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Updated: June 17, 2025
We had gained some credit, which we were sorely in need of after the American business; and a few Colonies, which were welcome also for the same reason; but our debt had gone on rising and our consols sinking, until even Pitt stood aghast.
Everybody being very rich, has afforded to be very literary, books being considered a luxury almost as elegant and necessary as ottomans, bonbons, and pier-glasses. Consols at 100 were the origin of all book societies. The Stockbrokers' ladies took off the quarto travels and the hot-pressed poetry. They were the patronesses of your patent ink and your wire-wove paper. That is all past.
Money advanced upon such a security must be as safe as money invested in Consols, unless there were anything doubtful in the circumstances of the policy; and that, with a man of Mr. Sheldon's respectability, was to the last degree unlikely. "When do you want this money?" he asked at last. "At the beginning of next week. On the twenty-fifth at latest." "And this is the twentieth. Sharp work."
With the exception of 5000 pounds left to Mrs Turnbull for her own disposal, the legacies do not amount to more than 800 pounds. The jointure arising from the interest of the money secured to Mrs Turnbull during her life is 1080 pounds per annum, upon the three per cent, consols, so that at her demise you will come into 36,000 pounds consols, which at 76, will be equal to 27,360 pounds sterling.
If the Consols were at 60 we should be again bellowing, God save the King! eating roast beef, and damning the French." "And you imagine literature is equally affected, Grey?" "Clearly. We were literary because we were rich. Amid the myriad of volumes which issued monthly from the press, what one was not written for the mere hour?
Sheldon was reading his paper by a roaring fire. "Talking about the bonnets, as per usual," said the stockbroker. "What an enormous amount of spiritual benefit you women must derive from church-going! Consols have fallen another eighth since Tuesday afternoon, George," added Mr. Sheldon, addressing himself to his brother, who was standing on the hearth-rug, with his elbow on the chimney-piece.
We had every faith in the future of the country, being certain a way would be found before long to stop the encroachments of the weed; nevertheless, as a proper precaution a safeguarding counterbalance to our own enthusiastic patriotism we invested our surplus funds in Consols and European bonds, while hastening our plans for new factories on other continents.
I at once gave notice of discharge to my servants, sold nearly all my furniture and let my house. I was offered help, but declined it. I moved into a little villa in one of the new roads then being made at Brixton, and found that I possessed a capital which, placed in Consols for I would not trust anything but the public funds brought me one hundred and twenty-five pounds a year.
Anyway, the careful man always avoids a good story which is going the round of the Stock Exchange. But apart from these minor activities of the City, the financial world has always been a mystery to me. To this day I do not understand why Consols go up and down.
And here I shall surprise you, but not more than I was myself: I am left 5,000 pounds consols. My worthy friend, whose loss we are called on so suddenly to deplore, accompanied this bequest in his will with many friendly expressions of esteem, which I have always studied and shall study to deserve.
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