Not to take anything away from TJ as the original debt-based American consumer, but what Paul alludes to below about his French spending actually seems to be what's now being complicated by Herbert Sloan's latest insights, given in his recent talk at the ICJS/Monticello.  I can't recall exactly what he said on this topic (you can listen to the full podcast yourself), but the situation now doesn't seem to have been as simple (and reprehensible) as Paul describes. Sorry to be so vague.

At any rate, there's no doubt that TJ's credit-based spending contributed substantially to the financial crisis that ultimately darkened the future for himself and all his dependents, very much including his slaves.   It's a negative example all too relevant to the habits of subsequent generations of Americans, including my own.

Cheers --

-- Jurretta Heckscher

-----Original Message-----
>From: Paul Finkelman <[log in to unmask]>
>Sent: Jul 11, 2007 8:17 PM
>To: [log in to unmask]
>Subject: Re: TJ's debts
>
>a slide that was exacerbated by his inability to control his own personal spending; his wine bill alone (something many of us can related to) must have been staggering; and the descriptions of what he brought home from France are truly amazing.
>
>Garry Wills points out that while in France "Jefferson went on a buying spree" that "was staggering in its intensity.  At times it must have looked as if he meant to take much of Paris back with him to his mountain 'château.'"  When he left France, he shipped eighty-six large crates back to the United States.  His treasures included "sixty-three oil paintings, seven busts by Houdon, forty-eight formal chairs, Sèvres table sculptures of biscuit, damask hangings, four full-length mirrors in gilt frames, four marble-topped tables, 120 porcelain plates, and numberless items of personal luxury."   
>
>He of courser paid for all this by selling at least 85 slaves in the late 1780s and early 1790s.  
>
>Paul Finkelman
>President William McKinley Distinguished Professor of Law
>     and Public Policy
>Albany Law School
>80 New Scotland Avenue
>Albany, New York   12208-3494
>
>518-445-3386 
>[log in to unmask]
>>>> Heritage Society <[log in to unmask]> 07/11/07 12:11 PM >>>
>"He inherited great wealth from his father-in-law, John
>Wayles, and a manageable debt, which he mismanaged"
>
>The Wayles inheritance of land and slaves did advance Jefferson's balance
>sheet. But these assets were paper and the problem was the liabilities that
>came along with the estate, which were immediate and required cash to the
>British creditors. Rather than keep the estate in probate until the debts
>were paid, the executors, of which Jefferson was one, decided to convey the
>estate in thirds (Martha Jefferson and her two sisters were the
>beneficiaries). This had the effect of transferring all of the Wayles'
>debts to the executor's personal estates. There was a sale of land and
>slaves in what was thought sufficient to pay the debts. The buyers gave
>their bonds for the purchase price and these were paid off in virtually
>worthless paper currency under the legal tender acts passed by Virginia
>during the war. A substantial portion of the assets were gone but the debts
>remained and interest continue to run. Far from being "great wealth" that
>Jefferson  "mismanaged," the Wayles inheritance began  Jefferson's lifelong
>slide into increasing debt. 
>
>
>Richard E. Dixon
>Editor, Jefferson Notes 
>Thomas Jefferson Heritage Society
>703-691-0770
>fax 703-691-0978
>
>
>
>> [Original Message]
>> From: Henry Wiencek <[log in to unmask]>
>> To: <[log in to unmask]>
>> Date: 7/10/2007 3:07:38 PM
>> Subject: [VA-HIST] TJ's debts
>>
>> The PBS statement that TJ's charity broke him is ridiculous. In no way did
>> his charities sink him. Jefferson's financial picture was very complicated
>> and hard to summarize briefly. He wrote everything down, and never added
>> anything up: "For tho' I kept such exact entries in my daily memorandum
>book
>> as would enable me, or anybody else, to state the account accurately in a
>> day, yet I had never collected the items, or formed them into an account,
>> till within these few days."  He successfully juggled creditors for his
>> entire adult life.  He inherited great wealth from his father-in-law, John
>> Wayles, and a manageable debt, which he mismanaged--he also got caught in
>> the collapse of Continental currency and was too honest to wiggle out of
>> paying, as others did. A creditor told Jefferson that he was one of just
>> three "respectable" names who had agreed to make payments on their debts;
>> the rest were welching. The interest on his debts was crushing. But his
>> debts never stopped him from doing anything. He entertained lavishly at
>the
>> White House because he enjoyed doing it and because he believed it to be
>> politically important. He built Monticello--twice; then he built Poplar
>> Forest; then he invested many thousands building a mill and canal at
>> Shadwell. Well aware of his position, he remained an optimist. As he wrote
>> to his daughter Martha, on January 5, 1808, in response to her letter
>> detailing the financial calamities in her husband's family: "I have now
>the
>> gloomy prospect of retiring from office loaded with serious debts, which
>> will materially affect the tranquility of my retirement. However, not
>being
>> apt to deject myself with evils before they happen, I nourish the hope of
>> getting along."  Don't we all.
>>
>> Henry Wiencek