GALLATIN TO JEFFERSON.
6th September, 1815.
I was much gratified by the receipt of your kind letter of March last, brought by Mr. Ticknor. Your usual partiality to me is evinced by the belief that our finances might have been better directed if I had remained in the Treasury. But I always thought that our war expenses were so great; perhaps necessarily so in proportion to the ordinary resources of the country; and the opposition of the moneyed men so inveterate, that it was impossible to avoid falling into a paper system if the war should be much longer protracted. I only regret that specie payments were not resumed on the return of peace. Whatever difficulties may be in the way, they cannot be insuperable, provided the subject be immediately attended to. If delayed, private interest will operate here as in England, and lay us under the curse of a depreciated and fluctuating currency. In every other respect I must acknowledge that the war has been useful. The character of America stands now as high as ever on the European Continent, and higher than ever it did in Great Britain. I may say that we are favorites everywhere except at courts, and even there, although the Emperor of Russia is perhaps the only sovereign who likes us, we are generally respected and considered as the nation designed to check the naval despotism of England. France, which alone can have a navy, will, under her present dynasty, be for some years a vassal of her great rival, and the mission with which I have been honored is in a political view unimportant. The revolution has not, however, been altogether useless. There is a visible improvement in the agriculture of the country and the situation of the peasantry. The new generation belonging to that class, freed from the petty despotism of nobles and priests, and made more easy in their circumstances by the abolition of tithes and by the equalization of taxes, have acquired an independent spirit, and are far superior to their fathers in intellect and information. They are not republicans, and are still too much dazzled by military glory, but I think that no monarch or ex-nobles can hereafter oppress them long with impunity.
The first question that pressed for an answer regarded the mission to France, but behind this a more serious subject presented itself; Mr. Gallatin must now decide what provision he could make for his children. This anxiety weighed upon his mind and caused much anxious thought and much hesitation in his conclusions. Fortunately, he had but the trouble of choice. In the course of a few months, one by one, the doors of every avenue to distinction or wealth were thrown open to him. The mission to France came first, and this, on the 23d November, he declined, alleging as his reason the private duties which required his attention to the interests of his children. Meanwhile, on the 23d September, 1815, Richard Bache wrote to him from Philadelphia, as follows: “A number of the conferees appointed to nominate a Democratic candidate to represent this district in the next Congress having met together last evening, it was unanimously agreed to nominate you, should you consent to serve.... We all anxiously hope that it will be consistent with your views to stand as a candidate, and we assure you that we are confident of success.”
If ambition were his object, this invitation opened to Mr. Gallatin the path to Congress, and a seat in the Senate might reasonably be assumed as standing not far in the distance. Mr. Gallatin’s reply was written the next day: “I am more gratified by the mark of confidence given me by the Republican conferees of the Philadelphia district than I can express. But I cannot serve them in the station with which they would honor me. My property is not half sufficient to support me anywhere but in the western country. To my private business and to making arrangements for entering into some active business I must necessarily and immediately attend. It is a duty I owe to my family.”
A few days later, on the 9th October, his friend Mr. John Jacob Astor wrote him a long letter proposing that he should become a partner in Mr. Astor’s commercial house. He had, he said, at that time a capital of about $800,000 engaged in trade. He estimated his probable profits at from $50,000 to $100,000 per annum, interest and all expenses deducted. “I propose to give you an interest of one-fifth, on which I mean to charge you the legal interest; if you put any funds to the stock, interest will be allowed to you of course.”
On the 4th December, Mr. Monroe wrote to him: “To your other letter I have felt a repugnance to give a reply. We have been long in the public service together, engaged in support of the same great cause, have acted in harmony, and it is distressing to me to see you withdraw. I will write you again on this subject soon.” He did write again, on the 16th, urging new reasons why Mr. Gallatin should accept the French mission. To this letter Mr. Gallatin made the following reply:
GALLATIN TO MONROE.
New York, 26th December, 1815.
1816.