Jefferson attained his philosophy on debt 'first hand' through life and the experience of daily living. Through Martha (wife) he inherited some 11,000 acres of land and 135 slaves. This added to the 5,000 acres and 50 slaves that he inherited from the death of his mother. The 16,000 acres made Jefferson one the largest landowners in Virginia.
The property he inherited from his wife came with 'baggage' called debt. His father-in-law's was asset rich and cash poor. Due to the debt associated with the estate of his dear wife - by the end of his life, he would be over $100,000 in the hole. The debts enraged Jefferson. Indebtedness threatened him with loss of control, and the fear associated with such debt played heavy on Jefferson. He was humiliated at the thought of bowing the knee to creditors, money lenders, merchants who ran a tab on his behalf, and importers who supplied his needs.
In Jefferson's mind, only a nation of those who owned enough property to support themselves without dependence could really create a republic. Due to life experiences Jefferson despised debt. This belief caused Jefferson conflict with his chosen party the Federalists. Thus the formation of the Democratic-Republicans, led by Jefferson and Madison. Elected president in 1800 the Democratic Jeffersonian ideas about debt were applied to our nation based upon Jefferson's history with his own problems associated with indebtedness.
Wonder what opinions Jefferson would have to day? Most likely he would experience a migraine!
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He would be so disappointed in his Democratic-Republicans that he would join the Libertarian Party and run for President.
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