John Colman Quotes
Most certainly it was a very wrong step to Crush the Private Bank, and set up this Publick Bank in its place
John Colman, *, Colonial Banker & Economist, The Distressed State of the Town of Boston, Considered, 1720
Sourced by: Eigen's Political and Historical Quotations
The State and local bankers and financers had opposed this of course as they often made money when everyone else including the government was broke and paid very high interest rates to borrow anything. Later, under Andrew Jackson, the Bank of the United States was ended. Later it was recreated and has evolved to the Federal Reserve System. However, as in Jackson’s day, populists and local bankers and financiers still argue against the idea of a national or central bank.
Jefferson was of the opinion that a central bank was unconstitutional and that it was a great economic danger to the nation, a view also held later by President Andrew Jackson.
The ‘Fed’ refers to the Federal Reserve Board, the strength of which lies in its independence from politics. Some, however, believe that there should not be any entity that performs a major function in our society which is not accountable to the Executive Branch or the Congress or both.
There has always been a fear of inflation and currency debasement by governments. Since ancient times, rulers issued coins and when they were made of cheap metals like copper or iron, the ruler could mint as much as he wanted and when he did so the value went down. By using only precious metals, gold and silver, for coins, there would be a natural restraint on government. Garfield was one of those who believed that we should always have money of gold and silver. The United States would use that principle for the next century even backing its paper money with gold and silver. In the Nixon administration the United States abandoned the gold standard. Today, it is the ability of a country to produce things that maintains value of paper money which has been supplanted in many cases by electronic money.
The legislation creating the Federal Reserve Board was then being debated. A few days later it passed despite reservations from Lodge and others. The powers relegated to the Federal Reserve Board have been debated ever since.
When the general retired, he took a position on Wall Street for which some claimed he was unqualified.
John Colman was a crew member of the Half Moon under Henry Hudson who was killed by Native Americans by an arrow to his neck.
