550.
To Lord Sheffield.
Lausanne, January 27th, 1790.
*Your two last epistles, of the 7th and 11th instant, were somewhat delayed on the road; they arrived within two days of each other, the last this morning, (the 27th); so that I answer by the first, or at least by the second post. Upon the whole, your French method, though sometimes more rapid, appears to me less sure and steady than the old German highway.*
I will not deny (for it was probably too visible) that your proposal, which arose from the kindest motives, of your Yorkshire mortgage embarrassed me from the beginning, and whatever faint signs of acquiescence I may have given, they proceeded from the apprehension of wounding your honourable feelings by anything that might bear the appearance of doubt and distrust. I could not reconcile the two characters of debtor and friend, and I was shocked by the idea, however distant or unlikely, that in a serious concern our interests might possibly become opposite to each other. Your first letter relieved me from that weight, and I viewed with much less horror the chance of leaving the purchase money for some time idle and unproductive in the bank: yet I could not entirely subscribe to your charge that I had changed my principles. Eight thousand pounds had been always designed for the mortgage: you object (to my great surprize) that good landed security cannot easily be found for so small a sum; I agree to enlarge it; where is the change or contradiction? I confess however that the very high price of the Stocks has rendered me less eager for an investment which at present will not even produce the four per cent., and which rather affords the danger of a fall than the hopes of a rise. You are likewise inaccurate when you accuse me of having already drawn near £2000 of the purchase money.
But enough of these altercations. *A new and brighter prospect seems to be breaking upon us, and few events of that kind have ever given me more pleasure than your successful negotiation and Sainsbury's satisfactory answer. The agreement is, indeed, equally convenient for both parties: no time or expence will be wasted in scrutinizing the title of the estate; the interest will be secured by the clause of five per cent., and I lament with you, that no larger sum than £8000 can be placed on Beriton, without asking (what might be somewhat impudent) a collateral security, &c., &c.* As I do not mean to entrap them, the allowance of a month is perfectly right and in truth immaterial. As the purchase money is by this arrangement very much reduced, they will now pay it, I suppose, whenever you please, and perhaps (you will judge) it may be as well to consummate on Lady Day, that I may be entitled to another half year's rent from the Tenant. The power of calling in the Mortgage, I only meant as a superfluous precaution, but I suppose there will be some restraint on their paying it off whenever they please, perhaps at a time inconvenient to the creditor. After Lord Stawell has paid or secured £10,800 there will still remain (subject to I know not what charges) £5200. While the stocks are so very high as not to yield four per cent., might it not be expedient to trust it in two or three loans in good personal bond security at four and a half? Would not the Goslings for the consideration of the half per cent. bind themselves to answer for the interest and principal. In their business they have always a command of money, and if the security be such as I ought to accept, the risk for themselves must be very inconsiderable. *But I wish you to chuse and execute one or the other of these arrangements with sage discretion and absolute power.
DIRTY LAND AND VILE MONEY.
I shorten my letter, that I may dispatch it by this post. I see the time, and I shall rejoyce to see it at the end of twenty years, when my cares will be at an end, and our friendly pages will be no longer sullied with the repetition of dirty land and vile money; when we may expatiate on the politics of the World and our personal sentiments. Without expecting your answer of business, I mean to write soon in a purer style, and I wish to lay open to my friend the state of my mind, which (exclusive of all worldly concerns) is not perfectly at ease. In the mean while, I must add two or three short articles. 1. I am astonished at Elmsly's silence, and the immobility of your picture. Mine should have departed long since, could I have found a sure opportunity.* It had almost started last week had I not been afraid of rolling it, but I think that a person on whom we may depend will undertake the journey and commission about the middle of next month. 2. I shall expect the Madeira with impatience if it is remarkable. I have not any objection to the two hogsheads, but perhaps one may suffice, as I have a promise from Sir Ralph Payne, with whom you may confabulate on the subject if you excurse to London. 3. Give me some account of the two old Ladies. I no longer write to Cliffe, as I suppose her (perhaps erroneously) incapable of correspondence. I embrace My Lady, &c. When shall I see them at Lausanne or Sheffield Place? the one must take place if the other does not. Adieu.
Yours,
E. G.
P.S.—If you met with another neat, safe, little mortgage of £2000 I have no objection. Since I have again opened my letter, I will ask you how the property of an Ecclesiastical differs from that of a lay Corporation, and whether you think Parliament could legally seize and appropriate the lands of the City of London. If either Corporation was mischievous, Government might indeed extinguish it in time, by prohibiting a supply of new members, and the vacant property would perhaps devolve to the public. No change of events or opinions in France: next month will be critical from the Provincial Assemblies.