Jeremy Bentham Defends Usury

1787

England

Jeremy Bentham wrote, in his Defence of Usury, in which he proclaimed a laissez-faire position, and introduced his concept of utility, urging "that no man of ripe years and of sound mind, acting freely, and with his eyes open, ought to be hindered, with a view to his advantage, from making such bargain, in the way of obtaining money, as he thinks fit: nor, (what is a necessary consequence) any body hindered from supplying him, upon any terms he thinks proper to accede to." Bentham's argument, written against proposed legislation in the Irish Parliament, won out in the English Parliament, which abolished the law against usury.

USA

The Continental Congress met to adopt the replacement to the Articles of Confederation, which would become the Constitution. Thomas Jefferson was staunchly against establishing another central bank in the US.

"If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered". — Thomas Jefferson

1790

Germany

Unofficial version

"Let me issue and control a nation's money and I care not who writes the laws." — Mayer Amschel Rothschild

1791

USA

US national Debt $75,463,477.

A bill sponsored by Treasury Secretary Alexander Hamilton was passed by Congress. This bill established the largest American Corporation of its time, the First Bank of the United States. This bank was tenured by a charter of 20 years to expire in 1811. Its establishment was opposed by Thomas Jefferson and was marked by extended debate over its constitutionality.

Madison led the unsuccessful attempt to block Hamilton's proposed Bank of the United States, arguing the new Constitution did not explicitly allow the federal government to form a bank. [madison1]

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance." — James Madison

1798

USA

"I wish it were possible to obtain a single amendment to our Constitution - taking from the federal government their power of borrowing." — Thomas Jefferson

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