My dear Sir,
My opinion is decidedly favourable to borrowing money in a long terminable instead of a perpetual annuity but I have some doubt to whether a Resolution of the House of Commons to this effect would not defeat the object you have in view, for it would give the people of the Stock Exchange an unfair advantage against me if I was as much tied down in my bargain as a Resolution of the House of Commons would induce them to fancy I was. I think the only way tho we could try advantageously to raise Money in this way would be in the first instance to take Biddings in both terminable & perpetual Annuities & then to borrow the money in the terminable annuity if the terms were equally or more advantageous than in the Perpetual annuity. You must remember this is quite a new experiment & we do not know how it will take at first on the Stock Exchange. I am sure it will work well when it is understood. I wish Mr. Pitt had applied his surplus to this purpose in 1787 instead of following Doctor Price,s unfortunate speculation. If he had done so we should have now been in a very commanding situation for I think the whole debt would have been eliminated. This is a subject about which I am very eager & long have been & therefore you must excuse me for writing so long an answer to your note.
Believe me, my dear Sir, Yours most sincerely,
Althorp
Downing Street
June 16 1833
[Address panel:]
H Fox Talbot Esq
29 Albemarle Street
Althorp