same nation,
whose domestic ones can be bought at the same market for fifty-five
per cent.; the former, too, bearing an interest of only five per cent.,
while the latter yields six. If any discouragements can be honestly
thrown on this transfer, it would seem advisable, in order to keep the
domestic debt at home. It would be a very effectual one, if, instead of
the title existing in our treasury books alone, it was made to exist
in loose papers, as our loan office debts do. The European holder would
then be obliged to risk the title paper of his capital, as well as his
interest, in the hands of his agent in America, whenever the interest
was to be demanded; whereas, at present, he trusts him with the interest
only. This single circumstance would put a total stop to all future
sales of domestic debt at this market. Whether this, or any other
obstruction, can or should be thrown in the way of these operations,
is not for me to decide; but I have thought the subject worthy your
consideration.

I have the honor to be, with sentiments of the most perfect esteem and
respect, Gentlemen, your most obedient and most humble servant,

Th: Jefferson.

LETTER CXXXII.--TO GENERAL WASHINGTON, May 2, 1788

TO GENERAL WASHINGTON.

Paris, May 2, 1788.

Dear Sir,

I am honored with your Excellency's letter by the last packet, and thank
you for the information it contains on the communication between the
Cayahoga and Big Beaver. I have ever considered the opening a canal
between those two water courses, as the most important work in that
line, which the state of Virginia could undertake. If will infallibly
turn through the Potomac all the commerce of Lake Erie, and the country
west of that, except what may pass down the Mississippi; and it is
important that it be soon done, lest that commerce should, in the mean
time, get established in another channel. Having, in the spring of the
last year, taken a journey through the southern parts of France, and
particularly examined the canal of Languedoc, through its whole course,
I take the liberty of sending you the notes I made on the spot, as you
may find in them something perhaps, which may be turned to account, some
time or other, in the prosecution of the Potomac canal. Being merely a
copy from my travelling notes, they are undigested and imperfect, but
may still, perhaps, give hints capable of improvement in your mind.

The affairs of Europe are in such a state still, that i