Monticello Mar. 8. 20.
I have never in my life been more chagrined or mortified than I am in being obliged to inform that my hope of repaying this spring one half of my debt to you becomes impossible altho my crop in Bedford failed, the flour rents I recieve here authorized me to be confident in that hope. but on sending it to market it does not yield the third of the price of 3. or 4. years ago nor the half of what I counted on when I expressed to you my expectation of making a paiment. it yields me, clear of expence but from 3 ¼ to 3 ½ dollars per barrel. could the money be borrowed or obtained for property at a reasonable rate I should not withold it one moment. and we may certainly hope that the circulating medium will assume some permanent level, that this will bring buyers as well as sellers to market fix a rate of value on our property in future. the moment this practicable, or the moment the banks commence discounts, I will either by sale or discount procure the whole money & pay it off at once: but until one of these things takes place I know no means of warding off a general revolution of property, but a mutual indulgence in the mean time, and a patience which the pressure and charities of the times seem to call for. if I could get the monies due to me, I should need no indulgence from others; but when I ask my debtors they declare they cannot command the money; I know it to be true, & cannot urge impossibilities, altho it places me at once under the same impossibility. I wish dear Sir, I could have written more agreeably to your wishes as well as mine, but this would only be to add deception to disappointment. I can therefore only say ‘forgive us our trespasses as we forgive those who trespass against us, and assure you of my constant friendship and respect.
MHi: Coolidge Collection.