Outskirts of London.
In the garden of a castle-style manor, Wilberforce quietly listened to Pitt the Younger's complaints, then nodded. "The French clearly intend to strike at our finances, coordinating with the war of attrition at Gibraltar."
Although he no longer held a position in the Cabinet, Pitt the Younger still often sought this old friend's advice on national policy, especially financial matters.
The British Prime Minister sighed. "Barings Bank and the securities brokers have already bought more than 700,000 Pounds in Government Bonds, but they still cannot curb the selling trend."
"You must exert influence on the German States through diplomatic channels," Wilberforce said.
"I have already sent Lord Hawkesbury to Bavaria and other countries, but it will take quite some time to show results."
Wilberforce considered it, then said, "In fact, you need only raise the interest rate on Government Bonds to solve all these difficulties."
If new Government Bonds paid 12% interest while old bonds paid 9%, then anyone selling old bonds would have to lower their price to make up that 3% difference. Otherwise, buyers would certainly choose the new bonds. After all, the old bonds matured only one year earlier.
Pitt the Younger frowned. "But that would greatly increase the fiscal burden."
The principal of Government Bonds was enormous, and their interest rates would affect repayment expenditures for many years to come. He would rather spend more than a million Pounds at once to drive off the short sellers than saddle the treasury with an interest burden.
"There will indeed be some adverse effects." Wilberforce nodded, then smiled. "But under the current circumstances, the benefits it can bring are greater."
"I do not know what benefits there are beyond ensuring the sale of Government Bonds."
Wilberforce looked at him. "You remember the arguments in Political