The prices of our funds have undergone some variations within the last three months.  The six per cents were pushed by gambling adventures up to twenty-six and a half, or twenty-seven and a half shillings the pound.  A bankruptcy having taken place among these, and considerably affected the more respectable part of the paper, holders, a greater quantity of paper was thrown suddenly on the market than there was demand or money to take up.  The prices fell to nineteen shillings.  This crisis has passed, and they are getting up towards their value.  Though the price of public paper is considered as the barometer of the public credit, it is truly so only as to the general average of prices.  The real credit of the United States depends on their ability, and the immutability of their will, to pay their debts.  These were as evident when their paper fell to nineteen shillings, as when it was at twenty-seven shillings.  The momentary variation was like that in the price of corn, or any other commodity, the result of a momentary disproportion between the demand and supply.

The unsuccessful issue of our expedition against the savages the last year, is not unknown to you.  More adequate preparations are making for the present year, and, in the mean time, some of the tribes have accepted peace, and others have expressed a readiness to do the same.

Another plentiful year has been added to those which had preceded it, and the present bids fair to be equally so.  A prosperity built on the basis of agriculture is that which is most desirable to us, because to the efforts of labor it adds the efforts of a greater proportion of soil.  The checks, however, which the commercial regulations of Europe have given to the sale of our produce, have produced a very considerable degree of domestic manufacture, which, so far as it is of the household kind, will doubtless continue, and so far as it is more public, will depend on the continuance or discontinuance of the European policy.

I am, with great esteem, Sir, your most obedient, humble servant,

Th:  Jefferson.

LETTER CX.—­TO JOHN PAUL JONES, June 1, 1792

TO JOHN PAUL JONES.

Philadelphia, June 1, 1792.

Sir,

The President of the United States having thought proper to appoint you commissioner for treating with the Dey and government of Algiers, on the subjects of peace and ransom of our captives, I have the honor to enclose you the commissions, of which Mr. Thomas Pinckney, now on his way to London as our Minister Plenipotentiary there, will be the bearer.  Supposing that there exists a disposition to thwart our negotiations with the Algerines, and that this would be very practicable, we have thought it advisable that the knowledge of this appointment should rest with the President, Mr. Pinckney, and myself; for which reason you will perceive, that the commissions are all in my own hand-writing.  For the same reason, entire secrecy is recommended to you, and that you so cover from the public your departure and destination, as that they may not be conjectured or noticed; and at the same time, that you set out after as short delay as your affairs will possibly permit.