The law of the Creator, which invests every human being with an inalienable title to freedom, cannot be repealed by any interior law which asserts that man is property.
Salmon P. ChaseRead
My agency in promoting the passage of the National Bank Act was the greatest financial mistake of my life. It has built up a monopoly, which affects every interest in the country. It should be repealed, but before that can be accomplished, the people will be arrayed on one side and the banks on the other, in a contest such as we have never before seen in this country.
Interpretation
What this quote means
Chase regrets supporting the National Bank Act, believing it created a harmful monopoly impacting the nation's interests.
In this quote, Salmon P. Chase reflects on his regret regarding the National Bank Act, which he views as a significant financial error. He acknowledges that the Act has established a monopoly detrimental to the American public, leading to a potential conflict between the people's interests and those of the banking institutions. Chase predicts that any attempt to repeal the Act will result in a fierce struggle, highlighting the profound consequences of financial legislation on society.
Themes
BankingEconomicsMonopolyRegretLegislation
In practice
Example use cases
In a discussion about banking reforms, one could cite this quote to emphasize the potential pitfalls of financial legislation.
More from Salmon P. Chase
All quotes βAnd upon this act, sincerely believed to be an act of justice, warranted by the Constitution, upon military necessity, I invoke the considerate judgment of all mankind, and the gracious favor of Almighty God.
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Once I should have been, if not satisfied, partially, at least, contented with suffrage for the intelligent and those who have been soldiers; now I am convinced that universal suffrage is demanded by sound policy and impartial justice.
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