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The country is headed toward a single and splendid government of an aristocracy founded on banking institution and monied incorporations and if this tendency continues it will be the end of freedom and democracy, the few will be ruling and riding over the plundered plowman and the begger in the omenry

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Spurious Quotation?

By H, Sally at Jul 08, 2011 06:26 AM

According to The Thomas Jefferson Encyclopedia, quoted on the Monticello website at http://www.monticello.org/site/research-and-collections/end-democracyquotation , this is a spurious quotation that has not been found in the writings of T.J., which first appeared in print in 1994. Another version of it that is also spurious is: "The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations."  The Montecello website states: 

This exact quotation has not been found in the writings of Thomas Jefferson.  It may be a mistaken amalgamation of the author's comments in the above 1994 reference [chomsky] with a real Jefferson quotation.  Jefferson wrote in 1825 to William Branch Giles of "a vast accession of strength from their younger recruits, who, having nothing in them of the feelings or principles of '76, now look to a single and splendid government of an aristocracy, founded on banking institutions, and monied incorporations under the guise and cloak of their favored branches of manufactures, commerce and navigation, riding and ruling over the plundered ploughman and beggared yeomanry."[3]  Chomsky's 1994 book quotes Jefferson's 1825 letter to Giles and then comments that "[Jefferson] warned that that would be the end of democracy and the defeat of the American revolution."

Note that they do not accuse Chomsky of misquoting Jefferson.  Rather it seems that one of Chomsky's readers may have combined Jefferson's comments with Chomsky's.

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By Kenny, John at Jul 17, 2010 10:46 AM

Can you tell me where this quote comes from?

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