I'm certainly no expert, but apparently it is a little more complicated 
than that.  Coincidentally, while doing some particularly tedious 
housework over the weekend, I listened to a podcast from the ICJS of a 
lecture by Herbert Sloan of Barnard College, author of Principle and 
Interest: Thomas Jefferson and the Problem of Debt, updating some of 
his work on TJ's financial history:

http://www.monticello.org/podcasts/icjs_podcast.html

Now, Sloan really *is* an expert.  I wouldn't want to try to summarize 
what he says, but it's quite interesting -- and easy for a 
nonspecialist to understand -- and I'd encourage those interested to 
tune in.

It definitely made an interesting and unfortunately not entirely 
irrelevant background text as I weeded the contents of my clothes 
closet.

-- Jurretta

On Jul 9, 2007, at 5:20 PM, Janet Hunter wrote:

>
> In a message dated 7/9/2007 1:22:29 P.M. Eastern Daylight Time,
> [log in to unmask] writes:
>
> Eventually he would go broke through such acts of charity, but  
> Jefferson’s
> ideals of public education would transform the nation. Could it  all 
> have
> begun with a modest $200 pledge?
>
>
>
>
> Thanks so much for pointing out the program.  I will try to watch it  
> for
> sure.
>
> But, um, I was under the perhaps now mistaken impression that 
> Jefferson's
> woeful financial situation at his death (ie, "broke") was due more to 
> his great,
>  well-known and spectacular love of the finer and more expensive 
> things of
> life of the upper class, than extensive charitable expenditures.  Has  
> someone
> done a spreadsheet on this or something?
>
> Am I wrong?
>
> Best Regards,  Janet (Baugh) Hunter
>