John Adams’ letter of November 15, 1813, warns against the dangers of aristocracy, speculative wealth, and banking institutions. He argues that the natural tendency of the wealthy is to consolidate power, threatening the foundations of republican governance. Adams is particularly harsh on banks, believing they cause more harm than good by enabling financial speculation and economic instability. He decries the effects of wealth accumulation without labor, warning that speculation rewards deceit over industry. His words serve as a powerful critique of economic systems that concentrate power among elites at the expense of the working class. This letter remains a crucial reflection on the tensions between democracy and economic power, offering timeless lessons on financial responsibility and governance.
