The paper bubble is then burst. This is what you and I, and every reasoning man, seduced by no obliquity of mind or interest, have long foreseen; yet its disastrous effects are not the less for having been foreseen. We were laboring under a dropsical fulness of circulating medium. Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will. Lands in this State cannot now be sold for a year's rent; and unless our Legislature have wisdom enough to effect a remedy by a gradual diminution only of the medium, there will be a general revolution of property in this State. Over our own paper and that of other States coming among us, they have competent powers; over that of the bank of the United States there is doubt, not here, but elsewhere. That bank will probably conform voluntarily to such regulations as the Legislature may prescribe for the others. If they do not, we must shut their doors, and join the other States which deny the right of Congress to establish banks, and solicit them to agree to some mode of settling this constitutional question. They have themselves twice decided against their right, and twice for it. Many of the States have been uniform in denying it, and between such parties the Constitution has provided no umpire. I do not know particularly the extent of this distress in the other States; but southwardly and westwardly I believe all are involved in it. God bless you, and preserve you many years. TO COLONEL JOHN NICHOLAS. MONTICELLO, November 10, 1819. SIR,--Your letter, and the draught of a memorial proposed to be presented to the Legislature, are duly received. With respect to impressions from any differences of political opinion, whether major or minor, alluded to in your letter, I have none. I left them all behind me on quitting Washington, where alone the state of things had, till then, required some attention to them. Nor was that the lightest part of the load I was there disburthened of; and could I permit myself to believe that with the change of circumstances a corresponding change had taken place in the minds of those who differed from me, and that I now stand in the peace and good will of my fellow-citizens generally, it would indeed be a sweetening ingredient in the last dregs of my life. It is not then from that source that my testimony may be scanty, but from a decaying memory, illy retaining things of recent transaction, and scarcely with any distinctness those of forty years back, the period to which your memorial refers: general impressions of them remain, but details are mostly obliterated.