University of Virginia Library

TO THOMAS JEFFERSON.

Dear Sir,—My last of the 19th of June intimated
that my next would be from N. York or this place.
I expected it would rather have been from the former
which I left a few days ago, but my time was so taken
up there with my friends and some business that I
thought it best to postpone it till my return here.
My ride through Virga, Maryd, and Pena, was in the
midst of harvest. I found the crops of wheat in the
upper parts of the two former considerably injured by
the wet weather which my last described as so destructive
in the lower parts of those States. The
computed loss where I passed was about one third.
The loss in the Rye was much greater. It was admitted
however that the crops of both would have
been unusually large but for this casualty. Throughout
Pena the wheat was unhurt, and the Rye very
little affected. As I came by the way of Winchester
& crossed the Potowmac at Harper's I had an opportunity
of viewing the magnificent scene which nature
here presents. I viewed it however under great disadvantages.
The air was so thick that distant objects
were not visible at all, and near ones not distinctly so.
We ascended the mountain also at a wrong place,
fatigued ourselves much in traversing it before we
gained the right position, were threatened during the
whole time with a thunder storm, and finally overtaken
by it. Had the weather been favorable the
prospect would have appeared to peculiar advantage,
being enriched with the harvest in its full maturity,

which filled every vale as far as the eye could reach.
I had the additional pleasure here of seeing the
progress of the works on the Potowmac. About 50
hands were employed at these falls or rather rapids,
who seemed to have overcome the greatest difficulties.
Their plan is to slope the fall by opening the
bed of the river, in such a manner as to render a lock
unnecessary, and, by means of ropes fastened to the
rocks, to pull up & ease down the boats where the
current is most rapid. At the principal falls 150
hands I was told were at work, and that the length of
the canal will be reduced to less than a mile, and
carried through a vale which does not require it to
be deep. Locks will here be unavoidable. The
undertakers are very sanguine. Some of them who
are most so talk of having the entire work finished in
three years.[71] I can give no particular account of the
progress on James River, but am told it is very flattering.
I am still less informed of what is doing in
North Carolina towards a Canal between her & our
waters. The undertaking on the Susquehannah is
said to be in such forwardness as to leave no doubt of
its success. A negociation is set on foot between
Pena, Maryd, & Delaware, for a canal from the head
of Chesapeak to the Delaware. Maryd as I understand
heretofore opposed the undertaking, and Pena
means now to make her consent to it a condition on
which the opening of the Susquehannah within the
limits of Pena will depend. Unless this is permitted
the opening undertaken within the limits of Maryland
will be of little account. It is lucky that both parties
are so dependent on each other as to be thus mutually
forced into measures of general utility. I am told
that Pena. has complied with the joint request of Virga
and Maryland for a Road between the head of Potowmac
and the waters of the Ohio and the secure & free
use of the latter through her jurisdiction. These fruits
of the Revolution do great honour to it. I wish all
our proceedings merited the same character. Unhappily
there are but too many belonging to the opposite
side of the acct. At the head of these is to be
put the general rage for paper money. Pena. & N.
Carolina took the lead in this folly. In the former
the sum emitted was not considerable, the funds for
sinking it were good, and it was not made a legal
tender. It issued into circulation partly by way of
loan to individuals on landed security, partly by way
of payment to the public creditors. Its present depreciation
is about 10 or 12 per ct. In N. Carolina
the sums issued at different times has been of greater
amount, and it has constantly been a tender. It
issued partly in payments to military creditors and
latterly, in purchases of Tobo. on public account. The
Agent I am informed was authorised to give nearly
the double of the current price, and as the paper was
a tender, debtors ran to him with their Tobo., and the
creditors paid the expence of the farce. The depreciation
is said to be 25 or 30 per Ct. in that State. S.
Carolina was the next in order. Her emission was in
the way of loans to individuals, and is not a legal
tender. But land is there made a tender in case of
suits which shuts the Courts of Justice, and is perhaps
as great an evil. The friends of the emission say that
it has not yet depreciated, but they admit that the
price of commodities has risen, which is evidently the
form in which depreciation will first shew itself. New
Jersey has just issued £30,000 (dollars at 7s 6) in
loans to her citizens. It is a legal tender. An addition
of £100,000 is shortly to follow on the same
principles. The terror of popular associations stifles
as yet an overt discrimination between it & specie;
but as this does not operate in Philada & N. York
where all the trade of N. J. is carried on, its depreciation
has already commenced in those places & must
soon communicate itself to N. J. New York is striking
£200,000 (dollr at 8s.) on the plan of loans to her
citizens. It is made a legal tender in case of suits
only. As it is but just issuing from the press, its depreciation
exists only in the foresight of those who
reason without prejudice on the subject. In Rhode
Island, £100,000 (dolr at 6s.) has lately been issued
in loans to individuals. It is not only made a tender,
but severe penalties annexed to the least attempt
direct or indirect to give a preference to specie. Precautions
dictated by distrust in the rulers soon produced
it in the people. Supplies were withheld from
the Market, the Shops were shut, popular meetings ensued,
and the State remains in a sort of convulsion.

The Legislature of Massst. at their last Session rejected
a paper emission by a large majority. Connecticut

& N. Hampshire also have as yet forborne,
but symptoms of danger it is said begin to appear in
the latter. The Senate of Maryd has hitherto been
a bar to paper in that State. The clamor for it is
now universal, and as the periodical election of the
Senate happens at this crisis, and the whole body is
unluckily by their Constitution to be chosen at once,
it is probable that a paper emission will be the result.
If, in spite of the zeal exerted agst the old Senate a
majority of them should be re-elected, it will require
all their firmness to withstand the popular torrent.
Of the affairs of Georga I know as little as of those
of Kamskatska. Whether Virga is to remain exempt
from the epidemic malady will depend on the ensuing
Assembly. My hopes rest chiefly on the exertions of
Col. Mason and the failure of the experiments elsewhere.
That these must fail is morally certain; for
besides the proofs of it already visible in some States,
and the intrinsic defect of the paper in all, this fictitious
money will rather feed than cure the spirit of
extravagance which sends away the coin to pay the
unfavorable balance, and will therefore soon be carried
to market to buy up coin for that purpose. From
that moment depreciation is inevitable. The value of
money consists in the uses it will serve. Specie will
serve all the uses of paper, paper will not serve one
of the essential uses of specie. The paper therefore
will be less valuable than specie. Among the numerous
ills with which this practice is pregnant, one I
find is that it is producing the same warfare & retaliation
among the States as were produced by the State
regulations of commerce. Massst. & Connecticut have
passed laws enabling their Citizens who are debtors
to Citizens of States having paper money, to pay
their debts in the same manner as their Citizens who
are creditors to Citizens of the latter States are liable
to be paid their debts. The States which have appointed
deputies to Annapolis are N. Hampshire,
Massst, R. Island, N. Y., N. J., Pena., Delaware, &
Virga. Connecticut declined not from a dislike to
the object, but to the idea of a Convention, which it
seems has been rendered obnoxious by some internal
Conventions, which embarrassed the Legislative Authority.
Maryd., or rather her Senate negatived an
appointment because they supposed the measure
might interfere with the plans or prerogatives of
Congs. N. Carolina has had no Legislative meeting
since the proposition was communicated. S. Carolina
supposed she had sufficiently signified her concurrence
in a general regulation of trade by vesting the
power in Congress for 15 years. Georgia—.
Many Gentlemen both within & without Congs, wish
to make this Meeting subservient to a plenipotentiary
Convention for amending the Confederation. Tho'
my wishes are in favor of such an event, yet I despair
so much of its accomplishment at the present crisis
that I do not extend my views beyond a commercial
Reform. To speak the truth I almost despair even of
this.[72] You will find the cause in a measure now before
Congress of which you will receive the detail from
Col. Monroe. I content myself with hinting that it is
a proposed treaty with Spain one article of which
shuts up the Mississippi twenty-five or thirty years,
passing by the other Southern States, figure to yourself
the effect of such a stipulation on the Assembly of
Virginia, already jealous of Northern politics and
which will be composed of about thirty members from
the Western waters, of a majority of others attached
to the Western Country from interests of their own,
of their friend or their constituent, and of many
others who though indifferent to Mississippi, will
zealously play off the disgust of its friends against
federal measures. Figure to yourself its effect on the
people at large on the western waters, who are impatiently
waiting for a favorable result to the negociation
with Gardoqui, & who will consider themselves
as sold by their Atlantic brethren. Will it be an
unnatural consequence if they consider themselves
absolved from every federal tie and court some protection
for their betrayed rights. This protection will
appear more attainable from the maritime power of
Britain than from any other quarter; and Britain
will be more ready than any other nation to seize an
opportunity of embroiling our affairs. What may be
the motive with Spain to satisfy herself with a temporary
occlusion of the Mississippi at the same time
that she holds forth our claim to it as absolutely inadmissible
is matter for conjecture only. The patrons
of the measure in Congress contend that the Minister,
who at present governs the Spanish councils means
only to disembarrass himself at the expence of the
successors. I should rather suppose he means to work
a total separation of interest and affection between
western & eastern settlements and to foment the jealousy
between the Eastern & Southern States. By the
former the population of the Western Country it may
be expected, will be checked and the Mississippi so far
secured; and by both the general security of Spanish
America be promoted. As far as I can learn the
assent of nine States in Congress will not at this time be
got to the projected treaty but an unsuccessful attempt
by six or seven will favor the views of Spain and be
fatal I fear to an augmentation of the federal authority
if not to the little now existing. My personal
situation is rendered by this business particularly
mortifying. Ever since I have been out of Congress
I have been inculcating on our Assembly a confidence
in the equal attention of Congress to the rights and
interests of every part of the republic and on the
Western members in particular, the necessity of making
the Union respectable by new powers to Congress
if they wished Congress to negociate with effect for the
Mississippi. I leave to Col. Monroe the giving you
a particular account of the Impost. The Acts of
Penna, Delaware & N. York must be revised &
amended in material points before it can be put in
force, and even then the fetters put on the collection
by some other States will make it a very awkward
business. Your favor of 25th of April from London
found me here. My letter from Richmd at the close of
the Assembly will have informed you of the situation
in which British debts stand in Virga. Unless Cons
say something on the subject I do not think anything
will be done by the next Session. The expectations
of the British Merchants coincide with the information
I had recd, as your opinion of the steps proper to
be taken by the Assembly do with those for which
I have ineffectually contended. The merits of Mr.
P[aradise] will ensure every attention from me to his
claim as far as general principles will admit. I am
afraid that these will insuperably bar his wishes.
The Catalogues sent by Mr. Skip with I do not expect
to receive till I get back to Virga. If you meet
with "Grœcorum Respublicæ ab Ubbone Emmio descriptæ,"
Sugd. Batavorum, 1632, pray get it for me.

My trip to N. Y. was occasioned chiefly by a plan
concerted between Col. Monroe[73] & myself for a purchase
of land on the Mohawk. Both of us have
visited that district and were equally charmed with it.
The soil is perhaps scarcely inferior to that of Kentucky,
it lies within the body of the Atlantic States &
at a safe distance from every frontier, it it contiguous
to a branch of Hudson's River which is navigable with
trifling portages which will be temporary, to tide-water,
and is not more than ten 15 or 20 miles from populous
settlements, where land sells at £8 to £10 per acre.
In talking of this Country some time ago with General
Washington he considered it in the same light with
Monroe and myself, intimating that if he had money
to spare and was disposed to deal in land, this is the

very Spot which his fancy had selected of all the U.
S. We have made a small purchase, and nothing but
the difficulty of raising a sufficient sum restrained us
from making a large one. In searching for the means
of overcoming this difficulty one has occurred which
we have agreed that I should mention to you, and which
if you should think as we do is recommended by the
prospect of advantage to yourself as well as to us. We
mention it freely because we trust that if it does not
meet with your sanction—you will as freely tell
us so.[74] It is that the aid of your credit in your private
capacity be used for borrowing say four or five thousand
louis more or less, on the obligation of Monroe and
myself with your suretyship to be laid out by Monroe
and myself for our triple emolument on interest not exceeding
six p. cent to be paid annually and the principle
within a term not less than eight or ten years.
To guard agst. accidents a private instrument might
be executed among ourselves such writing specifying
all necessary covenants. We have not taken the resolution
of this plan without well examining the expediency
of your becoming a party to it as well as the
prospect of its succeeding. There can certainly be no
impropriety in your taking just means of better ing your
fortune, nor can we discover in your doing this
on the Mokawk more than on james River. For the
prospect of gain by rise of the land beyond the interest
of the money we calculate on the present difference
of pri[ce] between the settled & vacant land far
beyond any possible difference in the real value. The
former as has been noted sells for eight or ten pounds
per acre. The latter distinguished only by its being a
little higher up the River & its being uninhabited was
bought by us for one dollar & a half and there is little
doubt that by taking up a large quantity, still better
bargains may be got. This comparative cheapness proceeds
from causes which are accidental & temporary.
The lands in question are chiefly in the hands of men
who hold large quantities and who are either in debt or
live in the city at an expence for which they have no
other resource or are engaged in transactions that require
money. The scarcity of specie which enters
much into the cheapness is probably but temporary also.
As it is the child of extravagance it will become the
parent of economy, which will regain us our due share
of the universal medium. The same vicissitude which
can only be retarded by our short-lived substitutes of
paper will be attended also by such a fall in the rate
of exchange that money drawn by bills from Europe now
and repaid a few years hence will probably save one
years interest at least. I will only add that scarce an
instance has happened in which purchases of new lands
of good quality and in good situations have not well
rewarded the adventurers. With these remarks which
determine our judgments we submit to your better one
the project to which they relate. Wishing you every
possible happiness I remain Dr Sir your affectionate
friend & Servt.

Mrrs. House and Mrrs. Trist desire to be particularly
remembered to yourself and Miss Patsy. I left with
Col Monroe letters for you both from Mrs. T. which
will probably go by the same packet with this.