Thomas Jefferson Papers

John Barnes to Thomas Jefferson, 16 April 1814

From John Barnes

George Town, 16th April 1814.—

Dear Sir—

since my letter of the 4th Inst inclosing a sketch on the difference between continuing G K’s $8,000. Penna Bank stock, with its being made sale of a 40 perCt and converted into the New Loan, a 88 for $100—bearing 8 perCt—I was induced to apply Thro a friend to a Mr Parker a Clerk in the Treasury departmt a Gentn well qualified—with Calculations on finance—Copy of his statemt with a Counter one of mine—with my several Minutes—on the probable result Accruing—from all such well regulated Established Institutions (barring unforeseen accidents.)—I am still compelled, to adhear to the latter—for the several reasons—therein assigned—

still however—you will be pleased—on your close examination—to determine for your self

from 800 a $900. per annm1 instead of $762—without any extra exps or trouble—in making Sale of the one, and placing it in the other—with the loss of Int. on both, from 2 a 3 Mos for although you pay the whole Amt at Subscribing—you are not allowed an Inst2 but on the sum Stated per Instalmt would not be less—I presume than of the $762—per annm3 say ’95 to $100—

my hoarsness & cold—tho much abated—have not quite left me—but I promise my self soon, to have the Honor of presenting your letter &c to the Secty of war—for the good purpose, mentiond in your favr of the 22d Ulto

I am, always most Respectfully—Dear Sir, your Obedt servt

John Barnes,

PS. was the Genls Capital in any Other less Valuable and less productive Bank—I should readily agree with Mr Parkers statemt but the Bank of Penna Possessing the Revenue of the State—discounting twice a week—to a vast Amot and when profits (to an indifft Spectator)4—are but lightly perceived—but when duly estimated—its productive Interest and growing Capital—possessed of any part thereof, I should rest perfectly satisfied with its Continuance,—to increase and Multiply—

RC (ViU: TJP-ER); postscript on separate page; beneath signature: “Thomas Jefferson Esquire Monticello”; endorsed by TJ as received 22 Apr. 1814 and so recorded in SJL. Enclosures not found.

Barnes’s letter was dated 5 Apr. 1814, not the 4th. g k’s: General Tadeusz Kosciuszko’s. The secty of war was John Armstrong.

1Manuscript: “annn.”

2Thus in manuscript. Barnes appears to mean “Interest.”

3Manuscript: “annn.”

4Omitted closing parenthesis editorially supplied.

Index Entries

  • Armstrong, John; and J. Barnes search
  • Armstrong, John; TJ reimburses search
  • Bank of Pennsylvania; stock owned by T. Kosciuszko search
  • Barnes, John; and T. Kosciuszko’s American investments search
  • Barnes, John; handles financial transactions search
  • Barnes, John; health of search
  • Barnes, John; letters from search
  • Congress, U.S.; loans contracted by search
  • Jefferson, Thomas; Business & Financial Affairs; and T. Kosciuszko’s American investments search
  • Jefferson, Thomas; Business & Financial Affairs; reimburses J. Armstrong search
  • Kosciuszko, Tadeusz (Thaddeus) Andrzej Bonawentura; and J. Barnes search
  • Kosciuszko, Tadeusz (Thaddeus) Andrzej Bonawentura; Bank of Pennsylvania stock of search
  • Parker, William; as Treasury Department clerk search