John Adams: Credit Causes Distress

Posted by admin on Tuesday, November 23, 2010

John Adams Money Quotation saying failure to understand the banking system and workings of our financial system and credit machinations are at the core of American difficulties. John Adams said:
 
distresses in America not from Constitution, but ignorance of nature of coin, credit and circulation Quote
 

“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation” — John Adams

 

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John Wesley seems to be offering a philosophy or set of principles for financial responsibility and stewardship. The quote suggests one should aim to:

  • Make all you can” – Earn or generate as much income and wealth as possible through diligent work and entrepreneurial efforts.
  • Save all you can” – Be prudent by putting away and preserving as much of what you earn as feasible, rather than spending it all immediately.
  • Give all you can” – Once basic needs are met and savings secured, use surplus resources generously to help others through charitable giving according to one’s means.

The message conveys a balanced approach of industriousness, thriftiness and generosity. Wesley appears to be advising maximizing earnings while also maintaining self-sufficiency through savings as a foundation for then maximizing contributions to social and community well-being through philanthropy.

Birthday: October 30, 1735 – Death: July 4, 1826

#ConstitutionDay September 17

 

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