From Thomas Law
Philadelphia Novr 26. 1813.
I was favored with your accompaniement to my thoughts on banking & have reason to believe that Treasury notes will be issued to a larger Amount—The Banks here took them as Cash for a subsn to Govts Loan, as they were glad to obtain them—
I am convinced that a Govt might support several useful Institutions by Banks, the profits of which, monied men already too rich take to themselves—
RC (DLC); written on sheet folded to form four pages, with enclosure on p. 3; addressed: “To Thomas Jefferson Esqr Monticello Virginia”; franked; postmarked Philadelphia, 26 Nov.; endorsed by TJ as received 13 Dec. 1813 and so recorded in SJL.
The corporation was Philadelphia’s city government. adam smith wrote that “The city of Hamburgh has established a sort of public pawn-shop, which lends money to the subjects of the state upon pledges at six per cent. interest. This pawn-shop or Lombard, as it is called, affords a revenue, it is pretended, to the state of a hundred and fifty thousand crowns, which, at four and sixpence the crown, amounts to 33,750 l. sterling” (An Inquiry into the Nature and Causes of the Wealth of Nations [London, 1776; Sowerby, description begins E. Millicent Sowerby, comp., Catalogue of the Library of Thomas Jefferson, 1952–59, 5 vols. description ends no. 3546], 2:416).
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