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
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