Share on Facebook Share on Twitter Comment on this quoteShare via Email Print this Page Daily Quotes Archives2009-02-17 Feb 17, 2009You cannot bring about prosperity by discouraging thrift. You cannot help small men by tearing down big men. You cannot strengthen the weak by weakening the strong. You cannot lift the wage-earner by pulling down the wage-payer. You cannot help the poor man by destroying the rich. You cannot keep out of trouble by spending more than your income. You cannot further the brotherhood of man by inciting class hatred. You cannot establish security on borrowed money. You cannot build character and courage by taking away men's initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves.~ William BoetckerI cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on the objects of benevolence, the money of their constituents.~ James MadisonThe real destroyer of the liberties of the people is he who spreads among them bounties, donations and benefits.~ Plutarch Feb 16, 2009Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.~ Federal Reserve Bank of New YorkThe decrease in purchasing power incurred by holders of money due to inflation imparts gains to the issuers of money...~ Federal Reserve Bank of St. LouisPaper money eventually returns to its intrinsic value -- zero.~ Voltaire Feb 13, 2009Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.~ George WashingtonThus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess.~ Irving FisherThose who create and issue money and credit direct the policies of government and hold in the hollow of their hands the destiny of the people.~ Reginald McKenna Feb 12, 2009The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.~ John Kenneth GalbraithThe legal tender quality [of money] is only valuable for the purposes of dishonesty.~ Justice Salmon ChaseMoney power denounces, as public enemies, all who question its methods or throw light upon its crimes.~ William Jennings Bryan Feb 11, 2009Madison, agreeing with the journal of the convention, records that the grant of power to emit bills of credit was refused by a majority of more than four to one. The evidence is perfect; no power to emit paper money was granted to the legislature of the United States.~ George BancroftNo state shall emit bills of credit, make any thing but gold and silver coin a tender in payment of debts, coin money...~ United States ConstitutionEmitting bills of credit, or the creation of money by private corporations, is what is expressly forbidden by Article 1, Section 10 of the U.S. Constitution.~ U.S. Supreme Court Previous week's quotes Next week's quotes Share on Facebook Tweet Email Print