One of the last acts of Jefferson?s private life before resuming high national elective office?A window into the practical administration of Hamilton?s funded debt and also signed by the Chief US Comptroller at the Reserve in Philadelphia?This extensive document last sold in 1976, when it was sold by legendary dealer Ralph NewmanFollowing the Revolutionary War, the new nation, its member states, and a great many of its citizens were deeply in debt. By 1790 the national debt stood at $54 million, and collectively the state governments owed creditors $25 million. Secretary of the Treasury Alexander Hamilton estimated the combined state and federal debt to international investors at almost $12 million. In January of 1790, he published his ?Report on the Public Credit?, in which he argued that the financial health of the nation was essential to its prosperity; and to achieve this end, he proposed that all debts were to be paid at face value, and the Federal government would assume all of the war debts owed by the 13 states and the state debts would be paid out of the federal treasury. But rather than just pay the debt load off, he recommended the consolidation of the debts into new securities (stocks, or what we would today consider bonds) with public revenues specifically pledged to pay their interest. States received these certificates of federal debt from the U.S. Treasury, and subscribers could obtain and trade these securities also. Holders received a 6% stock issue, interest starting in 1791 and payable quarterly, equal to 2/3 the principal due. The final 1/3 came in the form of another 6% certificate of deferred interest that would start in 1801. Another stock certificate of 3% covered the interest due from December 31, 1789 to December 31, 1794. Hamilton?s plan proved to be a great success, wiping out a huge debt without a crippling lump sum payment, establishing the credit of the United States both domestically and internationally, encouraging American business, and tying the wealthy class to U.S. government investments. Many people believe that Hamilton essentially established the American financial system, a remarkable achievement.With incumbent President George Washington having refused a third term in office, the 1796 election became the first U.S. presidential election in which political parties competed for the presidency. The Federalists coalesced behind John Adams and the Democratic-Republicans supported Thomas Jefferson. The campaign was a bitter one, with Federalists attempting to identify the Democratic-Republicans with the violence of the French Revolution and the Democratic-Republicans accusing the Federalists of favoring monarchism and aristocracy. Republicans sought to associate Adams with the policies developed by fellow Federalist Alexander Hamilton, which they declaimed were too much in favor of Great Britain and a centralized national government. In foreign policy, Republicans denounced the Federalists over the Jay Treaty, which had established a peace with Great Britain, though one that proved temporary. Adams supporters also accused Jefferson of being too pro-France. Adams was elected president, but under the rules in place at that time, Jefferson, receiving the second most votes, became his vice president. It was the first contested American presidential election, the first presidential election in which political parties played a dominant role, and the only presidential election in which a president and vice president were elected from opposing tickets.William Short, a Virginia-born lawyer who disagreed with slavery, became an American diplomat during the first two decades of his country's existence, before moving to Philadelphia and becoming a successful financier and philanthropist. Short also served as Jefferson's prot?g?, and Jefferson was a strong supporter of his career. Jefferson considered Short his "adoptive son?, as well as being his Short?s mentor and friend. Short served as Jefferson's p.
Seller: Andreas Wiemer Historical Autographs, Allendorf, Germany
Association Member: PADA
Manuscript / Paper Collectible Signed
Kein Einband. Condition: Sehr gut. Jefferson, Thomas (1743-1826) & Madison, James (1751-1836) - Document signed by both - 3. President of the United States and 4. President of the United States. Thomas Jefferson and James Madison Document signed "Th:Jefferson" as President and "James Madison" as Secretary of State. 1 page, partly printed, 15.75 x 9.5 inch, City of Washington, 1806 April 3. Large wax-based paper seal intact. Vellum document grants land to Henry Mayser of Northumberland County Pennsylvania at Steubenville. In parts: ". . . it appears that he has made full payment for the Lot on Section number Thirty Two of Township number Ten in Range number Three . . . of the lands directed to be sold at Steubenville by the act of congress.". Folds, slightly discolored, else good condition. Fine signature combination! COMES WITH A CERTIFICATE OF AUTHENTICITY BY ANDREAS WIEMER HISTORICAL AUTOGRAPHS. Please do not hesitate to contact me with any questions. Signatur des Verfassers.
Publication Date: 1809
Seller: Houle Rare Books/Autographs/ABAA/PADA, Palm Springs, CA, U.S.A.
Signed
No Binding. Condition: Very Good. RARE MIDSHIPMAN APPOINTMENT ("Th: Jefferson") Partly-printed vellum DS as president, 1 page, 10" x 10 1/2", January 16, 1809. President Jefferson issues a naval appointment for Henry Pilliam. In part: "That reposing special Trust and Confidence in the Patriotism, Valour, Fidelity, and Abilities of Henry Pilliam, I do appoint him a midshipman in the Navy of the United States." Neatly signed at the conclusion by President Jefferson and countersigned by Secretary pf the Navy Robert Smith. The document bears an embossed Navy Department seal to the upper left. Intersecting folds, overall wrinkling, and light staining, otherwise fine condition. Such appointments by Thomas Jefferson are quite scarce, as he and the Republican party opposed a strong navy. However, as Jefferson's term neared its conclusion the naval forces were beginning to grow out of necessity in order to protect the maritime interests of the United States, as merchant vessels were frequently being interfered with during their voyages on the high seas. Ultimately, these disputes would culminate in the War of 1812 during President Madison's administration. A desirable and well-preserved example of a Jefferson appointment. Very good. Signed by Author(s).