TO JOHN ADAMS - Thomas Jefferson, The Works, vol. 12 (Correspondence and Papers 1816-1826) [1905]
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The Works of Thomas Jefferson, Federal Edition (New York and London, G.P. Putnam’s Sons, 1904-5). Vol. 12.
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TO JOHN ADAMS
j. mss.
Monticello, November 7, 1819
Dear Sir,
—Three long and dangerous illnesses within the last twelve months, must apologize for my long silence towards you.
The paper bubble is then burst. This is what you and I, and every reasoning man, seduced by no obliquity of mind or interest, have long foreseen; yet its disastrous effects are not the less for having been foreseen. We were laboring under a dropsical fulness of circulating medium. Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will. Lands in this State cannot now be sold for a year’s rent; and unless our Legislature have wisdom enough to effect a remedy by a gradual diminution only of the medium, there will be a general revolution of property in this state. Over our own paper and that of other States coming among us, they have competent powers; over that of the bank of the United States there is doubt, not here, but elsewhere. That bank will probably conform voluntarily to such regulations as the Legislature may prescribe for the others. If they do not, we must shut their doors, and join the other States which deny the right of Congress to establish banks, and solicit them to agree to some mode of settling this constitutional question. They have themselves twice decided against their right, and twice for it. Many of the States have been uniform in denying it, and between such parties the Constitution has provided no umpire. I do not know particularly the extent of this distress in the other States; but southwardly and westwardly I believe all are involved in it. God bless you, and preserve you many years.
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