Wealth Disparity Quotes
This frequent Jefferson quotation almost certainly was never written or uttered by him but was probably created by later opponents of private banks. It has never been verified from any studies of Jefferson’s prolific writings. Further the word ‘inflation” came into use in the 1860s and ‘deflation’ seems to have first been used in the 1920s. However, some ascribe it to a letter Jefferson wrote to Treasury Secretary, Albert Gallatin in 1802.
See Jonathan Swift {35359} and William Shenstone {642165} for a later expression of this notion.
William Gibbs McAdoo was a contender for the presidential nomination. As an attorney he was urged not to represent any rich or large corporate clients lest his image be tarnished. He asked if he had to remain poor all his life:
In his economic view, managers, accountants, attorneys, owners, shareholders, landlords, were all supported by the workers who have to support themselves and all the others.
At the time English democracy was still suspect especially among the aristocracy.