From James Monroe
washington. octr 10th 1814
The suspension of payments in specie by the banks is undoubtedly a species of insolvency. At this time, the foundation of their credit with the public, in a principal degree, at least, is the stock of the u states in their possession. On it they issue their paper, for which they obtain an interest of about 7 pr cent. The u States pay them that interest on advances, on the credit of their own funds. The demonstration is complete, that having better credit than any bank, or than all the banks together, the govt might issue a paper, which would circulate without their aid, throughout the U States, and on much better terms to the public. Your letters I shall take the liberty of shewing to mr Dallas, who is expected here in a day or two. They were put up with my papers on the late occurrence, and are not yet unpack,d, being sent to Lee’sbg.
I shall be happy to promote the disposition of your library in the manner your propose, tho’ I regret that you are to be deprivd of such a resource & consolation in your retirment.
Letters were recd yesterday from our ministers at Ghent, which announce the approaching termination of the negotiation, without any hope of peace. They will probably return in less than a month. The demands of G Britain, corresponding with what the papers had before given us, have renderd all accomodation impracticable. The President will communicate these despatches to Congress to day, so that you may probably receive them by this mail. very respectfully your friend
RC (DLC); endorsed by TJ as received 12 Oct. 1814 and so recorded in SJL.
The letters on finance that Monroe intended to show Treasury Secretary Alexander J. dallas were TJ to John Wayles Eppes, 24 June, 11 Sept., 6 Nov. 1813, TJ to Joseph C. Cabell, 17 Jan. 1814, and possibly also TJ to Cabell, 23 Sept. 1814. The late occurrence was the government’s evacuation of Washington following the American defeat at Bladensburg on 24 Aug. 1814.
- banks; distressed situation of search
- banks; stock issued by search
- Bladensburg, Battle of (1814) search
- Congress, U.S.; and foreign affairs search
- Congress, U.S.; J. Madison’s messages to search
- Dallas, Alexander James; and TJ’s letters on finance search
- Ghent; peace negotiations at search
- Great Britain; peace with search
- Jefferson, Thomas; Opinions on; government finance search
- Library of Congress; TJ sells personal library to search
- Madison, James (1751–1836); messages to Congress search
- Monroe, James; and sale of TJ’s library to Congress search
- Monroe, James; and TJ’s letters on finance search
- Monroe, James; and War of1812 search
- Monroe, James; letters from search
- Monroe, James; on government finance search
- political economy; TJ’s letters on finance search
- Treasury Department, U.S.; and government stock search
- War of1812; and peace negotiations search
- War of1812; Battle of Bladensburg search
- Washington, D.C.; government evacuation of search