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

TO THE PRESIDENT OF THE UNITED STATES MON. MSS. - Thomas Jefferson, The Works, vol. 7 (Correspondence 1792-1793) [1905]

Edition used:

The Works of Thomas Jefferson, Federal Edition (New York and London, G.P. Putnam’s Sons, 1904-5). Vol. 7

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

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TO THE PRESIDENT OF THE UNITED STATESMON. MSS.

Philadelphia, Oct. 17. 1792.

Sir,—

In a letter from Monticello I took the liberty of saying that as soon as I should return here where my letter books were, I would take the liberty of troubling you with the perusal of such parts of my correspondence from France as would shew my genuine sentiments of the new constitution. When I arrived in Philadelphia, the 5th inst., I found that many of my letters had been already put into the papers, by the gentleman possessed of the originals, as I presume, for not a word of it had ever been communicated to me, and the copies I had retained were under a lock of which I had the key. These publications are genuine, and render it unnecessary to give you any further trouble than to see extracts from two or three other letters which have not been published, and the genuine letter for the payment of the French debt. Pardon my adding this to so many troubles as you have.1 I think it necessary you should know my real opinions that you may know how to make use of me, and it is essential to my tranquillity not to be mis-known to you. I hope it is the last time I shall feel the necessity of asking your attention to a disagreeable subject.

[1 ]Copy of a paper enclosed to the President, Oct., 1792.



“Catullus, Fenno, Sep. 19.—I proceed now to state the exact tenor of the advice which Mr. Jeff. gave to Congress respecting the transfer of the debt due to France to a company of Hollanders. After mention of an offer which had been made by such a company for the purchase of the debt he concludes with these extraordinary expressions. ‘If there is a danger of the Public payments not being punctual I submit whether it may not be better that the discontents which would then arise should be transferred from a court of whose good will we have so much need to the breasts of a private company.’ The above is an extract which was made from the letter in Feb. 1787.—The genuineness of the foregoing extract may be depended on.”

“Paris Sep. 26. 1786.—It being known that M. de Calonne the minister of finance for this country is at his wits end how to raise supplies for the ensuing year, a proposition has been made by a Dutch company to purchase the debt of the U. S. to this country for 20 millions of livres in hand. His necessities dispose him to accede to the proposition, but a hesitation is produced by the apprehension that it might lessen our credit in Europe, & perhaps be disagreeable to Congress. I have been consulted hereon by the Agent for that company. I informed him that I could not judge what effect it might have on our credit, & was not authorized either to approve or disapprove of the transaction. I have since reflected on this subject. If there be a danger that our payments may not be punctual, it might be better that the discontents which would thence arise should be transferred from a court of whose good will we have so much need to the breasts of a private company, but it has occurred to me that we might find occasion to do what would be grateful to this court and establish with them a confidence in our honor. I am informed that our credit in Holland is sound, might it not be possible then to borrow there the four & twenty millions due to this country, & thus pay them their whole debt at once. This would save them from any loss on our account, nor is it liable to the objection of impropriety in creating new debts before we have more certain means of paying them; it is only transferring a debt from one creditor to another, & removing the causes of discontent to persons with whom they would do us less injury. Thinking that this matter is worthy the attention of Congress I will endeavor that the negotiation shall be retarded till it may be possible for me to know their decision, which therefore I will take the liberty of praying immediately.”

Neither the quotation used by Hamilton nor Jefferson’s fuller extract follows the text of the original letter exactly, each being slightly changed to accentuate or palliate the suggestion. See also the reference to this matter in the letter to Madison of March, 1793.