The Writings of Thomas Jefferson, Vol. 6 (of 9) / Being His Autobiography, Correspondence, Reports, Messages, Addresses, and Other Writings, Official and Private

by Thomas Jefferson

TO JOSEPH C. CABELL, ESQ.

Monticello, September 30, 1814.

Dear Sir,—In my letter of the 23d, an important fact escaped me which, lest it should not occur to you, I will mention. The monies arising from the sales of the glebe lands in the several counties, have generally, I believe, and under the sanction of the legislature, been deposited in some of the banks. So also the funds of the literary society. These debts, although parcelled among the counties, yet the counties constitute the State, and their representatives the legislature, united into one whole. It is right then that owing $300,000 to the banks, they should stay so much of that sum in their own hands as will secure what the banks owe to their constituents as divided into counties. Perhaps the loss of these funds would be the most lasting of the evils proceeding from the insolvency of the banks. Ever yours with great esteem and respect.