Jefferson, Thomas (1743-1826) to Thomas Law
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Gilder Lehrman Collection #: GLC06478 Author/Creator: Jefferson, Thomas (1743-1826) Place Written: Charlottesville, Virginia Type: Autograph letter signed Date: 6 November 1813 Pagination: 1 p. + FF 25 x 20.2 cm Order a Copy
Response to a letter and memorial from Maryland and District of Columbia attorney Law, a supporter of monetary reform. Supports Law's proposal for the issuance of treasury notes bearing interest. These "would soon be withdrawn from the circulation and locked up in vaults and private hoards. I would put it in the power of every man to lend his 100 or 1000D." Opposes a national bank because "Congress has not that power, (altho' I sincerely wish they had it exclusively)." With incomplete address leaf on verso.
Monticello Nov. 6. 13
Dear Sir
Your favor of Oct. [illegible] came duly to hand, and in it the memorial which now return. I like well your idea of issuing treasuring notes bearing interests, because I am persuaded they would soon be withdrawn from the circulation and locked up in vaults & private [illegible] it would put it in the power of every man to lend his 100 or 100. D. tho no able to go forward on the great scale and be the most advantageous way of obtaining [struck] a loan. The other idea of creating a National Bank, I do not concur in, because it seems now decided that Congress has not that power, (altho' I sincerely wish they had it exclusively) and because I think there is already a vast redundancy, rather then a scarcity of paper medium. The rapid rise in the nominal price of land and labor (while war & blockade should produce a fall) proves the progressive [illegible] share of the depreciation of our medium. ever with great esteem and respect
Yours
Th: Jefferson
Thomas Law esq.
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