"In this way, the charge that the bank makes for the use of its notes - the interest - is a continual and universal tax upon all the members of the community"
- John Buchanan Robinson
About this Quote
John Buchanan Robinson's quote is describing the way in which banks charge interest on using their notes. This interest is basically a tax that is imposed on all members of the community, as it is a consistent and universal charge. This implies that everybody in the neighborhood is subject to this tax, regardless of their financial situation. This tax is used to produce income for the bank, which can then be utilized to fund its operations and services. The interest charged by banks is typically seen as a required evil, as it enables banks to stay successful and provide services to the neighborhood. Nevertheless, it can also be seen as a burden on those who are currently having a hard time financially, as it can make it more difficult for them to access the services they require. Ultimately, this quote works as a pointer of the importance of understanding the ramifications of the interest charged by banks, and how it can affect the monetary wellbeing of the community.
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