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    John Jay Autograph Letter Signed In Which He Comments on the Affect of Two Post-War of 1812 Factors, the Explosion of the Westward migration and the Financial Crisis, on New York State Land Prices. Jay, John. First Chief Justice of the U. S., President of the Continental Congress, diplomat. Autograph Letter Signed, 1 page 4to, Bedford, N. y., Nov. 29, 1815, to his son, Peter Augustus Jay. The letter concerns the possible sale of some land, mentioning the affect of westward migration and the banking industry on land prices. He also mentions his own health and an estate matter, the butter supply for the winter. The letter reads in part: " complaints gradually abate, but I am still feeble..Mr. Griggs brought me a letter of the 6 Inst. from Mr. Ryerson -- He values the land at $20 pr. acre -- He thinks the price will not continue to rise, on acct. of the Emigrations from Sussex to the western country. I told Mr. Griggs that I should make further inquiries respecting the value of the Land -- but that considering the present State of our Banks, I had concluded to postpone selling any land...I think she would do well to purchase & send a firkin [of butter] from N. York, where it is probably less dear than here..." The comment about "Emigrations" to the west is particularly interesting because with the end of the War of 1812, there was a dramatic increase in settlement of the eastern Mississippi valley; the population west of the Appalachians doubled by 1820. In expressing his concern about "the present State of our Banks," Jay refers to the postwar financial crisis which led, in early 1816, to the creation of the Second Bank of the United States and the tariff of 1816. John Jay spent his last 28 years in retirement at Bedford, his large estate. Interesting. Fine condition. Accompanied by LOA from PSA/DNA.

    Auction Info

    Auction Dates
    February, 2006
    20th-21st Monday-Tuesday
    Bids + Registered Phone Bidders: 6
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