Almost 200 years ago a wise leader said . . .
"These ebbs & flows in the currency & these indiscreet extensions of credit naturally engender a spirit of speculation injurious to the habits & character of the people. We have already seen its effects in the wild spirit of speculation in the public lands & various kinds of stock which within the last yr or 2 seized upon such a multitude of our citizens & threatened to pervade all classes of society & to withdraw their attention from the sober pursuits of honest industry. It is not by encouraging this spirit that we shall best preserve public virtue & promote the true interests of our country; but if your currency continues as exclusively paper as it now is, it will foster this eager desire to amass wealth without labor; it will multiply the number of dependents on bank accommodations & bank favors; the temptation to obtain money at any sacrifice will become stronger & stronger, & inevitably lead to corruption, which will find its way into your public councils and destroy at no distant day the purity of your Government."
Hmmm wonder if we could have seen our current economic mess coming before the last year or two? Seems like Mr Jackson did!
