Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson, Volume 2
and this was our guide.
I have the honor to be, with the most perfect esteem and respect, Sir, your most obedient and most humble servant,
Th: Jefferson.
LETTER XXXVIII.—TO SAMUEL OSGOOD, January 5, 1787
TO SAMUEL OSGOOD.
Paris, January 5, 1787.
Dear Sir,
I am desired to forward to you the enclosed queries, and to ask the favor of you to give such an answer to them, as may not give you too much trouble. Those which stand foremost on the paper, can be addressed only to your complaisance; but the last may possibly be interesting to your department, and to the United States. I mean those which suggest the possibility of borrowing money in Europe, the principal of which shall be ultimately payable in land, and in the mean time, a good interest. You know best whether the suggestion can be turned to any profit, and whether it will be worth while to introduce any proposition to Congress thereon. Among the possible shapes into which a matter of this kind may be formed, the following is one. Let us suppose the public lands to be worth a dollar, hard money, the acre. If we should ask of a monied man a loan of one hundred dollars, payable with one hundred acres of land at the end of ten years, and in the mean time, carrying an interest of five per cent., this would be more disadvantageous to the lender than a common loan, payable ultimately in cash. But if we should say, we will deliver you the one hundred acres of land immediately, which is in fact an immediate payment of the principal, and will nevertheless pay your interest of five per cent., for ten years, this offers a superior advantage, and might tempt money-holders. But what should we in fact receive, in this way, for our lands? Thirty-seven dollars and one fourth, being left in Europe, on an interest of five per cent., would pay annually the interest of the one hundred dollars for ten years. There would remain then only sixty-two dollars and three quarters, for the one hundred acres of land; that is to say, about two thirds of its price. Congress can best determine, whether any circumstances in our situation, should induce us to get rid of any of our debts in that way. I beg you to understand, that I have named rates of interest, term of payment and price of land, merely to state the case, and without the least knowledge that a loan could be obtained on these terms. It remains to inform you, from whom this suggestion comes. The person from whom I receive it, is a Monsieur Claviere, connected with the monied men of Amsterdam. He is, on behalf of a company there, actually treating with the Comptroller General here, for the purchase of our debt to this country, at a considerable discount. Whether he has an idea of offering a loan to us, on terms such as I have above spoken of, I know not; nor do I know that he is authorized to make the suggestion he has made. If the thing should be deemed worthy the attention of Congress, they can only consider it as a possibility, and take measures to avail themselves of it, if the possibility turns out in their favor, and not to be disappointed if it does not. Claviere’s proposition not being formal enough for me to make an official communication of it, you will make what use of it you see best.
I am, with very sincere esteem and attachment, Dear Sir, your most obedient
and most humble servant,
Th: Jefferson.
LETTER XXXIX.—TO JOHN JAY, January 9, 1787
TO JOHN JAY.
Paris, January 9, 1787.
Sir,
My last, of December the 31st, acknowledged the receipt of yours of October the 12th, as the present does those of October the 3rd, 9th, and 27th, together with the resolution of Congress of October the 16th, on the claim of Schweighaeuser. I will proceed in this business on the return of Mr. Barclay, who being fully acquainted with all the circumstances, will be enabled to give me that information, the want of which might lead me to do wrong on the one side or the other.
Information of the signature of the treaty with Morocco has been long on its passage to you. I will beg leave to recur to dates, that you may see that no part of it has been derived from me. The first notice I had of it, was in a letter from Mr. Barclay, dated, Daralbeyda, August the 11th. I received this on the 13th of September. No secure conveyance offered till the 26th of the same month, being thirteen days after my receipt of it. In my letter of that date, which went by the way of London, I had the honor to enclose you a copy of Mr. Barclay’s letter. The conveyance of the treaty itself is suffering a delay here at present, which all my anxiety cannot prevent. Colonel Franks’ baggage, which came by water from Cadiz to Rouen, has been long and hourly expected. The moment it arrives, he will set out to London, to have duplicates of the treaty signed by Mr. Adams, and from thence he will proceed to New York.
The Chevalier del Pinto, who treated with us on behalf of Portugal, being resident at London, I have presumed that causes of the delay of that treaty had been made known to Mr. Adams, and by him communicated to you. I will write to him by Colonel Franks, in order that you may be answered on that subject.
The publication of the enclosed extract from my letter of May the 27th, 1786, will, I fear, have very mischievous effects. It will tend to draw on the Count de Vergennes the formidable phalanx of the Farms; to prevent his committing himself to me in any conversation which he does not mean for the public papers; to inspire the same diffidence into all other ministers, with whom I might have to transact business; to defeat the little hope, if any hope existed, of getting rid of the Farm on the article of tobacco; and to damp that freedom of, communication which the resolution of Congress of May the 3rd, 1784, was intended to re-establish. Observing by the proceedings of Congress, that they are about to establish a coinage, I think it my duty to inform them, that a Swiss, of the name of Drost, established here, has invented a method of striking the two faces and the edge of a coin, at one stroke. By this, and other simplifications of the process of coinage, he is enabled to coin from twenty-five thousand to thirty thousand pieces a day, with the assistance of only two persons, the pieces of metal being first prepared. I send you by Colonel Franks three coins of gold, silver, and copper, which you will perceive to be perfect medals: and I can assure you, from having seen him coin many, that every piece is as perfect as these. There has certainly never yet been seen any coin, in any country, comparable to this. The best workmen in this way acknowledge that his is like a new art. Coin should always be made in the highest perfection possible, because it is a great guard against the danger of false coinage. This man would be willing to furnish his implements to Congress, and if they please, he will go over and instruct a person to carry on the work: nor do I believe he would ask any thing unreasonable. It would be very desirable, that in the institution of a new coinage, we could set out on so perfect a plan as this, and the more so, as while the work is so exquisitely done, it is done cheaper.
I will certainly do the best I can for the reformation of the consular convention, being persuaded that our States would be very unwilling to conform their laws either to the convention, or to the scheme. But it is too difficult and too delicate, to form sanguine hopes. However, that there may be room to reduce the convention, as much as circumstances will admit, will it not be expedient for Congress to give me powers, in which there shall be no reference to the scheme? The powers sent me, oblige me to produce that scheme, and certainly, the moment it is produced, they will not abate a tittle from it. If they recollect the scheme, and insist on it, we can but conclude it; but if they have forgotten it (which may be), and are willing to reconsider the whole subject, perhaps we may get rid of something the more of it. As the delay is not injurious to us, because the convention, whenever and however made, is to put us in a worse state than we are in now, I shall venture to defer saying a word on the subject, till I can hear from you in answer to this. The full powers may be sufficiently guarded, by private instructions to me, not to go beyond the former scheme. This delay may be well enough ascribed (whenever I shall have received new powers) to a journey, I had before apprized the minister that I should be obliged to take, to some mineral waters in the south of France, to see if by their aid I may recover the use of my right hand, of which a dislocation about four months ago, threatens to deprive me in a great measure. The surgeons have long insisted on this measure. I shall return by Bordeaux, Nantes, and L’Orient, to get the necessary information for finishing our commercial regulations here. Permit me, however, to ask, as immediately as possible, an answer, either affirmative or negative, as Congress shall think best, and to ascribe the delay on which I venture, to my desire to do what is for the best.
I