Note 631 — Chapter XVII · THE PRINCE OF WALES

“Buckingham P.” i, 363, 364.

In the Pitt MSS., 228, is a Memorandum, endorsed January 1794, entitled “Heads of a Plan for a new Arrangement of the Prince of Wales’s Affairs.” It states that his debts then amounted to £412,511 5s. 8d. he owed £60,000 to Mr. Coutts the banker (Pitt’s banker); and he might at any time be called on to pay as much as £170,000. It would be difficult to induce Parliament to pay any part of these debts. Moreover, such a demand “would afford a fresh topic of declamation to those who already use the expenses of Royalty as an engine to operate upon weak minds in order to effectuate their ultimate purpose, the overthrow of everything dignified, everything sacred, everything valuable and respectable in social life.” The anonymous compiler therefore suggests the raising of a loan at 3½ per cent., so as to cover the “urgent” debts amounting to £349,511. Creditors would probably consent to the “defalcation” of 20 per cent. from what was owed them and be content with 3½ per cent. interest on the remainder.

A Mr. W. Fitzwilliam, of 45, Sloane Street, in May 1795 suggested a lottery for raising £2,100,000, of which £650,000 should go to the discharge of the Prince’s debts, £1,000,000 to the archbishops for the forming of a fund for raising the stipend of every clergyman to £100 a year; £100,000 to be reserved as prizes in the lottery; and £50,000 to be set apart for expenses.