Thomas Jefferson on Paper Money Abuses

Posted by admin on Sunday, August 17, 2014

Thomas Jefferson Money Quotation saying risks and abuses of currency are inevitable. Thomas Jefferson said:
 
Thomas Jefferson Paper money abuses also are inevitable, and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied quote
 

“That paper money has some advantages, is admitted. But that its abuses also are inevitable, and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied” — Thomas Jefferson

 

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This quote suggests that Thomas Jefferson acknowledged paper money (or fiat currency not backed by gold/silver reserves) had certain benefits. However, he also believed that abuse and mismanagement of paper currency systems were inevitable due to their instability.

Jefferson appears to be arguing that when the value of money fluctuates unpredictably as the “measure of value” changes, it undermines people’s ability to reliably assess the worth of private property and financial assets. He seems to view such instability as essentially turning every person’s wealth into a random “lottery” over which they have no control.

The quote conveys Jefferson’s skepticism of paper money due to the risks he felt it posed to the security of private property ownership and overall economic certainty.

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