ns annual surplus at _simple_ interest, and
not at _compound_, he ought in the first place to say so
distinctly, for whether right or wrong (about which much might be
said), it is, at least, a more complete departure than any yet made
from the original principle of the Sinking Fund. I do not say it
would be necessarily wrong because _new_, but it would be _so new_
that it ought to be brought distinctly under view.

But I suspect this cannot be his meaning, both from his relying so
much on the necessity of keeping up Pitt's measure, and also from
his expressly stating the larger amount of this sinking fund of
five millions in proportion to debt when compared with Pitt's
original million in proportion to the debt of 1786. The fallacy of
such a comparison would be monstrous, if the one was a fund working
at compound interest, and the other be meant to work only at simple
interest. Besides, even if this were to be done, the annual
interest set free by the 5,000,000_l._ annually applied would, at
four per cent. be 200,000_l._, not 500,000_l._ So I am at a loss to
make it out, and perhaps after all it is only the blunder of the
newspaper reporter. If you can explain it to me pray do.

Lord L---- takes no notice of the successive falling in of the army
and navy half-pay and pensions, which, if the present amount be as
he states it, 5,000,000_l._, cannot be put at less than from
100,000_l._ to 150,000_l._ to put in in each year. I suppose he was
afraid of the old joke against Sir George Yonge, who was said to
have expressed a hope that the half-pay officers would die off
fast, and be thus _provided for_.

Ever most affectionately yours,

G.

LORD GRENVILLE TO THE DUKE OF BUCKINGHAM.

Dropmore, Feb. 20, 1822.

I enclose you Mr. Buckland's answer, which I think you may pretty
nearly consider as an acceptance of your offer, and I really
congratulate you upon it. He is full of information of all sorts,
with lively spirits, and a most active mind and body, and will, I
think, be as cheerful and amusing a companion as a man could have
in such a tour. I trust you take a draughtsman with you, for
without that your _cortege_ will be very incomplete.

I do not think Monday's discussion argues at all favourably for the
Government, and Huskisson's loss will be most severely felt o