Thomas Jefferson

“ Exchange is much against us at present, owing to the immense importations made immediately after peace, and to the redundancy of our paper medium. The legislatures have generally required the banks to call in this redundancy. They are accordingly curtailing discounts, & collecting their debts, so that by the spring, when the first remittance will be made, our medium will be greatly reduced, and it’s value increased proportionably. The crop of this year too, when exported will so far lessen the foreign debt & the demand for bills of exchange. ”

“ Fancelli should withdraw it as soon as he can; his draught on me shall be answered at sight to the holder, by one on the bank. In the present state of our exchange, & the really critical standing of our merchants at this time, I have been afraid to undertake it’s remittance, because it could only be done by a bill of some merchant here on his correspondent in England, and both places are at this time a little suspicious. I know nothing so deplorable as the present condition of the inhabitants of Europe and do not wonder therefore at their desire to come to this country. ”

“ Laborers in any of the arts would find abundant employ in this state at 100. D. a year & their board and lodging. And indeed if a sober good humored man understanding the vineyard & kitchen garden would come to me on those terms, bound to serve 4. ”