But it is
perfectly safe. They are under a million of dollars, and we can
economize the government two or three millions a year. The impost alone
gives us ten or eleven millions annually, increasing at a compound ratio
of six and two thirds per cent, per annum, and consequently doubling
in ten years. But leaving that increase for contingencies, the present
amount will support the government, pay the interest of the public debt,
and discharge the principal in fifteen years. If the increase proceeds,
and no contingencies demand it, it will pay off the principal in a
shorter time. Exactly one half of the public debt, to wit, thirty-seven
millions of dollars, is owned in the United States. That capital then
will be set afloat, to be employed in rescuing our commerce from the
hands of foreigners, or in agriculture, canals, bridges, or other useful
enterprises. By suppressing at once the whole internal taxes, we abolish
three fourths of the offices now existing, and spread over the land.
Seeing the interest you take in the public affairs, I have indulged
myself in observations flowing from a sincere and ardent desire of
seeing our affairs put into an honest and advantageous train. Accept
assurances of my constant and affectionate esteem and high respect.
Th: Jefferson.
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