say about regulating banks?

[JDPriestly]

"The System of Banks begotten, hatched and brooded by Duer, Robert and Governeur Morris, Hamilton and Washington, I have always considered as a System of national Injustice. A Sacrifice of public and private Interest to a few Aristocratical Friends and Favourites . My scheme would have had no such Effect. (He proposed a Constitutional Amendment to prohibit states from establishing banks and, instead, establishing one national bank with a capital limited to ten million dollars.)

Verres plundered Temples and robbed a few rich Men; but he never made such ravages among private property in general, nor swindled so much out of the pocketts of the poor and middle Class of People as these Banks have done. No people but this would have borne the Imposition so long. The People of Ireland would not bear Woods half pence. What Inequalities of Talent, have been introduced in this Country by these Aristocratical Banks!"

John Adams to Thomas Jefferson -- Quincy November 15, 1813, The Adams-Jefferson Letters edited by Lester J. Cappon (1959) pp. 401-402.

This excerpt is from a long letter.

Down with Ayn Rand and her aristocratic drivel.

[MADem]

1. One National Bank, eh? Imagine the fun BushCo would have with that.

Imagine how many people would stash their dough elsewhere? Like, say, in Canada or ANY other nation?

I do business at a credit union that pays me interest for parking what little dough I have with them. I'm satisfied with that sort of arrangement.

[JDPriestly]

2. Had John Adams prevailed, we would be a different nation.

Our economy would be integrated into our political life. I don't know whether that would be good or bad, but it shows that even our Founding Fathers -- the wiser of them -- agreed that economics is a political issue. They would be horrified at the arguments of the extreme right wing about economic issues. They were united in their opposition to the aristocratic aspirations of Hamilton and his ilk. And Hamilton and his ilk are the heroes of the right-wingers who would interpret the Federalist Papers to promote their own political and financial ends.

[MADem]

3. Hard to pull the thread that far back....nt

[JDPriestly]

4. For sure. But it is good to keep the original dreams in focus.