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
βWe 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.
In January we start saving money, getting out of credit card debt, funding our retirement accounts, and we're doing wonderful. Then, every single year like clockwork, starting in November, all of you fall into this trap that says, 'I have to buy this gift... I can't show up at this party and not have something for everybody.
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.
It is absurd to think that the general public can ever make money out of market forecasts.
The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.
Long-term investing has gotten so popular, it's easier to admit you're a crack addict than to admit you're a short-term investor.
The difference between tax avoidance and tax evasion is the thickness of a prison wall.
Subscribe for the occasional hand-picked quote. No noise.