Specie [gold and silver coin] is the most perfect medium because it will preserve its own level; because, having intrinsic and universal value, it can never die in our hands, and it is the surest resource of reliance in time of war.
Interpretation
Jefferson argues that gold and silver coins are the most reliable form of currency due to their inherent value and stability.
In this quote, Thomas Jefferson highlights the enduring value of gold and silver coins as a medium of exchange. He suggests that these precious metals possess intrinsic worth which ensures their stability and reliability, especially in times of crisis such as war. This perspective reflects a broader philosophical approach to economics, where tangible assets are preferred for their ability to maintain value over time, providing security and assurance in uncertain circumstances.
In practice
During a discussion about investments, one might quote Jefferson to emphasize the importance of tangible assets.
The firmness with which the (American) people have withstood the... abuses of the press, the discernment they have manifested between truth and falsehood, show that they may safely be trusted to hear everything true and false and to form a correct judgment between them.
I, place economy among the first & most important republican virtues, & public debt as the greatest of the dangers to be feared
βWe must make our choice between economy and liberty or confusion and servitude...If we run into such debts, we must be taxed in our meat and drink, in our necessities and comforts, in our labor and in our amusements...if we can prevent the government from wasting the labor of the people, under the pretense of caring for them, they will be happy.
Very many and very meritorious were the worthy patriots who assisted in bringing back our government to its republican tack. To preserve it in that, will require unremitting vigilance.
A nation, as a society, forms a moral person, and every member of it is personally responsible for his society.
Timid men prefer the calm of despotism to the tempestuous sea of liberty.
Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
The borrowers will always be willing to take a great deal for themselves. Itβs up to the lenders to show restraint, and when they lose it, watch out.
Complexity and interconnectedness matter as much as size in assessing risk in banking.
There are two main drivers of asset class returns - inflation and growth.
When getting help with money, whether it is insurance, real estate or investments you should always look for a person with the heart of a teacher, not the heart of a salesman.
Bad debt is sacrificing your future day needs for your present day desires.
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