The Monster of Monticello

[HiPointDem]

29. living beyond his means was part of it, but he also had the misfortune to die during a long

economic bust: panic of 1819, bust of the virginia land bubble and consequent devaluation of the value of his holdings, etc. not to mention that his inheritance came with debt already attached to it.


In the Museum Shop we sell framed and/or frameable copies of both versions of Jefferson’s canons. In both versions, the 3rd rule is the same: “Never Spend Your Money Before You Have It.” Most of the people who visit our shop are aware, especially if they’ve already had their tour of Monticello, that Jefferson died with a huge amount of debt. Many of our guests read this 3rd rule and, thinking they detect a contradiction, point it out to us or to others in their party.

The reasons for Jefferson’s debt are numerous, though, and I believe fairness demands a deeper look at the issue. It’s true that he entertained lavishly and liked to buy quantities of wine; however, it is also true that many of the causes of his debt were far beyond his control. A lot of it can be attributed to inherited debt from his father-in-law, the financial panic of 1819, and the failure of Jefferson’s own debtors to pay what they owed him.

http://www.monticello.org/site/blog-and-community/posts/never-spend-your-money-before-you-have-it