The Writings of Thomas Jefferson, Thomas Jefferson [ebook reader online free TXT] 📗
- Author: Thomas Jefferson
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For public news, I must refer you to my letters to Mr. Jay. Those I wrote to him from Amsterdam will have informed you of my journey thither. While there, I endeavored to get, as well as I could, into the state of national credit there; for though I am an enemy to the using our credit but under absolute necessity, yet the possessing a good credit I consider as indispensable, in the present system of carrying on war. The existence of a nation having no credit is always precarious. The credit of England is the best. Their paper sells at par on the exchange of Amsterdam the moment any of it is offered, and they can command there any sum they please. The reason is, that they never borrow, without establishing taxes for the payment of the interest, and they never yet failed one day in that payment. The Emperor and Empress have good credit enough. They use it little and have been ever punctual. This country cannot borrow at all there; for though they always pay their interest within the year, yet it is often some months behind. It is difficult to assign to our credit its exact station in this scale. They consider us as the most certain nation on earth for the principal; but they see that we borrow of themselves to pay the interest, so that this is only a conversion of their interest into principal. Our paper, for this reason, sells for from four to eight per cent. below par, on the exchange, and our loans are negotiated with the Patriots only. But the whole body of money dealers, Patriot and Stadtholderian, look forward to our new government with a great degree of partiality and interest. They are disposed to have much confidence in it, and it was the prospect of its establishment, which enabled us to set the loan of last year into motion again. They will attend steadfastly to its first money operations. If these are injudiciously begun, correction, whenever they shall be corrected, will come too late. Our borrowings will always be difficult and disadvantageous. If they begin well, our credit will immediately take the first station. Equal provision for the interest, adding to it a certain prospect for the principal, will give us a preference to all nations, the English not excepted. The first act of the new government should be some operation, whereby they may assume to themselves this station. Their European debts form a proper subject for this. Digest the whole, public and private, Dutch, French and Spanish, into a table, showing the sum of interest due every year, and the portions of principal payable the same year. Take the most certain branch of revenue, and one which shall suffice to pay the interest, and leave such a surplus as may accomplish all the payments of the capital, at terms somewhat short of those at which they will become due. Let the surplusses of those years, in which no reimbursement of principal falls, be applied to buy up our paper on the exchange of Amsterdam, and thus anticipate the demands of principal. In this way, our paper will be kept up at par; and this alone will enable us to command in four and twenty hours, at any time, on the exchange of Amsterdam, as many millions as that capital can produce. The same act which makes this provision for the existing debts, should go on to open a loan to their whole amount; the produce of that loan to be applied, as fast as received, to the payment of such parts of the existing debts as admit of payment. The rate of interest to be as the government should privately instruct their agent, because it must depend on the effect these measures would have on the exchange. Probably it could be lowered from time to time. Honest and annual publications of the payments made will inspire confidence, while silence would conceal nothing from those interested to know.
You will perceive by the compte rendu which I send you, that this country now calls seriously for its interest at least. The non-payment of this, hitherto, has done our credit little injury, because the government here, saying nothing about it, the public have supposed they wished to leave us at our ease as to the payment. It is now seen that they call for it, and they will publish annually the effect of that call. A failure here, therefore, will have the same effect on our credit hereafter, as a failure at Amsterdam. I consider it then, as of a necessity not to be dispensed with, that these calls be effectually provided for. If it shall be seen that the general provision, before hinted at, cannot be in time, then it is the present Government which should take on itself to borrow in Amsterdam, what may be necessary. The new Government should by no means be left by the old, to the necessity of borrowing a stiver, before it can tax for its interest. This will be to destroy the credit of the new Government in its birth. And I am of opinion, that if the present Congress will add to the loan of a million (which Mr. Adams and myself have proposed this year) what may be necessary for the French calls to the year 1790, the money can be obtained at the usual disadvantage. Though I have not, at this moment, received such authentic information from our bankers as I may communicate to Congress, yet I know privately from one of them, (Mr. Jacob Van Staphorst, who is here,) that they had on hand a fortnight ago, four hundred thousand florins, and the sale going on well. So that the June interest, which had been in so critical a predicament, was already secured. If the loan of a million on Mr. Adams' bonds of this year, be ratified by Congress, the applications of the money on hand may go on immediately, according to the statement I sent to Mr. Jay. One article in this, I must beg you to press on the treasury board; that is, an immediate order for the payment of the three years' arrearages to the French officers. They were about holding a meeting to take desperate measures on this subject, when I was called to Holland. I desired them to be quiet till my return, and since my return, I have pressed a further tranquillity till July, by which time, I have given them reason to hope I may have an answer from the treasury board, to my letters of March. Their ill humor can be contained no longer, and as I know no reason why they may not be paid at that time, I shall have nothing to urge in our defence after that.
You remember the report, drawn by Governor Randolph, on the navigation of the Mississippi. When I came to Europe, Mr. Thompson was so kind as to have me a copy of it made out. I lent it to Dr. Franklin, and he mislaid it, so that it could never be found. Could you make interest with him to have me another copy made, and send it to me? By Mr. Warville I send your pedometer. To the loop at the bottom of it, you must sew a tape, and at the other end of the tape, a small hook, (such as we use under the name of hooks and eyes) cut a little hole in the bottom of your left watch pocket, pass the hook and tape through it, and down between the breeches and drawers, and fix the hook on the edge of your knee band, an inch from the knee buckle; then hook the instrument itself by its swivel hook, on the upper edge of the watch pocket. Your tape being well adjusted in length, your double steps will be exactly counted by the instrument, the shortest hand pointing out the thousands, the flat hand the hundreds, and the long hand the tens and units. Never turn the hands backward; indeed, it is best not to set them to any given place, but to note the number they stand at when you begin to walk. The adjusting the tape to its exact length is a critical business, and will cost you many trials. But once done, it is done for ever. The best way is, to have a small buckle fixed on the middle of the tape, by which you can take it up, and let it out at pleasure. When you choose it should cease to count, unhook it from the top of the watch pocket, and let it fall down to the bottom of the pocket.
I am, with sentiments of the most sincere esteem and attachment, dear Sir your affectionate friend and servant.
David Humphreys
(1752-1818)
David Humphreys fought through the Revolutionary War, and early in 1780 was selected as aide to General Washington with the rank of Lieutenant-Colonel. Having particularly distinguished himself at the siege of York, Congress voted him a handsome sword. In July, 1784, he went to France as Secretary of Legation to Thomas Jefferson. In 1790 he was appointed Minister to Portugal, and in 1797 accepted the office of Minister to Spain, continuing at that post till 1802, after concluding treaties with Tripoli and Algiers. In 1812 he took command of the militia of Connecticut, and as a member of the Legislature was active in reorganizing for the local defence. A collection of his writings was published in 1804.
John Jay
(1745-1829)
John Jay was sent in 1774 as a delegate to the first Congress, and took a leading part in its proceedings. He drew up the 'Address to the People of Great Britain, and wrote the address issued by Congress in 1775 to the people of Canada. He was a leading member of the New York Convention, serving on the most important committees, and actively engaged in repelling invasions and suppressing Tory combinations. He had a chief share in framing the Constitution of New York and in May, 1777, was appointed Chief Justice of New York. From December 1778 to September, 1779 he was again a member of Congress. He was then appointed Minister to Spain and with Adams, Franklin and others, signed the treaty of peace between the United States and Great Britain on September 3, 1783. In 1787 he united with Hamilton and Madison in writing "The Federalist" to answer objections to the proposed Federal Constitution, and contributed powerfully to its adoption. In 1788 he was appointed Chief Justice of the United States, and from 1795 to 1801 was Governor of New York.
Footnotes
1 (Return)
There is no way by which man can approach nearer to the gods than by contributing to the welfare of their fellow creatures.
2 (Return)
The latter part of this letter is in cypher; but appended to the copy preserved, are explanatory notes, which have enabled us to publish it entire, except a few words, to which they afford no key. These are either marked thus * * *, or the words which the context seemed to require, inserted in italics.
3 (Return)
Much of this letter is in cypher, but the notes annexed to it have enabled the Editor to decipher and publish it.
4 (Return)
The parts of this letter marked by asterisks, are in cypher and unintelligible.
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Thomas Jefferson
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