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Subject Area: Political Theory
Topic: The American Revolution and Constitution

WILLIAM JAY TO JAY. - John Jay, The Correspondence and Public Papers of John Jay, vol. 4 (1794-1826) [1893]

Edition used:

The Correspondence and Public Papers of John Jay, ed. Henry P. Johnston, A.M. (New York: G.P. Putnam’s Sons, 1890-93). Vol. 4 (1794-1826).

Part of: The Correspondence and Public Papers of John Jay, 4 vols.

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WILLIAM JAY TO JAY.

My Dear Father:

We returned this week from Rockaway, and I believe our time there has not been misspent. Augusta’s health is certainly improved and her appetite and strength much increased.

. . . . . . .

Some alarm seems to prevail respecting the safety of the City, but I know not how well it is founded. The Citizens are now engaged in throwing up entrenchments at Brooklyn. There is a great scarcity of money, and stock of all kinds is very low. The stock of four of the Banks, viz.: the Union, the Manufacturing, the City, and the Bank of America, is even below par and some as low as 94. The Bank of America and the Manufacturing Bank have not declared any dividend and therefore instead of giving an interest of 9 per cent. for the last year, they have yielded only 4½. Notwithstanding this state of things and the consequent diminution in the income of great numbers of individuals, both in town and country, I can see no change in the manner of living, nor more attention than usual to economy. People seem to be now living on their capital and to calculate that before it is exhausted the return of peace will more than repair any inroads they may make on it in the interim. I yesterday saw Peter; he appeared very well but had scarcely time to speak to me. I heard no news.

Remember Augusta and myself most affectionately to our dear sisters, and believe me,

Dear Father,
Your very affectionate Son,

William Jay.