Specie [gold and silver coin] is the most perfect medium because it will preserve its own level; because, having intrinsic and universal value, it can never die in our hands, and it is the surest resource of reliance in time of war.
Interpretation
Jefferson argues that gold and silver coins are the most reliable form of currency due to their inherent value and stability.
In this quote, Thomas Jefferson highlights the enduring value of gold and silver coins as a medium of exchange. He suggests that these precious metals possess intrinsic worth which ensures their stability and reliability, especially in times of crisis such as war. This perspective reflects a broader philosophical approach to economics, where tangible assets are preferred for their ability to maintain value over time, providing security and assurance in uncertain circumstances.
In practice
During a discussion about investments, one might quote Jefferson to emphasize the importance of tangible assets.
The firmness with which the (American) people have withstood the... abuses of the press, the discernment they have manifested between truth and falsehood, show that they may safely be trusted to hear everything true and false and to form a correct judgment between them.
I, place economy among the first & most important republican virtues, & public debt as the greatest of the dangers to be feared
We must make our choice between economy and liberty or confusion and servitude...If we run into such debts, we must be taxed in our meat and drink, in our necessities and comforts, in our labor and in our amusements...if we can prevent the government from wasting the labor of the people, under the pretense of caring for them, they will be happy.
Very many and very meritorious were the worthy patriots who assisted in bringing back our government to its republican tack. To preserve it in that, will require unremitting vigilance.
A nation, as a society, forms a moral person, and every member of it is personally responsible for his society.
Timid men prefer the calm of despotism to the tempestuous sea of liberty.
The average investor's return is significantly lower than market indices due primarily to market timing.
I have a saying: There are no brave old people in finance. Because if you're brave, you mostly get destroyed in your 30s and 40s. If you make it to your 50s and 60s and you're still prospering, you have a very good sense of how to avoid problems and when to be conservative or aggressive with your investments.
When getting help with money, whether it is insurance, real estate or investments you should always look for a person with the heart of a teacher, not the heart of a salesman.
Never pay the slightest attention to what a company president ever says about his stock.
If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to think that individuals can.
Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.
Subscribe for the occasional hand-picked quote. No noise.