“The banks themselves were doing business on capitals, three-fourths of which were fictitious. This fictitious capital...is now to be lost, and to fall on somebody; it [the bank] must take on those who have property to meet it, and probably on the less cautious part, who, not aware of the impending catastrophe, have suffered themselves to contract, or to be in debt, and must now sacrifice their property of a value many times the amount of the debt. We have been truly sowing with wind, and are now reaping the whirlwind.” (Thomas Jefferson, Writings of Thomas Jefferson, 10:133.)

Related Categories
Money: Inflation