"[They] work more effectually against us, than the enemy's arms. They are a hundred times more dangerous to our liberties, and the great cause we are engaged in. It is much to be lamented that each State, long ere this, has not hunted them down as pests to society, and the greatest enemies we have to the happiness of America."
Of course Jon also points out that Alexander Hamilton was backstage, telling bankers that they really had nothing to worry about.
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President Washington was talking about inflation, and the damage that inflation was doing to America. Inflation is a curse, and should be eliminated permanently. The first part of that quote is:
George Washington..."...but I am under no apprehension of a capital injury from ay other source than that of the continual depreciation of our Money. This indeed is truly alarming, and of so serious a nature that every other effort is in vain unless something can be done to restore its credit."
Zero inflation is best. Debasing the currency is the quickest way to destroy a nation.
John Maynard Keynes..."There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."
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