Jefferson, Thomas (1743-1826) to Edmund Bacon
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Gilder Lehrman Collection #: GLC05088 Author/Creator: Jefferson, Thomas (1743-1826) Place Written: s.l. Type: Autograph letter signed Date: [15 November 1817] Pagination: 1 p. ; 25.5 x 19.3 cm Order a Copy
Discusses his thoughts on compound interest, which he believes is unjust. Encloses an order for interest of $145.18 due on 31 December. Gives instructions on making and delivering cider from apples from the North orchard of Monticello. Letter is undated. Date is from seller's records. Signed at the top with initials, Th: J.
Bacon was the overseer at Monticello from 1806-1822. Jefferson uses "D" to indicate dollars.
Th: J. to Mr. Bacon
I have made it a point thro' life never to receive or pay compound interest nor any thing more than that is legal. Nor do I think compound interest just, because had the law intended to permit it, it would have been fixed at 3. per cent or 3½ which is as much as men in general make of their money in [inserted: the] ordinary & honest vocations of life. More may be made, by possibility, at the gaming table or by shaving but neither of us follow these pursuits. Not to break in on our settlement, the interest stated in which is not due till Dec. 31 I inclose you an order for it, to wit [inserted above number: D] 145.18 payable on that day.
We have saved red Hughes enough from the North orchard to make a smart cask of cyder. They are now mellow & beginning to rot. I will pray you therefore to have them made into cyder immediately. Let them be made clean one by one [struck: all] and all the rotten ones thrown away or the rot cut out if nothing else can ensure fine cyder. I request particular [inserted: attention] to the Coopers that no hindrance may prevent their deliverance of their weekly compliment of Barrels. Davy, Jame & Sancho should carry them in the boat.
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