Today’s societal discord suggests Americans aren’t on the same page about who, or what, we are as a country. While differences of opinion are to be expected in society, a dismissal or misunderstanding of what unites us as a country can be fatal. While I could be wrong, but suspect I am not, we don’t seem to indoctrinate our citizens the way we did not so long ago.
While the word indoctrinate might bespeak of something sinister to some, the Merriam-Webster dictionary defines it as “to imbue with a usually partisan or sectarian opinion, point of view, or principle.” Another definition is simply “to instruct especially in fundamentals or rudiments.”
Put another way, indoctrinating is the process one uses, or goes through, in order to learn what they should believe as a member of a society, religion, denomination or any other sort of group.
After all, as Aaron Tippon once sang, “you’ve got to stand for something or you will fall for anything.”
So, due to the upcoming Independence Day holiday, I would like to deviate from the norm with this issue of Common Cents.
Instead of focusing on the economy and the markets, I would like to spend the next several hundred words invoking the wisdom of the accepted Founding Fathers of this great nation of ours. When you read their words, it is hard to believe they are from close to 250 years ago.
While a lot has changed since then, the wisdom has not.
The Declaration of Independence
“The unanimous Declaration of the thirteen united States of America, When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed…”
The Preamble to the united states Constitution
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
Thomas Paine – Common Sense
The cause of America is in a great measure the cause of all mankind. Many circumstances have, and will arise, which are not local, but universal, and through which the principles of all lovers of mankind are affected, and in the event of which their affections are interested. The laying a country desolate with fire and sword, declaring war against the natural rights of all mankind, and extirpating the defenders thereof from the face of the earth, is the concern of every man to whom nature hath given the power of feeling; of which class, regardless of party censure, is…
Society in every state is a blessing, but Government, even in its best state, is but a necessary evil; in its worst state an intolerable one: for when we suffer, or are exposed to the same miseries by a Government, which we might expect in a country without Government, our calamity is heightened by reflecting that we furnish the means by which we suffer. Government, like dress, is the badge of lost innocence; the palaces of kings are built upon the ruins of the bowers of paradise. For were the impulses of conscience clear, uniform and irresistibly obeyed, man would need no other law-giver; but that not being the case, he finds it necessary to surrender up a part of his property to furnish means for the protection of the rest; and this he is induced to do by the same prudence which in every other case advises him, out of two evils to choose the least. Wherefore, security being the true design and end of government, it unanswerably follows that whatever form thereof appears most likely to ensure it to us, with the least expense and greatest benefit, is preferable to all others.
The Bill of Rights
Amendment I
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
Amendment II
A well-regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.
Amendment III
No Soldier shall, in time of peace be quartered in any house, without the consent of the Owner, nor in time of war, but in a manner to be prescribed by law.
Amendment IV
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
Amendment V
No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
Amendment VI
In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the Assistance of Counsel for his defence.
Amendment VII
In Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.
Amendment VIII
Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.
Amendment IX
The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.
Amendment X
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
The Words of Jefferson, Franklin and Washington
Thomas Jefferson
- “A wise and frugal government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned.”
- “To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.”
- “Whenever the people are well-informed, they can be trusted with their own government.”
- “Never trouble another what you can do for yourself.”
- “When angry, count ten, before you speak; if very angry, a hundred.”
Benjamin Franklin
- “Well done is better than well said.”
- “We must, indeed, all hang together or, most assuredly, we shall all hang separately.”
- “They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety.”
- “The Constitution only gives people the right to pursue happiness. You have to catch it yourself.”
- “Without freedom of thought, there can be no such thing as wisdom – and no such thing as public liberty without freedom of speech.”
- “In my youth, I traveled much, and I observed in different countries, that the more public provisions were made for the poor, the less they provided for themselves, and of course became poorer. And, on the contrary, the less was done for them, the more they did for themselves, and become richer.”
George Washington
- “If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter.”
- “It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protections of a Free Government, owes not only a proportion of his property, but even of his personal services to the defense of it.”
- “Promote, then, as an object of primary importance, institutions for the general diffusion of knowledge. In proportion as the structure of a government gives force to public opinion, it is essential that public opinion should be enlightened.”
- “99% of failure come from people who make excuses.”
- “Worry is the interest paid by those who borrow trouble.”
- “Observe good faith and justice toward all nations. Cultivate peace and harmony with all.”
Well, that is it for today, a little departure from the normal Common Cents. However, I felt it a good way to usher in what will be a 4-day weekend for many across this great nation of ours. More than that, it proves to be a very happy 87th birthday for my father.
What’s more, years ago, he helped to indoctrinate me with what it means to be an American. For that, I owe him a debt of gratitude.
Thank you for your continued support. As always, I hope this newsletter finds you and your family well. May your blessings outweigh your sorrows on this any every day. Also, please be sure to tune into our podcast, Trading Perspectives, which is available on every platform.
John Norris
Chief Economist
Thank you for your continued support. As always, I hope this newsletter finds you and your family well. May your blessings outweigh your sorrows on this any every day. Also, please be sure to tune into our podcast, Trading Perspectives, which is available on every platform.
Please note, nothing in this newsletter should be considered or otherwise construed as an offer to buy or sell investment services or securities of any type. Any individual action you might take from reading this newsletter is at your own risk. My opinion, as those of our Investment Committee, is subject to change without notice. Finally, the opinions expressed herein are not necessarily those of the rest of the associates and/or shareholders of Oakworth Capital Bank or the official position of the company itself.