Details
JEFFERSON, THOMAS, President. Autograph manuscript signed ("Th: Jefferson") in third person, headed "Extract of a letter from J. Blair to Th:Jefferson dated W[illia]msburg June 13, 1795." 1 page, 4to, 225 x 185mm. (9 x 7 1/2 in.), tiny chip in upper margin, otherwise fine.
JEFFERSON AND THE STOCK MARKET
Jefferson records a complex stock transaction: "'Three days ago I sold to Mr Robert Andrews Mr Mazzei's 6 percent stock...[at] the market rate at Philadelphia according to the latest & very recent price-current...I am also willing to take to myself the residue of his stock at the rates mentioned in the same price current, viz. the 3. per cent @ 11/7 & the deferred at 14/1...& the two together, according to the respective rates...are worth [$824.60]...the whole amount for which the stock thus sells [$1864.44]...& as the above sales reserve to Mr. Mazzei the interest for the current quarter, [$21.62]...more will be due...[T]he whole sum for which you may value yourself for the use of Mr. Mazzei will be [$1972.56]. Altho' the stock is funded at the office in Richmond, where it generally sells something lower than that at public Treasury in Philadelphia, yet you will observe Mr. Mazzei gets the price of stock at Philadelphia...'"
Philip Mazzei, an Italian physician, a close friend of Thomas Jefferson's, lived on the adjoining estate to Monticello from 1773-1778, then served as an American agent in Europe; during his absence, Jefferson undertook the demanding job of managing Mazzei's estate and financial investments. It was Jefferson's outspoken criticism of Washington and the Federalists in a letter to Mazzei, published in Italy in 1797, which preciptated the final rupture between Jefferson and Washington.
JEFFERSON AND THE STOCK MARKET
Jefferson records a complex stock transaction: "'Three days ago I sold to Mr Robert Andrews Mr Mazzei's 6 percent stock...[at] the market rate at Philadelphia according to the latest & very recent price-current...I am also willing to take to myself the residue of his stock at the rates mentioned in the same price current, viz. the 3. per cent @ 11/7 & the deferred at 14/1...& the two together, according to the respective rates...are worth [$824.60]...the whole amount for which the stock thus sells [$1864.44]...& as the above sales reserve to Mr. Mazzei the interest for the current quarter, [$21.62]...more will be due...[T]he whole sum for which you may value yourself for the use of Mr. Mazzei will be [$1972.56]. Altho' the stock is funded at the office in Richmond, where it generally sells something lower than that at public Treasury in Philadelphia, yet you will observe Mr. Mazzei gets the price of stock at Philadelphia...'"
Philip Mazzei, an Italian physician, a close friend of Thomas Jefferson's, lived on the adjoining estate to Monticello from 1773-1778, then served as an American agent in Europe; during his absence, Jefferson undertook the demanding job of managing Mazzei's estate and financial investments. It was Jefferson's outspoken criticism of Washington and the Federalists in a letter to Mazzei, published in Italy in 1797, which preciptated the final rupture between Jefferson and Washington.