November 1, 2016, 1:30 PM EST
New York, NY, USALive Auction
Lot 29: JAY, JOHN. Autograph Letter Signed, to his son Peter Augustus Jay ("Dear Peter"),(33 views)
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Description: "CONSIDERING THE PRESENT STATE OF OUR BANKS, I . . . POSTPONE SELLING ANY LAND" 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
". . . 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 considering 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 recollecting this circumstance, I think she would do well to purchase and send a Firkin [amount of butter] from N York, 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 suffered from the effects of the War of 1812.