Political Quotes

On the record
Here it must be observed, that the whole system of national banks is founded upon the bonds of the nation; so that, at the rate of liquidation now adopted for the national debt, the system will be without support in the lapse of twelve or fifteen years.
Said by
Charles Sumner
Massachusetts

Editor's note · Context

Sumner warns that the national banking system relies on government bonds, which may become unsustainable if the national debt is liquidated too quickly.

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