Thomas Jefferson was born into a prominent and wealthy Virginia family on April 13, 1743. He was a Renaissance man who spent his entire life championing the independence of a country and its people.
Jefferson strongly opposed the “artificial aristocracy founded on wealth and birth, without either virtue or talents” and, instead, fought for state’s rights, limited federal government, and the people’s right to govern themselves. His strong views on the banking system can be summarized by the quote:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property – until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people where it properly belongs.” – Thomas Jefferson, 1802
Youngest Lawyer to Practice Law
At the age of twenty-three, Jefferson became the youngest lawyer to practice law before Virginia’s highest court and only one year later, he began serving in Virginia’s House of Burgesses, a legislative body similar to the British Parliament. With the British passage of the Coercive Acts of 1774, in response to the Boston Tea Party, Jefferson wrote a concise and moving set of resolutions called: “A Summary View of the Rights of British America”.
The pamphlet garnered the young man considerable respect as a writer, philosopher and future statesman. The summary eloquently presented arguments for why the new nation had the right, and should seek, to self-govern. Among those reasons was Jefferson’s argument that America was conquered, and her settlements made, and firmly established, at the expense of individuals, and not of the British public.
Their own blood was spilt in acquiring lands for their settlement, their own fortunes expended in making that settlement effectual; for themselves they fought, for themselves they conquered, and for themselves alone they have right to hold. Not a shilling was ever issued from the public treasures of his majesty, or his ancestors, for their assistance, till of very late times, after the colonies had become established on a firm and permanent footing. These resolutions were a precursor to the enormous contribution Jefferson and his writing abilities would play as a founding father on the political stage of a young, struggling nation.
The Second Continental Congress
At the age of 32, following the outbreak of the American Revolutionary War in June of 1775, Jefferson began serving as a delegate from Virginia to the Second Continental Congress. Congress was preparing to draft both a resolution and a declaration of independence seeking to outline their right to independence as well as build the framework from which the new nation would be governed. As one of five men appointed to a committee to draft a declaration Jefferson was tasked with writing the first draft.
The committee made few changes to Jefferson’s draft and it was quickly presented to Congress on June 28, 1776. Once the resolution of independence was approved, Congress turned their attention to the committee declaration draft. On July 4, 1776, the Second Continental Congress approved the offical version of the Declaration of Independence. It was to become one of the most important documents in the history of the United States Of America.
The Secretary of State
One year before Jefferson was appointed Secretary of State, President George Washington appointed Alexander Hamilton, Secretary of Treasury. The two men had radically opposing viewpoints on the type of fiscal policy that should govern national banking and currency. Jefferson, a Southern man, envisioned a nation of agriculture and personal freedoms where as Hamilton favored manufacturing and industrialization similar to Europe.
Hamiliton was a proponent of the Central Banking system and set out to convince Congress to charter a privately owned company to mint and circulate currency. At the time, the country had accumulated a significant war debt of approximately $42,000. Hamilton believed these debts should be spread equally among the states while Jefferson, believing strongly in states rights and independence, wanted each state to be held responsible for only the debt they had incurred.
Hamilton continued to push President Washington for the Central Banking system that would be given the responsibility of handling payment of the debts as well as receive deposits of government funds, tax revenue, and supply the country with currency needed for growth.
The Bank of the United States would be financed with $10 million dollars, 80% of which would be owned by private stock holders while the remaining 20% would be retained by the United States government. Stock holders could be domestic or foreign though foreign shareholders would not be given voting rights.
Of the 25 member Board of Directors, 20 were to be elected by the stockholders and only 5 would be government appointed. Jefferson lost the argument and the Bank of the United States was established. Jefferson resigned at Secretary of State in 1793 but remained heavily entrenched in politics until his presidency.
The Presidency
After serving four years as Vice President, Jefferson won a fierce battle for Presidency against Aaron Burr. Jefferson’s intent as President was to instill the morals and beliefs of the Democratic-Republican Party he had helped to create but he required the help of Alexander Hamilton to break the deadlock in the House of Representatives. Jefferson was forced to make difficult concessions including leaving the national banking and tariff programs, created under Hamilton, in force.
While much of Jefferson’s presidency was focused on reducing the federal government and cutting the national debt, the events of 1802 at the port of New Orleans changed things. Under French control, New Orleans was closed to U.S. commercial trade, the very thing Jefferson had relied on for national funding.
When Jefferson realized the potential hazard to the economy, he began negotiations with Napolean about the purchase of Louisiana. With little opposition from Congress the purchase was completed in 1803, effectively doubling the size of the United States for the cost of approximately $15 million dollars. Though domestically unpopular at the time, it became one of Jefferson’s crowning achievements as the third President of the United States.
The Presidency was the last major political office Jefferson held before retiring to Monticello. This was the home he had spent years building on the land he inherited from his father. Most of Jefferson’s 83 years of life were spent quietly but effectively advocating for personal liberties in a deliberate, thoughtful manner.
The story of his life stands as a remarkable success story, though it is rarely mentioned that six of his children preceded him in death as well as his wife. As a founding father of a remarkable new nation, Thomas Jefferson was specific that upon his death there were to be only two accomplishments on his tombstone to represent his legacy; the author of the Declaration of Independence and the founder of the University of Virginia.
Thomas Jefferson died, 50 years to the day after the United States Declaration of Independence had been signed, on July 4, 1826.
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