D. S., 26th March, '93.
My letter of last week did not enter on your affairs of money because Darell had not given me a final opinion; yesterday we had a full discourse thereon. The 3 per cents may sink more in proportion than the short annuities. The latter have fallen more than Mr. Darell expected, which he acknowledged when I remarked the opinion he had formerly given you. On the other hand, the 3 per cents are (for war-like times) surprisingly high. The constant regular purchase of one million of the stocks in the course of a year takes the whole of the floating stock; the great bankruptcies which have taken place, and the shyness of our monied men to discount Bills,—all these circumstances keep up the Funds. The extravagant extension of credit have produced the evil that was expected. It has been carried beyond anything that was ever known before. The War has helped to bring forward the crisis, but is not the cause of the mischief.
We seem to be en train to receive good tidings by every mail, but I cannot be content on the subject of our Fleet. The Publick begins to arraign the First Lord of Admiralty in respect to alertness and attention. It is extraordinary that John Bull bore so long the alarming state of the Mediterranean, 52 French ships of war of all sizes riding triumphant and insulting all nations in that sea—a superior French Fleet also in the West Indies. I flatter myself however we are going to do something there; nothing can prove the abject state of Holland more than the extreme joy on receiving the pitifull succour of 2000 English troops. The circumstance of sending the King's son[312] had the greatest effect, and proved that England was in earnest.
Your late neglects have almost obliterated your famous three letters. You do not say whether you have received any letters from us; not the least notice is taken of Maria's or my letters. She wrote a good deal on our Politicks, she sent my much admired Foxippic copied from the Newspaper, also a detail of the massacre of the priests aux Carmes, and other matters. The Chancellor leaned from the Woolsack a few days ago, to tell me he had a letter from you, and asked where was Rolle. I am so abominably engaged that we seldom meet.
We had a very pleasant party here at dinner last Saturday to meet Madame de Stael, the Prince de Poix, Lally Tollendal, Princess d'Henin, Malouet, Baron de Gillier. Narbonne was invited, but engaged. We all went in the evening to Lady Catherine Douglas, where Madame de Stael rather astonished the Chancellor. In conversation she disputed every principle of Government and Politicks—a kind of tête-à-tête. There is a great prejudice against her. She is supposed to be the most intriguing democrate likely to set the Thames on fire. I can hardly get people to agree that she is eminently lively, pleasant, endowed with extraordinary mental ability, though somewhat ridiculous. She goes out of Town Tuesday, and talks of going soon to Switzerland.
You do not mention whether you have recd. your Madeira. I have heard nothing lately of Mrs. Gibbon. I have hopes you will soon have a clear country to Frankfort, Cologne, and the Hague. My Lady and Maria contrive to go out daily. The latter not well.
620.
To Lord Sheffield.
Lausanne, April 27, 1793.