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 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 the wind, and are now reaping the whirlwind.
Thomas JeffersonTo me... it appears that there have been differences of opinion and party differences, from the first establishment of government to the present day, and on the same question which now divides our own country; that these will continue through all future time; that every one takes his side in favor of the many, or of the few, according to his constitution, and the circumstances in which he is placed.
Thomas Jefferson