Respectfully Quoted: A Dictionary of Quotations. 1989.
Thomas Jefferson (17431826)
If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.
Attributed to THOMAS JEFFERSON. Although Jefferson was opposed to paper money, this quotation is obviously spurious. Inflation was listed in Websters dictionary of 1864, according to the Oxford English Dictionary, but the OED gives 1920 as the earliest use of deflation.