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“CONSIDERINGTHE PRESENT STATE OF OUR BANKS,
I . . . POSTPONE SELLING ANY LAND”
29
●
JAY, JOHN. Autograph Letter Signed, to his son Peter Augustus Jay (“Dear Peter”),
discussing the evaluation of his land, noting that he has postponed selling land due to the
state of the banks, and suggesting that butter for the winter be purchased from NY to save
money. 1 page, 4to; folds, docketing verso.
Bedford, 29 November 1815
[3,500/5,000]
“
. . . On the 23 inst. Mr. Griggs brought me a Letter of the 6th inst. from Mr. Ryerson—He values
the Land at $ 20 pr. acre—He thinks the price will not continue to rise, on acc[oun]t of the
Emigrations from Sussex [County, NJ?] to the western country. I told Mr. Griggs . . . that on consid-
ering the present State of our Banks, I had concluded to postpone selling any land. . . .
“
. . . I also observed to Mr. Ryerson, that in case I should hereafter sell, the good tenants should have
the first offer. . . .
“
Before Nancy left us, she doubted our having a sufficient supply of butter for the winter—on recol-
lecting this circumstance, I think she would do well to purchase and send a Firkin [amount of butter]
from NYork, where it is probably less dear than here . . . .”
After the charter of the Bank of the United States expired in 1811, no national bank existed until
the Second Bank of the United States was chartered in 1815; in the interim, the U.S. economy suf-
fered from the effects of theWar of 1812.