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.
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
What this quote means
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.
Themes
In practice
Example use cases
During a discussion about investments, one might quote Jefferson to emphasize the importance of tangible assets.
More from Thomas Jefferson
All quotes →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.
Similar quotes
Investors have few spare tires left. Think of the image of a car on a bumpy road to an uncertain destination that has already used up its spare tire. The cash reserves of people have been eaten up by the recent market volatility.
Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.
The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion.
Don't try to buy at the bottom and sell at the top. It can't be done except by liars.
Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?
If you wait to see how much money you have left at the end of the month to put toward savings, the answer may be zero. So, set up an automated monthly transfer from your checking to savings account. Once you lock into that commitment, you'll be forced to scale back spending to make ends meet.