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CHURCHILL, Winston S. Typed letter signed (“Winston S. Churchill”), as Chancellor of the Exchequer, to John Davies, London, 20 November 1928. 1 page, 4to, Treasury Chambers stationery. Laid down on card.
PAYING DOWN THE DEBT—WITH NO END IN SIGHT
“On behalf of His Majesty’s Government,” Treasury chief Churchill writes, “I desire to thank you for the further gift of £1,000 which you have sent towards the reduction of the National Debt.” He thanks Davies for his “generosity and patriotism” and advises him that he will inform the press about his grant, “but I will of course respect your wish to remain anonymous.” The National Fund was a private charity, endowed by an anonymous, budget-conscious benefactor, who stipulated in his bequest that the fund should be turned over to the government only when it was large enough to pay off the entire national debt. That happy day has yet to arrive. According to the Financial Times (17 August 2013), the fund, managed by Barclay’s Bank, currently stands at over £350 million, still just a fraction of Britain’s £1.2 trillion national debt. Churchill’s mention of preserving Davies’s anonymity is intriguing, but we cannot be certain from this letter whether Davies was the original benefactor of the Fund or simply a contributor.
PAYING DOWN THE DEBT—WITH NO END IN SIGHT
“On behalf of His Majesty’s Government,” Treasury chief Churchill writes, “I desire to thank you for the further gift of £1,000 which you have sent towards the reduction of the National Debt.” He thanks Davies for his “generosity and patriotism” and advises him that he will inform the press about his grant, “but I will of course respect your wish to remain anonymous.” The National Fund was a private charity, endowed by an anonymous, budget-conscious benefactor, who stipulated in his bequest that the fund should be turned over to the government only when it was large enough to pay off the entire national debt. That happy day has yet to arrive. According to the Financial Times (17 August 2013), the fund, managed by Barclay’s Bank, currently stands at over £350 million, still just a fraction of Britain’s £1.2 trillion national debt. Churchill’s mention of preserving Davies’s anonymity is intriguing, but we cannot be certain from this letter whether Davies was the original benefactor of the Fund or simply a contributor.