TO DOCTOR PRICE.
Paris, February 7, 1788.
Dear Sir,
It is rendering mutual service to men of virtue and understanding, to make them acquainted with one another. I need no other apology for presenting to your notice the bearer hereof, Mr. Barlow. I know you were among the first who read the “Vision of Columbus,” while yet in manuscript: and think the sentiments I heard you express of that poem, will induce you to be pleased with the acquaintance of their author. He comes to pass a few days only at London, merely to know something of it. As I have little acquaintance there, I cannot do better for him than to ask you to be so good as to make him known to such persons, as his turn and his time might render desirable to him.
I thank you for the volume you were so kind as to send me some time ago. Every thing you write is precious, and this volume is on the most precious of all our concerns. We may well admit morality to be the child of the understanding rather than of the senses, when we observe that it becomes dearer to us as the latter weaken, and as the former grows stronger by time and experience, till the hour arrives in which all other objects lose all their value. That that hour may be distant with you, my friend, and that the intermediate space may be filled with health and happiness, is the sincere prayer of him who is, with sentiments of great respect and friendship, Dear Sir, your most obedient, humble servant,
Th: Jefferson.
Paris, February.7, 1788.
Dear Sir,
I received duly your friendly letter of November the 12th. By this time, you will have seen published by Congress, the new regulations obtained from this court, in favor of our commerce. You will observe, that the arrangement relative to tobacco is a continuation of the order of Berni for five years, only leaving the price to be settled between the buyer and seller. You will see too, that all contracts for tobacco are forbidden, till it arrives in France. Of course, your proposition for a contract is precluded.
I fear the prices here will be low, especially if the market be crowded. You should be particularly attentive to the article, which requires that the tobacco should come in French or American bottoms, as this article will, in no instance, be departed from.
I wish with all my soul, that the nine first conventions may accept the new constitution, because this will secure to us the good it contains, which I think great and important. But I equally wish, that the four latest conventions, which ever they be, may refuse to accede to it, till a declaration of rights be annexed. This would probably command the offer of such a declaration, and thus give to the whole fabric, perhaps, as much perfection as any one of that kind ever had. By a declaration of rights, I mean one which shall stipulate freedom of religion, freedom of the press, freedom of commerce against monopolies, trial by juries in all cases, no suspensions of the habeas corpus, no standing armies. These are fetters against doing evil, which no honest government should decline. There is another strong feature in the new constitution, which I as strongly dislike. That is, the perpetual re-eligibility of the President. Of this I expect no amendment at present, because I do not see that any body has objected to it on your side the water. But it will be productive of cruel distress to our country, even in your day and mine. The importance to France and England, to have our government in the hands of a friend or foe, will occasion their interference by money, and even by arms. Our President will be of much more consequence to them than a King of Poland. We must take care, however, that neither this, nor any other objection to the new form, produces a schism in our Union. That would be an incurable evil, because near friends falling out, never re-unite cordially; whereas, all of us going together, we shall be sure to cure the evils of our new constitution, before they do great harm. The box of books I had taken the liberty to address to you, is but just gone from Havre for New York. I do not see, at present, any symptoms strongly indicating war. It is true, that the distrust existing between the two courts of Versailles and London, is so great, that they can scarcely do business together. However, the difficulty and doubt of obtaining money make both afraid to enter into war. The little preparations for war, which we see, are the effect of distrust, rather than of a design to commence hostilities. And in such a state of mind, you know, small things may produce a rupture: so that though peace is rather probable, war is very possible.
Your letter has kindled all the fond recollections of ancient times; recollections much dearer to me than any thing I have known since. There are minds which can be pleased by honors and preferments; but I see nothing in them but envy and enmity. It is only necessary to possess them, to know how little they contribute to happiness, or rather how hostile they are to it. No attachments soothe the mind so much as those contracted in early life; nor do I recollect any societies which have given me more pleasure, than those of which you have partaken with me. 1 had rather be shut up in a very modest cottage, with my books, my family, and a few old friends, dining on simple bacon, and letting the world roll on as it liked, than to occupy the most splendid post, which any human power can give. I shall be glad to hear from you often. Give me the small news as well as the great. Tell Dr. Currie, that I believe I am indebted to him a letter, but that like the mass of our countrymen, I am not, at this moment, able to pay all my debts; the post being to depart in an hour, and the last stroke of a pen I am able to send by it, being that which assures you of the sentiments of esteem and attachment, with which I am, Dear Sir, your affectionate friend and servant,
Th: Jefferson.
Paris, February 12, 1888.
Sir,
I am very sensible of the honor you propose to me, of becoming a member of the society for the abolition of the slave-trade. You know that nobody wishes more ardently, to see an abolition, not only of the trade, but of the condition of slavery: and certainly nobody will be more willing to encounter every sacrifice for that object. But the influence and information of the friends to this proposition in France will be far above the need of my association. I am here as a public servant, and those whom I serve, having never yet been able to give their voice against the practice, it is decent for me to avoid too public a demonstration of my wishes to see it abolished. Without serving the cause here, it might render me less able to serve it beyond the water. I trust you will be sensible of the prudence of those motives, therefore, which govern my conduct on this occasion, and be assured of my wishes for the success of your undertaking, and the sentiments of esteem and respect, with which I have the honor to be, Sir, your most obedient, humble servant,
Th: Jefferson.
TO JOHN ADAMS.
Paris, March 2, 1788.—Sunday.
Dear Sir,
I received this day, a letter from Mrs. Adams, of the 26th ultimo, informing me you would set out on the 29th for the Hague. Our affairs at Amsterdam press on my mind like a mountain. I have no information to go on, but that of Willincks and Van Staphorsts, and according to that, something seems necessary to be done. I am so anxious to confer with you on this subject, and to see you and them together, and get some effectual arrangement made in time, that I determine to meet you at the Hague. I will set out the moment some repairs are made to my carriage: it is promised me at three o’clock to-morrow; but probably they will make it night, and that I may not set out till Tuesday morning. In that case, I shall be at the Hague on Friday night: in the mean time, you will perhaps have made all your bows there. I am sensible how irksome this must be to you, in the moment of your departure. But it is a great interest of the United States, which is at stake, and I am sure you will sacrifice to that your feelings and your interest. I hope to shake you by the hand within twenty-four hours after you receive this; and in the mean time, I am, with much esteem and respect, Dear Sir, your affectionate friend and humble servant,
Th: Jefferson.
TO JOHN JAY.
Amsterdam, March 16, 1788.
Sir,
In a letter of the 13th instant, which I had the honor of addressing you from this place, I mentioned in general terms, the object of my journey hither, and that I should enter into more particular details, by the confidential conveyance which would occur through Mr. Adams and Colonel Smith.
The board of treasury had, in the month of December, informed me and our bankers here, that it would be impossible for them to make any remittances to Europe for the then ensuing year, and that they must, therefore, rely altogether on the progress of the late loan. But this, in the mean time, after being about one third filled, had ceased to get forward. The bankers who had been referred to me for advice, by Mr. Adams, stated these circumstances, and pressed their apprehension for the ensuing month of June, when two hundred and seventy thousand florins would be wanting for interest. In fine, they urged an offer of the holders of the former bonds, to take all those remaining on hand, provided they might receive out of them the interest on a part of our domestic debt, of which they had also become the holders. This would have been one hundred and eighty thousand florins. To this proposition, I could not presume any authority to listen. Thus pressed between the danger of failure on one hand, and this proposition on the other, I heard of Mr. Adams being gone to the Hague to take leave. His knowledge of the subject was too valuable to be neglected under the present difficulty, and it was the last moment in which we could be availed of it. I set out immediately, therefore, for the Hague, and we came on to this place together, in order to see what could be done. It was easier to discover, than to remove, the causes which obstructed the progress of the loan. Our affairs here, like those of other nations, are in the hands of particular bankers. These employ particular, and they have their particular circle of money-lenders. These moneylenders, as I have before mentioned, while placing a part of their money in our foreign loans, had at the same time employed another part in a joint speculation, to the amount of eight hundred and forty thousand dollars, in our domestic debt. A year’s interest was becoming due on this, and they wished to avail themselves of our want of money for the foreign interest, to obtain payment of the domestic. Our first object was to convince our bankers, that there was no power on this side the Atlantic which could accede to this proposition, or give it any countenance. They at length, therefore, but with difficulty, receded from this ground, and agreed to enter into conferences with the brokers and lenders, and to use every exertion to clear the loan from the embarrassment in which this speculation had engaged it. What will be the result of these conferences, is not yet known. We have hopes, however, that it is not desperate, because the bankers consented yesterday, to pay off the capital of fifty-one thousand florins, which had become due on the first day of January, and which had not yet been paid. We have gone still further. The treasury board gives no hope of remittances, till the new government can procure them. For that government to be adopted, its legislature assembled, its system of taxation and collection arranged, the money gathered from the people into the treasury, and then remitted to Europe, must extend considerably into the year 1790. To secure our credit then, for the present year only, is but to put off the evil day to the next. What remains of the last loan, when it shall be filled up, will little more than clear us of present demands, as may be seen by the estimate enclosed. We thought it better, therefore, to provide at once for the years 1789 and 1790 also; and thus to place the government at its ease, and her credit in security, during that trying interval. The same estimate will show, that another million of florins will be necessary to effect this. We stated this to our bankers, who concurred in our views, and that to ask the whole sum at once would be better than to make demands from time to time, so small, as that they betray to the money-holders the extreme feebleness of our resources. Mr. Adams, therefore, has executed bonds for another million of florins; which, however, are to remain unissued till Congress shall have ratified the measure that this transaction is something or nothing, at their pleasure. We suppose its expediency so apparent, as to leave little doubt of its ratification. In this case, much time will have been saved by the execution of the bonds at this moment, and the proposition will be presented here under a more favorable appearance, according to the opinion of the bankers. Mr. Adams is under a necessity of setting out to-morrow morning, but I shall stay two or three days longer, to attend to and encourage the efforts of the bankers; though it is yet doubtful whether they will ensure us a safe passage over the month of June. Not having my letters here to turn to, I am unable to say whether the last I wrote, mentioned the declaration of the Emperor that he should take part in the war against the Turks. This declaration appeared a little before, or a little after that letter, I do not recollect which. Some little hostilities have taken place between them. The court of Versailles seems to pursue immoveably its pacific system, and from every appearance in the country from which I write, we must conclude that its tragedy is wound up. The triumph appears complete, and tranquillity perfectly established. The numbers who have emigrated are differently estimated, from twenty to forty thousand. A little before I left Paris, I received a piece of intelligence, which should be communicated, leaving you to lay what stress on it, it may seem to deserve. Its authenticity may be surely relied on. At the time of the late pacification, Spain had about fifteen ships of the line nearly ready for sea. The convention for disarming did not extend to her, nor did she disarm. This gave inquietude to the court of London, and they demanded an explanation. One was given, they say, which is perfectly satisfactory. The Russian minister at Versailles, getting knowledge of this, became suspicious on his part. He recollected that Spain, during the late war, had been opposed to the entrance of a Russian fleet into the Mediterranean, and concluded, if England was not the object of this armament, Russia might be. It is known that that power means to send a fleet of about twenty-four ships into the Mediterranean this summer. He sent to the Count de Montmorin, and expressed his apprehensions. The Count de Montmorin declared, that the object of Spain in that armament was totally different; that he was not sure she would succeed; but that France and Spain were to be considered as one, and that the former would become guarantee for the latter, that she would make no opposition to the Russian fleet. If neither England nor Russia be the object, the question recurs, Who is it for? You know best, if our affairs with Spain are in a situation to give jealousy to either of us. I think it very possible, that the satisfaction of the court of London may have been pretended or premature. It is possible also, that the affairs of Spain in South America may require them to assume a threatening appearance. I give you the facts, however, and you will judge whether they are objects of attention or of mere curiosity.
I have the honor to be, with sentiments of sincere esteem and respect, Sir, your most obedient and most humble servant,
Th: Jefferson.
P. S. I enclose herewith an extract of a letter from the Count de Vergennes to the French ambassador at the Hague, which will make a remarkable chapter in the history of the late revolution here. It is not public, nor should be made so by us. Probably those who have been the victims of it, will some day publish it.
TO MR. DUMAS.
Amsterdam, March 29, 1788.
Sir,
I have now to acknowledge the receipt of your favors of the 14th, 18th, and 23rd instant. I would have preferred doing it in person, but the season, and the desire of seeing what I have not yet seen, invite me to take the route of the Rhine. I shall leave this place to-morrow morning, and probably not reach Paris till the latter end of April. In the moment we were to have conferred on the subject of paying the arrears due to you, a letter of the 20th of February, from the board of treasury, was received, forbidding the application of money to any purpose, (except our current claims,) till the June interest should be actually in hand. Being by the letter, tied up from giving an order in your favor, I return you the letter you had written to Mr. Jay, on the supposition that the order for your arrears was given. It has been suggested, however, that if you could receive bonds of the loan, you could make them answer your purpose, and the commissioners say, this would in no wise interfere with the views of the treasury board, nor the provision for the June interest. I have, therefore, recommended to them in writing, to give you bonds to the amount of your balance, if you choose to take them, rather than to wait. I wish this may answer your purpose. I remember that in the conversation which I had the honor of having with you, on the evening I was at the Hague, you said that your enemies had endeavored to have it believed, that Congress would abandon you, and withdraw your appointments. An enemy generally says and believes what he wishes, and your enemies, particularly, are not those who are most in the counsels of Congress, nor the best qualified to tell what Congress will do. From the evidences you have received of their approbation, and from their well known steadiness and justice, you must be assured of a continuance of their favor, were they to continue under the present form. Nor do I see any thing in the new government which threatens us with less firmness. The Senate, who will make and remove their foreign officers, must, from its constitution, be a wise and steady body. Nor would a new government begin its administration by discarding old servants; servants who have put all to the risk, and when the risk was great, to obtain that freedom and security under which themselves will be what they shall be. Upon the whole, my Dear Sir, tranquillize yourself and your family upon this subject. All the evidence, which exists as yet, authorizes you to do this, nor can I foresee any cause of disquiet in future. That none may arise, that yourself and family may enjoy health, happiness, and the continued approbation of those by whom you wish most to be approved, is the sincere wish of him, who has the honor to be, with sentiments of sincere esteem and attachment, your most obedient and most humble servant,
Th: Jefferson.
TO THE COMMISSIONERS OF THE TREASURY.
Gentlemen,
Amsterdam, March 29, 1788.
I cannot close my letter, without some observations on the transfer of our domestic debt to foreigners. This circumstance, and the failure to pay off Fiseaux’ loan, were the sole causes of the stagnation of our late loan. For otherwise our credit would have stood on more hopeful grounds than heretofore. There was a condition in the last loan, that, the lenders furnishing one third of the money, the remaining two thirds of the bonds should remain eighteen months unsold, and at their option to take or not, and that in the mean time, the same bankers should open no other loan for us. These same lenders became purchasers of our domestic debt, and they were disposed to avail themselves of the power they had thus acquired over us as to our foreign demands, to make us pay the domestic one. Should the present necessities have obliged you to comply with their proposition for the present year, I should be of opinion it ought to be the last instance. If the transfer of these debts to Europe meet with any encouragement from us, we can no more borrow money here, let our necessities be what they will. For who will give ninety-six per cent, for the foreign obligations of the same nation, whose domestic ones can be bought at the same market for fifty-five per cent.; the former, too, bearing an interest of only five per cent., while the latter yields six. If any discouragements can be honestly thrown on this transfer, it would seem advisable, in order to keep the domestic debt at home. It would be a very effectual one, if, instead of the title existing in our treasury books alone, it was made to exist in loose papers, as our loan office debts do. The European holder would then be obliged to risk the title paper of his capital, as well as his interest, in the hands of his agent in America, whenever the interest was to be demanded; whereas, at present, he trusts him with the interest only. This single circumstance would put a total stop to all future sales of domestic debt at this market. Whether this, or any other obstruction, can or should be thrown in the way of these operations, is not for me to decide; but I have thought the subject worthy your consideration.
I have the honor to be, with sentiments of the most perfect esteem and respect, Gentlemen, your most obedient and most humble servant,
Th: Jefferson.
TO GENERAL WASHINGTON.
Paris, May 2, 1788.
Dear Sir,
I am honored with your Excellency’s letter by the last packet, and thank you for the information it contains on the communication between the Cayahoga and Big Beaver. I have ever considered the opening a canal between those two water courses, as the most important work in that line, which the state of Virginia could undertake. If will infallibly turn through the Potomac all the commerce of Lake Erie, and the country west of that, except what may pass down the Mississippi; and it is important that it be soon done, lest that commerce should, in the mean time, get established in another channel. Having, in the spring of the last year, taken a journey through the southern parts of France, and particularly examined the canal of Languedoc, through its whole course, I take the liberty of sending you the notes I made on the spot, as you may find in them something perhaps, which may be turned to account, some time or other, in the prosecution of the Potomac canal. Being merely a copy from my travelling notes, they are undigested and imperfect, but may still, perhaps, give hints capable of improvement in your mind.
The affairs of Europe are in such a state still, that it is impossible to say what form they will take ultimately. France and Prussia, viewing the Emperor as their most dangerous and common enemy, had heretofore seen their common safety as depending on a strict connection with one another. This had naturally inclined the Emperor to the scale of England, and the Empress also, as having views in common with the Emperor, against the Turks. But these two powers would, at any time, have gladly quitted England, to coalesce with France, as being the power which they met every where, opposed as a barrier to all their schemes of aggrandizement. When, therefore, the present King of Prussia took the eccentric measure of bidding defiance to France, by placing his brother-in-law on the throne of Holland, the two empires immediately seized the occasion of soliciting an alliance with France. The motives for this appeared so plausible, that it was believed the latter would have entered into this alliance, and that thus the whole political system of Europe would have taken a new form. What has prevented this court from coming into it, we know not. The unmeasurable ambition of the Emperor, and his total want of moral principle and honor, are suspected. A great share of Turkey, the recovery of Silesia, the consolidation of his dominions by the Bavarian exchange, the liberties of the Germanic body, all occupy his mind together; and his head is not well enough organized, to pursue so much only of all this, as is practicable. Still it was thought that France might safely have coalesced with these powers, because Russia and herself holding close together, as their interests would naturally dictate, the Emperor could never stir, but with their permission. France seems, however, to have taken the worst of all parties, that is, none at all. She folds her arms, lets the two empires go to work to cut up Turkey as they can, and holds Prussia aloof, neither as a friend nor foe. This is withdrawing her opposition from the two empires, without the benefit of any condition whatever. In the mean time, England has clearly overreached herself. She excited the war between the Russians and Turks, in hopes that France, still supporting the Turks, would be embarrassed with the two empires. She did not foresee the event which has taken place, of France abandoning the Turks, and that which may take place, of her union with the two empires. She allied herself with Holland, but cannot obtain the alliance of Prussia. This latter power would be very glad to close again the breach with France, and therefore, while there remains an opening for this, holds off from England, whose fleets could not enter into Silesia, to protect that from the Emperor. Thus you see, that the old system is unhinged, and no new one hung in its place. Probabilities are rather in favor of a connection between the two empires, France, and Spain. Several symptoms show themselves, of friendly dispositions between Russia and France, unfriendly ones between Russia and England, and such as are barely short of hostility between England and France. But into real hostilities, this country would with difficulty be drawn. Her finances are too deranged, her internal union too much dissolved, to hazard a war. The nation is pressing on fast, to a fixed constitution. Such a revolution in the public opinion has taken place, that the crown already feels its powers bounded, and is obliged, by its measures, to acknowledge limits.
A States-General will be called at some epoch not distant; they will probably establish a civil list, and leave the government to temporary provisions of money, so as to render frequent assemblies of the national representative necessary. How that representative will be organized, is yet uncertain. Among a thousand projects, the best seems to me, that of dividing them into two Houses, of Commons and Nobles; the Commons to be chosen by the Provincial Assemblies, who are chosen themselves by the people, and the Nobles by the body of Noblesse, as in Scotland. But there is no reason to conjecture, that this is the particular scheme which will be preferred.
The war between the Russians and Turks has made an opening for our Commodore Paul Jones. The Empress has invited him into her service. She insures to him the rank of rear-admiral; will give him a separate command, and it is understood, that he is never to be commanded. I think she means to oppose him to the Captain Pacha, on the Black Sea. He is by this time, probably, at St. Petersburg. The circumstances did not permit his awaiting the permission of Congress, because the season was close at hand for opening the campaign. But he has made it a condition, that he shall be free at all times to return to the orders of Congress, whenever they shall please to call for him; and also, that he shall not, in any case be expected to bear arms against France. I believe Congress had it in contemplation to give him the grade of admiral, from the date of his taking the Serapis. Such a measure now, would greatly gratify him, second the efforts of fortune in his favor, and better the opportunities of improving him for our service, whenever the moment shall come in which we may want him.
The danger of our incurring something like a bankruptcy in Holland, which might have been long, and even fatally felt in a moment of crisis, induced me to take advantage of Mr. Adams’s journey to take leave at the Hague, to meet him there, get him to go on to Amsterdam, and try to avert the impending danger. The moment of paying a great sum of annual interest was approaching. There was no money on hand; the board of treasury had notified that they could not remit any; and the progress of the loan, which had been opened there, had absolutely stopped. Our bankers there gave me notice of all this; and that a single day’s failure in the payment of interest, would have the most fatal effect on our credit. I am happy to inform you, we were able to set the loan a going again, and that the evil is at least postponed. Indeed, I am tolerably satisfied, that if the measures we proposed, are ratified by Congress, all European calls for money (except the French debt) are secure enough, till the end of the year 1790; by which time, we calculated that the new government might be able to get money into the treasury. Much conversation with the bankers, brokers, and money-holders, gave me insight into the state of national credit there, which I had never before been able satisfactorily to get. The English credit is the first, because they never open a loan, without laying and appropriating taxes for the payment of the interest, and there has never been an instance of their failing one day, in that payment. The Emperor and Empress have good credit, because they use it little, and have hitherto been very punctual. This country is among the lowest, in point of credit. Ours stands in hope only. They consider us as the surest nation on earth for the repayment of the capital; but as the punctual payment of interest is of absolute necessity in their arrangements, we cannot borrow but with difficulty and disadvantage. The monied men, however, look towards our new government with a great degree of partiality, and even anxiety. If they see that set out on the English plan, the first degree of credit will be transferred to us. A favorable occasion will arise to our new government of asserting this ground to themselves. The transfer of the French debt, public and private, to Amsterdam, is certainly desirable. An act of the new government, therefore, for opening a loan in Holland for the purpose, laying taxes at the same time for paying annually the interest and a part of the principal, will answer the two valuable purposes, of ascertaining the degree of our credit, and of removing those causes of bickering and irritation, which should never be permitted to subsist with a nation, with which it is so much our interest to be on cordial terms as with France. A very small portion of this debt, I mean that part due to the French officers, has done us an injury, of which those in office in America cannot have an idea. The interest is unpaid for the last three years; and these creditors, highly connected, and at the same time needy, have felt and communicated hard thoughts of us. Borrowing, as we have done, three hundred thousand florins a year, to pay our interest in Holland, it would have been worth while to have added twenty thousand more, to suppress those clamors. I am anxious about every thing which may affect our credit. My wish would be, to possess it in the highest degree, but to use it little. Were we without credit, we might be crushed by a nation of much inferior resources, but possessing higher credit. The present system of war renders it necessary to make exertions far beyond the annual resources of the State, and consume in one year the efforts of many. And this system we cannot change. It remains, then, that we cultivate our credit with the utmost attention.
I had intended to have written a word to your Excellency on the subject of the new constitution, but I have already spun out my letter to an immoderate length. I will just observe, therefore, that according to my ideas, there is a great deal of good in it. There are two things, however, which I dislike strongly, 1. The want of a declaration of rights. I am in hopes the opposition in Virginia will remedy this, and produce such a declaration. 2. The perpetual re-eligibility of the President. This, I fear, will make that an office for life, first, and then hereditary. I was much an enemy to monarchies before I came to Europe. I am ten thousand times more so, since I have seen what they are. There is scarcely an evil known in these countries, which may not be traced to their king, as its source, nor a good, which is not derived from the small fibres of republicanism existing among them. I can further say, with safety, there is not a crowned head in Europe, whose talents or merits would entitle him to be elected a vestryman by the people of any parish in America. However, I shall hope, that before there is danger of this change taking place in the office of President, the good sense and free spirit of our countrymen will make the changes necessary to prevent it. Under this hope, I look forward to the general adoption of the new constitution with anxiety, as necessary for us under our present circumstances. I have so much trespassed on your patience already, by the length of this letter, that I will add nothing further, than those assurances of sincere esteem and attachment, with which I have the honor to be, your Excellency’s most obedient and most humble servant,
Th: Jefferson.
TO JAMES MADISON.
Paris, May 3,1788.
Dear Sir,
Mine of February the 6th acknowledged the receipt of yours of December the 9th and 20th; since that, those of February the 19th and 20th have come to hand. The present will be delivered you by Mr. Warville, whom you will find truly estimable, and a great enthusiast for liberty. His writings will have shown you this.
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, as terms somewhat short of those, at which they will become due. Let the surpluses 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 comte rendu which I send you, that this country now calls seriously for its interest at least. The nonpayment 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’s 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. Thomson 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,
Th: Jefferson.