"The few who understand the system, will either be so interested in
its profits, or so dependent on its favours that there will be no
opposition from that class, while on the other hand, the great body
of the people mentally incapable of comprehending the tremendous
advantage that capital derives from the system, will bear its burdens
without complaint, and perhaps without even suspecting that the system
is inimical to their interests."
John Sherman
(1823-1900) US Congressman, Senator (R-OH), Secretary of the Treasury and Secretary of State
June 25, 1863
in a letter sent to New York bankers, Morton, and Gould, in support of the then proposed National Banking Act
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Reader comments about this quote:
This parallels our politics since 1945
 -- Robert, Sarasota     
    Exactly describes what the USA's government is doing to the people of the USA today...
     -- Anonymous, Reston, VA US     
    I think the sheeple still sleep and love being fed for the ultimate financial slaughter. As for me and my house, we do not contribute to the financial institutions by mortgaging a home. Nor by paying the illegal graduated income tax.
     -- Dan, West Palm Beach, FL     
    Yes, of course, totally agree. We need to know more about what these men have done, are doing and, what to do about them.
     -- Marilyn, Toronto, Ontario, Canada     
    Is it any wonder that banking 'deregulation' has been so highly vaunted and prized by the business and corporate cheerleaders since the 'Reagan' era?
     -- Terry Berg, Occidental, CA     
    I think Sarasota Bob is a wee bit out of date - the current enslavement of the American people began back in 1913 after the Federal Reseve Act, drafted by an employee of the Rothschilds, was passed into law. The Rothschilds (owners of the Bank of England) paid a Mr Warburg (of German origin) a salary of $500,000 (that was in 1913 dollars!) to ensure the Americans adopted a central banking system. Warburg actually became the first chairman/governor of the Fed.
     -- John-Douglas, Nassau     
    John-Douglas is right, however, it could be said that the real end of the American Republic followed the end of the War Between the States when the Reconstruction Amendments to the US Constitution were adopted thus ending State sovereignty once and for all. Yes, the slaves were freed (as they should have been in 1776 & 1785), but the rest of the people have been turned into federal citizens (i.e. employees of the US government), wards of the State for ever more. Not a politically correct topic, I know, but the right to self-determination ended with the adoption of these amendments. It happened shortly after the Rothschilds successfully conspired to establish the National Bank Act of 1863. They also instigated and financed both sides of the Civil War! Their heirs continue to this day.
     -- Charleston, S.C.     
    It's so comforting to see how many people know what's really going on. Stay tight, people, cause it's going to get very bad. I'm moving to New Hampshire myself.
     -- Anonymous     
    There must be more to this than appears here. Buy Low-Sell High and Caveat Emptor are not difficult concepts. Capitalism is not inimical to my interests any more than communism is beneficial to them. Take your risks baby and then pay the piper!
     -- Dougmcr8, Springfield, VA     
    Anonymous may want to think twice about moving to NH. We have changed dramatically in the last three years - and will be worse after this session of the NH House and Senate.
     -- Niel Young, Laconia, N.H.     
    I don't know exactly how to rate this. It deserves more than 5 stars for accuracy but, a thumbs down for what its done to the Republic.
     -- Mike, Norwalk     
    Give me control of a nations money and I care not for her laws....Nathan Rothschild I think. We've been getting "screwed" by so called, benevolent governments since the early 1900's.
     -- J Carlton, Calgary     
    Quote from "History of the World Part II" "It is good to be the King" and I might add even better to be the Kings financier. This mentality is what ushered in the robber barons of the late 1800's and their captive Republican Senators aka "The Gilded Age". We have had another gilded age of late starting with Bush's tax cuts and the incomprhensible ones today are all of the floks in the red states.
     -- Waffler, Smith, Arkansas     
    The 'system' to which Sherman refers is the use of fiat currency, legal tender, promissory notes backed by nothing in exchange for real money -- silver and gold. The efforts to create a central bank (privately owned, mind you) that simply creates money out of nothing and 'loaned' at interest will never cease even if we manage to get rid of our current one, the Federal Reserve System, which has been the longest running scam in American history. Only Jefferson and Jackson successfully killed these beasts during their tenure, but it didn't stop the bankers' assault. Lincoln, Garfield and Kennedy weren't so lucky -- each were attempting to rid the US from control of the central bank at that time. Until we rid ourselves of the Fed, all talk about Freedom and Equality is moot -- we are all slaves to them until we cast the shackles off and hang these traitors.
     -- E Archer, NYC     
    I only disagree Archer that gold and silver are real money. They are no more real than sea shells. Only a social consensus and conventional wisdom that they are valuable make them worth while. Thus any mechanism that facilitates the transfer of real value (land, food, shelter, clothing, labor) is as good as the next. Maybe gold and silver are optimal in this process but they are no more "real" money than anything else.
     -- Waffler, Smith, Arkansas     
    While fiat currency can only be used as a de facto means of exchange that will once bust with inflation, it will never replace the intrinsic value and security of having a gold and silver backed currency.
     -- Logan, Memphis, TN     
    What a jackass. His "people" that are oppressed by the system have it better under our system than they would under any other. I suppose he thinks that all should just magically appear on your plate just because you deserve it. Nothing but a spoiled blue blood rich kid.
     -- warren, olathe     
    Thank you Archer; I was going to ask what 'system' Sherman was referring to. I do have to ask, how did you found this out?
     -- V, Southern Utah     
    V, the study of 'how money is made' will reveal all. ;-) Waffler, again, merely makes the argument that 'truth is relative' -- I however believe that 'truth is absolute.' Sea shells are indeed more 'real' money than Federal Reserve Notes as they have intrinsic value in a free market. Federal Reserve Notes however are IOU's for 'real' money -- that is why they are called 'promissory notes' not 'certificates' backed by real commodities. A dollar bill is a 'bill' for one dollar (i.e. ounce) of either silver or gold. I hope one day Waffler can really understand the distinction instead of simply being the devil's advocate without thought to the origins of power and substance. The truth will set you free -- lies masquerading as truth merely bind us further -- for which interest-bearing fiat currency can attest.
     -- E Archer, NYC     
    "The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with the flick of the pen they will create enough deposits to buy it all back again. However, take this great power away from them, and all the great fortunes like mine disappear, and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create money and control credit." ~ Sir Josiah Stamp, Director of the Bank of England in the 1920s, reputed to be the second wealthiest man in England at that time
     -- J Carlton, Calgary     
    The opposite of real is imaginary. Again, Waffler is as useful as tits on a boar in saying gold and silver are not real! They are imaginary??? Waffler's mind is not real!! Estupido!! He must be rewarded with much money that Keynes call "worthless" to put up with the criticism he gets or he is just too stupid to see so many sees his idiocy.
     -- nodinero, Tijuana     
    That is the most capitalistic description of what capitalism is, even in case most of its units (ie. people ) understands and be aware of what it bears.

    Comments above which degrades the quote only to penalize the fiat systems and enthusiasm for a fixed instruments(ie. gold) are all wrong. 

    Quote is a generalization of capitalism, not a praise for gold standart. Even if it didn't meant for that, still leads to capitalism as a benefit sucking system from others.
     -- defdef, trobulesome     
    No, the system Sherman is talking about is a fiat central banking system for all the world which allow the banks to create money out of nothing and lend it at interest to the nations to use as 'money.'  This is not capitalism, this is socialism; it is a foundational plank of communism.  The central bankers are not capitalists they are governors with the power to crush nations, which they often do to cull the herds and reap profits.
     -- E Archer, NYC     
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