H/T Tulsa World
By ANNE FLAHERTY Associated Press
Published: 5/9/2009 2:25 AM
Last Modified: 5/9/2009 6:10 AM
WASHINGTON — The White House told industry officials on Friday that it is leaning toward recommending that the Federal Reserve become the supercop for "too big to fail" companies capable of causing another financial meltdown.
Thomas Jefferson speaking on the first attempt to establish a central bank in America:
"The system of banking is a blot left in all our Constitutions, which, if not covered, will end in their destruction. I sincerely believe that banking institutions are more dangerous than standing armies; and that the principle of spending money to be paid by posterity is but swindling futurity on a large scale."
"The end of democracy, and the defeat of the American revolution will occur when government falls into the hands of the lending institutions and moneyed incorporations."
"If the people ever allow the banks to issue their currency, the banks and corporations which will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered."
"Paper is poverty... It is not money, but the ghost of money."
"There is an artificial aristocracy, founded on birth and privelege, without virtue or talents... The artificial aristocracy is a mischievous ingredient in government, and provisions should be made to prevent its ascendency."
"The bank of the United States is one of the most deadly hostilities existing against the principles and form of our Constitution. I deem no government safe which is under the vassalage of any self-constituted authorities, or any other authority than that of the nation, or its regular functionaries. What an obstruction could not this bank of the United States, with all its branch banks, be in a time of war? It might dictate to us the peace we should accept, or it might withdraw its aid. Ought we then to give further growth to an institution so powerful, so hostile?"
James Madison speaking on the first attempt to establish a central bank in America:
"History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible, to maintain their control over governments, by controlling money and its issuance."
"It is proper to take alarm at the first experiment on our liberties. We hold this prudent jealousy to be the first duty of citizens and one of the noblest characteristics of the late revolution. The free men of America did not wait until usurped power has strengthened itself by exercise and entangled the question in precedents. They saw all the consequences in the principle, and they avoided the consequences by denying the principle."
Andrew Jackson speaking on the second attempt to establish a central bank in America:
"If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations."
"I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic, inasmuch as it is calculated to raise around the administration a monied aristocracy dangerous to the liberties of the country."
President Jackson told the bankers "You are a den of vipers and thieves. I intend to rout you out, and by the Eternal god, I will rout you out!"
Abraham Lincoln speaking on the third attempt to establish a central bank in America:
"The money powers prey on the nation in times of peace and conspire against it in times of adversity. The banking powers are more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. They denounce as public enemies all who question their methods or throw light upon their crimes.
I have two great enemies, the Southern Army in front of me, and the bankers in the rear. Of the two, the one at my rear is my greatest foe. As a most undesirable consequence of the war, corporations have been enthroned, and an era of corruption in high places will follow. The money power will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed."
"The government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be the master and become the servant of humanity."
"Government, possessing the power to create and issue credit and currency as money, and enjoying the right to withdraw both currency and credit by taxation and otherwise, need not and should not borrow capital at interest as the means of financing governmental work and public enterprise."
"The privelege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government's greatest creative opportunity."
"No duty is more imperative on the government than the duty it owes the people to furnish them with a sound and uniform currency, and of regulating the circulation of the medium of exchange so that labor will be protected from a vicious currency, and commerce will be facilitated by cheap and safe exchanges."
UPDATE: God in heaven, I can't believe I am going to say this... Thanks to Ducky for pointing out that the Wilson quote was wrong. (shudder) After I dug deeper, it is clear that the quote is indeed a misrepresented quote and not about the FED at all. So we can all go back to thinking of him as a traitor. I have deleted the quote.