Manuscript/Mixed Material Image 1 of Thomas Jefferson to James Madison, October 15, 1814, with Table

About this Item

TO JAMES MADISON J. MSS.

Monticello, October 15, 1814.

Dear Sir, —I thank you for the information of your letter of the 10th. It gives, at length, a fixed character to our prospects. The war, undertaken, on both sides, to settle the questions of impressment, and the orders of council, now that these are done away by events, is declared by Great Britain to have changed its object, and to have become a war of conquest, to be waged until she conquers from us our fisheries, the province of Maine, the lakes, States and territories north of the Ohio, and the navigation of the Mississippi; in other words, till she reduces us to unconditional submission. On our part, then, we ought to propose, as a counterchange of object, the establishment of the meridian of the mouth of the Sorel northwardly, as the western boundary of all her possessions. Two measures will enable us to effect it, and without these, we cannot even defend ourselves. 1. To organize the militia into classes, assigning to each class the duties for which it is fitted, (which, had it been done when proposed, years ago, would have prevented all our misfortunes,) abolishing by a declaratory law the doubts which abstract scruples in some, and cowardice and treachery in others, have conjured up about passing imaginary lines, and limiting, at the same time, their services to the contiguous provinces of the enemy. The 2d is the ways and means. You have seen my ideas on this subject, and I shall add nothing but a rectification of what either I have ill expressed, or you have misapprehended. If I have used any expression restraining the emissions of treasury notes to a sufficient medium, as your letter seems to imply, I have done it inadvertently, and under the impression then possessing me, that the war would be very short. A sufficient medium would not, on the principles of any writer, exceed thirty millions of dollars, and on those of some not ten millions. Our experience has proved it may be run up to two or three hundred millions, without more than doubling what would be the prices of things under a sufficient medium, or say a metallic one, which would always keep itself at the sufficient point; and, if they rise to this term, and the descent from it be gradual, it would not produce sensible revolutions in private fortunes. I shall be able to explain my views more definitely by the use of numbers. Suppose we require, to carry on the war, an annual loan of twenty millions, then I propose that, in the first year, you shall lay a tax of two millions, and emit twenty millions of treasury notes, of a size proper for circulation, and bearing no interest, to the redemption of which the proceeds of that tax shall be inviolably pledged and applied, by recalling annually their amount of the identical bills funded on them. The second year lay another tax of two millions, and emit twenty millions more. The third year the same, and so on, until you have reached the maximum of taxes which ought to be imposed. Let me suppose this maximum to be one dollar a head, or ten millions of dollars, merely as an exemplification more familiar than would be the algebraical symbols x or y. You would reach this in five years. The sixth year, then, still emit twenty millions of treasury notes, and continue all the taxes two years longer. The seventh year twenty millions more, and continue the whole taxes another two years;

About this Item

Title
Thomas Jefferson to James Madison, October 15, 1814, with Table
Created / Published
1814-10-15
Subject Headings
-  Correspondence
Genre
Correspondence
Notes
-  with Table
Call Number/Physical Location
series: Series 1: General Correspondence. 1651-1827
Microfilm Reel: 047
Source Collection
The Thomas Jefferson Papers at the Library of Congress
Repository
Manuscript Division
Digital Id
http://hdl.loc.gov/loc.mss/mtj.mtjbib021872
Language
English
Online Format
image
online text
pdf

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Credit Line: Library of Congress, Manuscript Division.

The following items are included in this Collection with permission:

The essay "American Sphinx: The Contradictions of Thomas Jefferson" by Joseph J. Ellis was originally published in the November-December 1994 issue of Civilization: The Magazine of the Library of Congress and may not be reprinted in any other form or by any other source.

The essay "The Jamestown Records of the Virginia Company of London: A Conservator's Perspective" by Sylvia R. Albro and Holly H. Krueger was originally published in a slightly different form in Proceedings of the Fourth International Conference of the Institute of Paper Conservation, 6-9 April 1997 and may not be reprinted in any other form or by any other source.

Rembrandt Peale's 1800 Thomas Jefferson portrait on the Thomas Jefferson Time Line is from the White House Collection, courtesy of the White House Historical Association.

The image of Thomas Jefferson on the home page is from a photomechanical print held in the Library of Congress's Prints and Photographs Division, Presidential File, and is a reproduction of the popular 1805 Rembrandt Peale portrait in the collection of the New-York Historical Society.

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Thomas Jefferson to James Madison, with Table. -10-15, 1814. Manuscript/Mixed Material. https://www.loc.gov/item/mtjbib021872/.

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(1814) Thomas Jefferson to James Madison, with Table. -10-15. [Manuscript/Mixed Material] Retrieved from the Library of Congress, https://www.loc.gov/item/mtjbib021872/.

MLA citation style:

Thomas Jefferson to James Madison, with Table. -10-15, 1814. Manuscript/Mixed Material. Retrieved from the Library of Congress, <www.loc.gov/item/mtjbib021872/>.