Oct. 31. 07.
Th:J. to mr Gallatin
The rent we proposed for the Indiana lead mine was 2/10 of 3. years’ produce = 6/10 of 1. years produce for 5. years’ occupation: and 1/10 of 5. years produce = 5/10 of 1. year’s produce for 5. year’s occupation is the option you propose. there can be but one objection to it, that is, the effect which a rent of 1/10 annually might have in lowering the future rents permanently. from the Louisiana standing rent of 1/10, and the offer of 1/10 for the Indiana mine, I suspect that ⅕ may be too much for a permanent rent. what would you think of continuing the offer of 2. years free of rent, and ⅛ of the metal afterwards? I think the most important object for the public is to find what rent the tenant can pay and still have an encouraging profit for himself, & to obtain that rent. however I suggest this merely for your consideration.
I have written to mr Moore on the subject of the road.
Whom shall we appoint in the room of Kilgore. I have conversed with Morrow, but have had no opportunity of speaking with Govr. Tiffin Affectte. salutns.
NHi: Papers of Albert Gallatin.