P. S. There is a most lovely seat adjoining this city, on a high hill, commanding a most extensive view of the Potomac, now for sale. A superb house, gardens, &c., with thirty or forty acres of ground. It will be sold under circumstances of distress, and will probably go for the half of what it has cost. It was built by Gustavus Scott, who is dead bankrupt.
TO MR. GALLATIN.
June 19, 1802.
With respect to the bank of Pennsylvania, their difficulties proceed from excessive discounts. The $3,000,000 due to them comprehend doubtless all the desperate debts accumulated since their institution. Their buildings should only be counted at the value of the naked ground belonging to them; because, if brought to market, they are worth to private builders no more than their materials, which are known by experience to be worth no more than the cost of pulling down and removing them. Their situation then is
| They owe | $2,200,000 | |
| They have of good money | $710,000 | |
| 250,000 | ||
| Ground worth perhaps | 5,000 | 965,000 |
| $1,235,000 |
To pay which $1,235,000, they depend on $3,000,000 of debts due to them, the amount of which shows they are of long standing, a part desperate, a part not commandable. In this situation it does not seem safe to deposit public money with them, and the effect would only be to enable them to nourish their disease by continuing their excessive discounts, the checking of which is the only means of saving themselves from bankruptcy. The getting them to pay the Dutch debt, is but a deposit in another though a safer form. If we can with propriety recommend indulgence to the bank of the United States, it would be attended with the least danger to us of any of the measures suggested, but it is in fact asking that bank to lend to the one of Pennsylvania, that they may be enabled to continue lending to others. The monopoly of a single bank is certainly an evil. The multiplication of them was intended to cure it; but it multiplied an influence of the same character with the first, and completed the supplanting the precious metals by a paper circulation. Between such parties the less we meddle the better.
TO DOCTOR PRIESTLEY.
Washington, June 19, 1802.
Dear Sir,—Your favor of the 12th has been duly received, and with that pleasure which the approbation of the good and the wise must ever give. The sentiments it impresses are far beyond my merits or pretensions; they are precious testimonies to me however, that my sincere desire to do what is right and just is viewed with candor. That it should be handed to the world under the authority of your name is securing its credit with posterity. In the great work which has been effected in America, no individual has a right to take any great share to himself. Our people in a body are wise, because they are under the unrestrained and unperverted operation of their own understanding. Those whom they have assigned to the direction of their affairs, have stood with a pretty even front. If any one of them was withdrawn, many others entirely equal, have been ready to fill his place with as good abilities. A nation, composed of such materials, and free in all its members from distressing wants, furnishes hopeful implements for the interesting experiment of self-government; and we feel that we are acting under obligations not confined to the limits of our own society. It is impossible not to be sensible that we are acting for all mankind; that circumstances denied to others, but indulged to us, have imposed on us the duty of proving what is the degree of freedom and self-government in which a society may venture to leave its individual members. One passage, in the paper you enclosed me, must be corrected. It is the following, "and all say it was yourself more than any other individual, that planned and established it," i. e. the Constitution. I was in Europe when the Constitution was planned, and never saw it till after it was established. On receiving it I wrote strongly to Mr. Madison, urging the want of provision for the freedom of religion, freedom of the press, trial by jury, habeas corpus, the substitution of militia for a standing army, and an express reservation to the States of all rights not specifically granted to the Union. He accordingly moved in the first session of Congress for these amendments, which were agreed to and ratified by the States as they now stand. This is all the hand I had in what related to the Constitution. Our predecessors made it doubtful how far even these were of any value; for the very law which endangered your personal safety, as well as that which restrained the freedom of the press, were gross violations of them. However, it is still certain that though written constitutions may be violated in moments of passion or delusion, yet they furnish a text to which those who are watchful may again rally and recall the people; they fix too for the people the principles of their political creed. We shall all absent ourselves from this place during the sickly season; say from about the 22d of July to the last of September. Should your curiosity lead you hither either before or after that interval, I shall be very happy to receive you, and shall claim you as my guest. I wish the advantages of a mild over a winter climate had been tried for you before you were located where you are. I have ever considered this as a public as well as personal misfortune. The choice you made of our country for your asylum was honorable to it; and I lament that for the sake of your happiness and health its most benign climates were not selected. Certainly it is a truth that climate is one of the sources of the greatest sensual enjoyment. I received in due time the letter of April 10th referred to in your last, with the pamphlet it enclosed, which I read with the pleasure I do everything from you. Accept assurances of my highest veneration and respect.