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In January 1827 the newspapers of central Virginia carried an advertisement that began: "EXECUTOR'S SALE. WILL BE SOLD ... ON THE FIFTEENTH OF January, at Monticello … the whole of the residue of the personal property of Thomas Jefferson." For five days residents of Albemarle and surrounding counties flocked to the mountaintop to bid on "130 valuable Negroes, Stock, Crop, &c. Household and Kitchen Furniture."1
Despite bitterly cold weather, "the furniture sold very well," as one family member reported.2 Chairs, tables, a mahogany sideboard, prints of Roman buildings, candlesticks, coffee roasters, and a cracked tureen were carried off by new owners – a lifetime's collection was scattered to the sounds of an auctioneer's hammer. Only the furnishings of Jefferson's private suite and a few family pieces were withheld, and his books and paintings were reserved for later sale in Boston and Washington.
While debt was not unusual for Virginia planters of this period, Jefferson's own debts eventually grew so ponderous that his family was forced to sell not only his personal property, but Monticello and the land that encompassed their home. What brought about the economic cataclysm that drove Jefferson's heirs from Monticello and dispersed his books, paintings, furnishings, and slaves? "[T]he wonder … is that I should have been so long as 60. years in arriving at the ultimate & unavoidable result," wrote Jefferson in 1826, when his debts totaled more than $107,000 – the equivalent of over a million dollars today.3
"I am miserable till I owe not a shilling," Jefferson had asserted in 1786.4 Despite the frequent expression of this sentiment, he probably was never out of debt in his adult life. Before the Revolution he speedily built up a large debt to the Scottish firm that purchased his tobacco crop. This obligation quadrupled in 1774, when he assumed his father-in-law's debts. War-time inflation frustrated his attempts at repayment – large land sales yielded only enough money to buy "a great coat."5
Despite some years of ample salaries in public office, Jefferson's load of debt only continued to grow. He and his family generally attributed his financial failure to forty years of public service and the consequent neglect of his own affairs. Virginia slave estates, all agreed, required skill and an attention that "never sleeps." "[S]kill I had not, and attention I could not have," explained Jefferson.6 Among other contributing factors were his famous hospitality – with no "judicious wife to look after his domestic concerns," as granddaughter Ellen Coolidge wrote – and his passion for building.7
Jefferson's optimistic nature and methodical habits interfered with his recognition of financial reality. He never properly understood the profitableness of his plantations, basing all his planning on underestimated expenses and visionary profits. The meticulous daily entries in his memorandum book (even a waffle bought from a Parisian street vendor was tabulated) gave him a false sense of order that masked a chaotic truth. Only until 1770 did he keep a ledger, balancing income and expenses. For the rest of his life, Jefferson was able to conceal from himself his level of overspending.
But Jefferson's optimism was unshakable. His daughter reported that "he died tranquil," expecting a lottery to save the day.8 And she, in alluding to his long years of public service, wrote that she "never regretted the sacrifice he made."9
In the end, it was Jefferson's grandson, Thomas Jefferson Randolph, who shouldered the entire load of debt and was eventually able to satisfy all the creditors. The last payment on principal was made fifty years after Jefferson's death.
- Lucia C. Stanton, 1991
Factors Contributing to THE DEBT
Some of the general factors that contributed to Jefferson's indebtedness, including situations both within and beyond his control, may be summarized as follows:
- Jefferson inherited a great deal of debt from his father-in-law, John Wayles, when Wayles died in 1774.
- Although Jefferson was wealthy in land and slaves, farming proved to be an unreliable and inadequate source of income. Also, although Jefferson himself was a major creditor, payments owed to him were unreliable and inadequate as well.
- Jefferson lived perpetually beyond his means, spending large amounts of money on building projects, furnishings, wine, etc.
- The financial panic that occurred in 1819 added a substantial burden onto his already-substantial debt. Also, he acquired a heavy debt from a friend late in life. In 1818, Jefferson endorsed a $20,000 note for Wilson Cary Nicholas. Nicholas died in 1820, and Jefferson was forced to take on his unpaid debt.
- Sloan, Herbert. "Jefferson's Debt and His Career as a Shopper." Lecture delivered at the Robert H. Smith International Center for Jefferson Studies on April 6, 2007. Available as a podcast.
- Sloan, Herbert. Principle and Interest: Thomas Jefferson and the Problem of Debt. New York: Oxford University Press, 1995.
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Little mention of Denmark, its people, or its culture can be found in Thomas Jefferson's correspondence. While American minister in France, Jefferson began negotiating a treaty of amity and commerce with Denmark, through the Danish minister to France, the Baron de Blome. No treaty was signed, however, during Jefferson's European stay.
The rankling issue of Denmark's return to Britain of three ships captured by John Paul Jones during the American Revolution also remained unsettled, even during Jefferson's years as Secretary of State. In that post, Jefferson appointed the first American consul in Denmark, a Dane named Hans Rodolphe Saab√øe. He asked Saab√øe in 1792 to assure his government that "we are desirous to cultivate a reciprocation of favors, good offices and interests with them, and to encourage a mutual commerce on the most liberal grounds. Their subjects participate here of every right of the most favored nations, and we rely on their justice and friendship to recieve ours with the like favor."10
After Jefferson's inauguration as U.S. President, the Danish charg√© d'affaires, Peder Pedersen, was the first diplomatic envoy to be received by the new executive. Pedersen became a part of the Monticello family folklore, when he upset the dessert course on his head while dining at the President's House.11
Thomas Jefferson had at least three works on Denmark in his library. One of them, Robert Molesworth's Account of Denmark (1694), was famous among American revolutionary patriots for its exhibition of how the preservation of liberty was dependent on the vigilance of the people.
- Molesworth, Robert, Viscount Molesworth. An account of Denmark as it was in the year 1692. Glasgow: Printed by Robert Urie, 1752. Sowerby, 1:112.
- Mallet, Paul Henri. Histoire de Dannemarc. Geneva: 1763. Sowerby, 1:113.
- Thaarup, Frederik. Statistic of the Danish Monarchy. Kiobenhavn: Udgave, 1794. Sowerby, 3:43.
Primary Source References
1786 May 12. (Jefferson to John Jay). "In the month of February the Baron de Blome, minister plenipotentiary at this court from Denmark informed me that he was instructed by his court to take notice to the Ministers from the U.S. appointed to negotiate a treaty of commerce with them ... that they were sensible of the advantages which would arise to the two countries from a commercial intercourse ... [and] desirous of continuing on the terms of the strictest harmony and friendship with them."12
1788 November 14. (Jefferson to John Jay). "I have received no answer yet from Denmark on the subject of the prizes: nor do I know whether to ascribe this silence to an intention to evade the demand, or to the multitude of affairs they have had on their hands lately."13
1790 August 26. (Jefferson to William Short). "Mr. Campbell ... asked me when a minister would be appointed to that court [Denmark], or a character sent to negotiate a treaty of commerce ... that with respect to Denmark particularly, I might safely express to him those sentiments of friendship which our government entertained for that country, and assurances that the king’s subjects would always meet with favor and protection here ...."14
- Lucia Stanton, 6/1991
- 1. Thomas Jefferson Randolph’s Newspaper Advertisement for Poplar Forest and Monticello Estate Sales, Richmond Enquirer, November 3, 1826, and running until January 20, 1827. Transcription available at Jefferson Quotes and Family Letters.
- 2. Nicholas P. Trist to James Madison, January 25, 1827, Nicholas Philip Trist Papers, Virginia Historical Society. Transcription available at Jefferson Quotes and Family Letters.
- 3. Jefferson to Francis Eppes, March 9, 1826, The Thomas Jefferson Papers, Special Collections, University of Virginia Library. Transcription available at Founders Online.
- 4. Jefferson to Nicholas Lewis, December 19, 1786, in PTJ, 10:614-16. Transcription available at Founders Online.
- 5. Martha Jefferson Randolph to Ellen W. Randolph Coolidge, [ca. October 22 1826], Virginia Historical Society. Transcription available at Jefferson Quotes and Family Letters.
- 6. Jefferson to Francis Eppes, March 9, 1826, The Thomas Jefferson Papers, Special Collections, University of Virginia Library. Transcription available at Founders Online.
- 7. Ellen W. Randolph Coolidge to Henry S. Randall, February 13, 1856, Ellen Coolidge Letterbook, Correspondence of Ellen Wayles Randolph Coolidge 1810-1861, Special Collections, University of Virginia Library. Transcription available at Jefferson Quotes and Family Letters.
- 8. Martha Jefferson Randolph to Ellen W. Randolph Coolidge, [ca. October 22 1826], Virginia Historical Society. Transcription available at Jefferson Quotes and Family Letters.
- 9. Martha Jefferson Randolph to Margaret Bayard Smith, November 10, 1828, J. Henley Smith Papers, Library of Congress, quoted in Cynthia A. Kierner, Martha Jefferson Randolph, Daughter of Monticello: Her Life and Times (Chapel Hill: University of North Carolina Press, 2012), 211.
- 10. Circular to Consuls and Vice-Consuls, November 14, 1792, in PTJ, 24:620n. See paragraph (10). Transcription available at Founders Online.
- 11. Thomas Jefferson Randolph, "Memoirs," Edgehill-Randolph Papers, Accession #1397, Special Collections, University of Virginia Library.
- 12. PTJ, 9:514-15. Transcription available at Founders Online.
- 13. PTJ, 14:62. Transcription available at Founders Online.
- 14. PTJ, 17:433. Transcription available at Founders Online.
- 15. "Autobiography," January 6-July 29, 1821, Thomas Jefferson Papers, Library of Congress. Transcription available at Founders Online.