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The Jeffersonian cyclopedia;

a comprehensive collection of the views of Thomas Jefferson classified and arranged in alphabetical order under nine thousand titles relating to government, politics, law, education, political economy, finance, science, art, literature, religious freedom, morals, etc.;

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579. ASSIGNATS, Payments in.—
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579. ASSIGNATS, Payments in.—

have communicated to the President what
passed between us * * * on the subject
of the payments made to France by the
United States in the assignats of that country,
since they have lost their par with gold
and silver; and after conferences, by his instruction,
with the Secretary of the Treasury,
I am authorized to assure you, that the
government of the United States have no idea
of paying their debt in a depreciated medium,
and that in the final liquidation of the
payments * * * due regard will be had
to an equitable allowance for the circumstance
of depreciation. [36]
To Jean Baptiste Ternant. Ford ed., v, 383.
(Pa., Nov. 1791)


Jefferson's first draft of this letter ended as follows:
“And that they will take measures for making
these payments in their just value, avoiding all benefit
from depreciation, and desiring on their part to
be guarded against any unjust loss from the circumstances
of mere exchange.” It was changed to meet
Hamilton's views.—Editor.