An accident of History

Thomas  Jefferson said in 1802:
'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks   (FEDERAL RESERVE ESTABLISHED Today in 1913) to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered...'

Was Jefferson's attitude toward bankers the result of his continual indebtedness or did he foresee this latest financial crisis.  Every bear market is accompanied by the collapse of some major financial institution.
DC