NOTES ON COMMERCIAL POLICY TOWARDS GREAT BRITAIN - Thomas Jefferson, The Works, vol. 6 (Correspondence 1789-1792) [1905]
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The Works of Thomas Jefferson, Federal Edition (New York and London, G.P. Putnam’s Sons, 1904-5). Vol. 6.
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NOTES ON COMMERCIAL POLICY TOWARDS GREAT BRITAIN
[Mar. 12? 1792.]
Two facts affirmed. viz
1 yt we have not capital enough for commerce
2 that the capitals of persons residg in Britain necessary
1 Perhaps true
But not so much necessary as may be imagd
Commerce may be overstrained
Phila. N. Y. Boston very wealthy
But be it so. I am not prepared to deny so I will admt y’re may be such an opn
2 British capitals are necessary
Not more so than Dutch & French
The latter will come in if made their int.
What are the remedies to this embarrassmt?
I The S. of T. proposes
1. to submt with resignn without any oppos’n
2. in mean time raise manufactures
1 other passions besides averice—resentmt
Man disposed to sacrifice much of his other passions to resentment
Our countrymen shd do so for commerce
2 the Eng will keep the start y have in manuf
Stern chase is a long chase
II My proposns
1 to prevent diversion of our own capital
2 to induce British capitalist to transport himself here with his capital—viz
embarrassing his employment of it while he resides in Britain
There being no employment or less advgeous in Europe, induces him to employ here. Same cause will induce him to come here if necessary
3 the few that refuse to come will lend their money, or give credit for goods
This necessary for a short time only. We can soon do without this class of Brit. capitalists.
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