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One of the evils of paper money is that it turns the whole country into stock jobbers. The precariousness of its value and the uncertainty of its fate continually operate, night and day, to produce this destructive effect. Having no real value in itself it depends for support upon accident, caprice, and party; and as it is the interest of some to depreciate and of others to raise its value, there is a continual invention going on that destroys the morals of the country.
Thomas Paine
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Interpretation

What this quote means

The quote critiques paper money, suggesting it promotes speculative behavior and undermines moral values.

Thomas Paine's quote highlights the negative consequences of relying on paper money, which lacks intrinsic value and is subject to fluctuations based on external factors. He argues that this instability fosters a society of speculators, undermining ethical standards and leading to moral decay.

Themes

MoneyValueSpeculationMoralityEconomics

In practice

Example use cases

During a lecture on financial ethics, you might quote Paine to discuss the dangers of speculative investments.

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A long habit of not thinking a thing wrong gives it a superficial appearance of being right.
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I consider the war of America against Britain as the country's war, the public's war, or the war of the people in their own behalf, for the security of their natural rights, and the protection of their own property.
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Had the news of salvation by Jesus Christ been inscribed on the face of the sun and the moon, in characters that all nations would have understood, the whole earth had known it in twenty-four hours, and all nations would have believed it; whereas, though it is now almost two thousand years since, as they tell us, Christ came upon earth, not a twentieth part of the people of the earth know anything of it, and among those who do, the wiser part do not believe it.
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The end of all political associations is the preservation of the natural and imprescriptible rights of man; and these rights are liberty, property, security, and resistance of oppression.
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To reason with goverments, as they have existed for ages, is to argue with brutes. It is only from the nations themselves that reforms can be expected
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