Why Did Thomas Jefferson Die Broke?
The story of a debtor
Thomas Jefferson, the philosophical diplomat and 3rd president, was born in 1743 to well-off parents Peter Jefferson and Jane Randolph. The Virginian was the third of ten children. Jefferson would go on to study at the College of William and Mary, learning mathematics, metaphysics, and philosophy. Following his collegiate endeavors, Jefferson would go on to work as a public figure, draft the Declaration of Independence, serve as ambassador to France, become a vice-president, and ultimately emerge as our nation’s 3rd president, among many other exhibitions.
The Struggle of a Lavish Life
Jefferson never shied away from the finer things in life whether that be cuisine, books, and textiles. Upon returning from France, Jefferson even hired a personal French chef to satisfy the hunger for the delicacies he experienced in Europe. Jefferson also reportedly would spend up to $10,000 on wines imported from the European continent, which in today’s currency would equate to more than $1,000,000. Books were another large contributor to Jefferson’s imports. Jefferson reportedly owned up to 10,000 books in his lifetime, which certainly cost him a pretty penny.
So, how did Jefferson cover for all of these expenses? Well, it was not through his political career. At the time of Jefferson’s presidency, the yearly salary for the position was roughly $25,000. At first glance, this seems like a healthy payout for the time, but with Jefferson footing the bill for his staffers, food, travel, and parties on top of his personal endeavors, that total shrunk rather quickly.
Another large money-suck emerged when Jefferson’s wife’s father died in 1773 leaving a massive debt to be paid by Jefferson and other beneficiaries. This, on top of his other expenses, left Jefferson with many years of suffering to cope with his lifestyle and his accruing debt.
Monticello’s Expenses
Monticello was Jefferson’s largest money maker. The plantation, though poorly run by Jefferson, did bring in money from tobacco crops and other goods that were collected at the expense of Jefferson’s hundreds of slaves. However, Jefferson would use much of his income on adding to and expanding the size of Monticello. Jefferson’s obsession with this would eventually catch up with him. Additionally, various recessions and price fluctuations would continue to rock Jefferson’s income, such as the Recession of 1819.
The final repercussions of Thomas Jefferson’s spending would come to a head in 1826 when he created a lottery to attempt to pay off his debts. The winner would collect his land and Monticello, in hopes that the sale of tickets would cover the struggling man’s debts. The plan was rebuked, however, when several prominent New Yorkers suggested that they would raise money for Jefferson’s debts without him having to lose his property. Jefferson agreed to this plan, but it ultimately resulted in just a small portion of Jefferson’s roughly $100,000 in debt. The lottery was relaunched but with no real success. Thomas Jefferson died later that year, leaving his debt to his daughter and grandson, who worked diligently to pay them off.
Closing Thoughts
Thomas Jefferson had a remarkable career in American politics; that cannot be denied. However, our 3rd president, ironically, preached of living within one’s means and not passing debt onto future generations despite him not exemplifying his very rhetoric. Jefferson’s lifestyle is often credited as his ultimate reason for his lack of wealth and intense debts at the time of his death, and this lens is quite clear. Jefferson had an insatiable thirst for knowledge and improvements both in his mental capacity and his physical space. This thirst would ultimately be what left his future generations with his debts to pay and the 3rd president dying broke.
Grant Fuerstenau is a Medical Student at the University of Louisville School of Medicine and the editor of The Biographical Historian.
