Title
[Document, 1792 March 31]
Library Location
Name
Jay, John, 1745-1829 (Author)
Randolph, Edmund, 1753-1813 (Addressee)
Format
correspondence
Digital Project
Papers of John Jay
Date
March 31, 1792
Language
English
Physical Description
3 pages
Subjects
United States--History--Constitutional period, 1789-1809; Jay, John, 1745-1829
Summary
In Jefferson's hand, John Jay's reply to the "Case stated ...by the Trustees of the sinking fund"--enclosure in Randolph to John Jay, 29 March 1792 (see 8634 and 7067). John Jay concludes his discourse on "legal" and "market" values of stocks by saying:..."I am of opinion that the words 'if not exceeding the par or true value thereof' do not restrain the purchase of any part of the debt of the United States, so long as the market price of the same shall not exceed the sum actually due from and payable by the United States in discharge of these debts." A note on the last page of the manuscript describes the Secretary of State's continued opposition to this view.
Identifier
columbia.jay.10217