April: "It's the economy, stupid." April 1 "I believe that banking institutions are more dangerous to our liberties than standing armies." Thomas Jefferson, 3rd President, 1801-1809- paraphrase of a statement Jefferson made in a letter to John Taylor May 28, 1816. Jefferson was a prolific letter writer. Most days he would write letters from sunrise to one or two o'clock in the afternoon. (http://www.monticello.org/site/jefferson/drudging-writing-table) He would write political and philosophical letters to colleagues, he corresponded to fellow scientists on topics such as mathematics, archtecture, agriculture, and friendly letters to family and friends. He exchanged a large volume of letters with John Adams until their deaths, both dying on July 4, 1826. Here he writes to Taylor, often referred to as John Taylor of Caroline, who was a friend and cohort of Jefferson from the early revolutionary times. During the war, Taylor served as a Colonel in the cavalry and later in the the Virginia House of Delegates and the early United States Senate from 1792-1794. He was related to General Zachary Taylor, who was elected President in 1848. Like Jefferson, he opposed a stronger federal government, believing that its power came from the states' consent. Here Jefferson thanks Taylor having sent him a copy of Taylor's book, "Enquiry into the Principles of Our Government". Jefferson responds, in part..."The sixth section on the good moral principles of our government, I found so interesting and replete with sound principles, as to postpone my letter-writing to its thorough perusal and consideration...The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. Funding I consider as limited, rightfully, to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally, by the laws of the Creator of the world, to the free possession of the earth he made for their subsistence, unencumbered by their predecessors, who, like them, were but tenants for life." Jefferson fears the acceptance of the idea that the people exist for the government and its institutions rather than the government existing for its people (as perceived in pre-revolutionary England). As with the government, banks could grow in influence to the detriment of the country and its people. He concludes, "...On this view of the import of the term republic, instead of saying, as has been said, "that it may mean anything or nothing," we may say with truth and meaning, that governments are more or less republican as they have more or less of the element of popular election and control in their composition...And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale. I salute you with constant friendship and respect.