ing to make known to our merchants without delay.

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