John Adams: Abhor Banking System

Posted by admin on Wednesday, October 27, 2021

John Adams Money Quote saying banking is abhorrent when it’s about profit for bankers rather than the public good. John Adams said:
 
Funds and Banks. Funding System was contrived to enrich particular Individuals at the public Expence. Our whole banking System I ever abhorred Quote
 

Funds and Banks. I never approved or was Satisfied with our Funding System. It was founded on no consistent Principle. It was contrived to enrich particular Individuals at the public Expence. Our whole banking System I ever abhored, I continue to abhor, and shall die abhorring” — John Adams

 

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In this quote, John Adams is strongly criticizing the early American system of public funding and banking. The best interpretation is:

  • Adams states he never supported the “Funding System” and felt it lacked coherent principles, implying it was inconsistently designed and implemented.
  • He argues it was a scheme primarily meant to “enrich particular Individuals” through insider privileges, at the “public Expence” or taxpayer cost.
  • Adams also harshly disapproved of the entire “banking System” as deeply flawed and abused for private gains. He maintained a lifelong disdain for it as expressed by his intention to “die abhorring” the system.

Overall, the quote conveys Adams’ conviction that the nascent national funding apparatus and banks were vehicles for corruption that prioritized select economic interests over responsible stewardship of public monies. From his perspective, they lacked integrity and justly enriched only a privileged few at the public’s expense according to the disapproving tone of his critique.

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