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The historic Democratic banking policy

June 26, 2012

“President Garfield once said that whoever controls the supply of currency and bank credit will largely control all American business. Thomas Jefferson, when opposing the issuing of public currency by a private central bank, declared that a private bank issuing and controlling the volume of the public currency would be more dangerous to the country and the liberties of the people than a standing army. Andrew Jackson when President took the same position. That, historically, is the Democratic policy. It is now the view of the progressives of all parties.”

Alfred O. Crozier, March 2, 1913

Banking and currency: Hearings before the Committee on banking and currency, United States Senate, Sixty-third Congress, first session, on H.R. 7837 (S. 2639) (1913), pg. 1465


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