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

TO HECTOR ST. JOHN CREVECŒUR - Thomas Jefferson, The Works, vol. 5 (Correspondence 1786-1789) [1905]

Edition used:

The Works of Thomas Jefferson, Federal Edition (New York and London, G.P. Putnam’s Sons, 1904-5). Vol. 5.

Part of: The Works of Thomas Jefferson, 12 vols.

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TO HECTOR ST. JOHN CREVECŒUR

j. mss.

Paris July 11. 1786.

Sir,

—I have been honored with a letter from M. Delisle Lt. Gl. au bailliage de laën, to which is annexed a postscript from yourself. Being unable to write in French so as to be sure of conveying my true meaning, or perhaps any meaning at all, I will beg of you to interpret what I have now the honor to write.

It is time that the United States, generally, & most of the separate states in particular, are endeavoring to establish means to pay the interest of their public debts regularly, & to sink it’s principal by degrees. But as yet their efforts have been confined to that part of their debts which is evidenced by certificates. I do not think that any state has yet taken measures for paying their paper money debt. The principle on which it shall be paid I take to be settled, tho’ not directly yet virtually, by the resolution of Congress of June 3d. 1784. that is that they will pay the holder or his representatives what the money was worth at the time he received it, with an interest from that time of 6. per cent. per annum. It is not said in the letter whether the money received by Barboutin was Continental money or Virginia money; nor is it said at what time it was received. But that M. Delisle may be enabled to judge what the 5398 dollars were worth in hard money when Barboutin received them, I will state to you what was the worth of one hard dollar both in Continental & Virginia money through the whole of the year 1779 & 1780. within some part of which it was probably received.

continental money.                virginia money.
1779—Jan.      9, 71779—Jan.,      81780—Jan.,   42
          Jan.    24, 8          Feb.,    10          Feb.,   45
          Feb.    11, 9          Mar.,    10          Mar.,   50
          Mar.      2, 10          Apr.,     16          Apr.,    60
          Apr.      2, 11          May,     20          May,    60
          May    10, 12          June,    20          June,   65
          June    21, 14          July,     21          July,    65
          Aug.      8, 15          Aug.,    22          Aug.,   70
          Sept.   28, 20          Sept.,   26          Sept.,  72
          Nov.    22, 25          Oct.,     28          Oct.,    73
1780—Feb.      2, 33          Nov.,    36          Nov.,   74
          Mar.    18, 40          Dec.,    40          Dec.,   75

Thus you see that in Jan. 1779, 7 dollars & 72. hundreths of a dollar of Continental money were worth one dollar of silver, & at the same time 8 dollars of Virginia paper were worth one dollar of silver &c. After Mar. 18, 1780, Continental paper received in Virginia will be estimated by the table of Virginia paper. I advise all the foreign holders of paper money to lodge it in the office of their consul for the state where it was received, that he may dispose of it for their benefit the first moment that paiment shall be provided by the state or Continent. I had lately the pleasure of seeing the Countess d’Houditot well at Sanois, & have now that of assuring you of the perfect esteem & respect with which I have the honor to be Dear Sir your most obedient humble servt.