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Oct 11
My dear Sir
I have always looked upon the intended institution of the City of London with Partiality & respect. I have felt pride on seeing the opulent & respectable Body of men which compose the mercantile interest of London come forward with so much spirit & liberality as the Persons of science & have never for a moment doubted that at some future period science will derive material advantage & the rising generation impute benefit from the generosity of the present age.
I confess however I do not at present foresee the period at which the utility of your new institute is likely to convince the Royal Society was set on foot by a number of persons well versed in those matters which its constitution was intended to promote. The Royal institution was at first wholly under the direction of Persons entirely addicted to science & has not improved. since the management of it has passd into other hands the Athenaeum at Liverpool has been turnd I may say wholly under the immediate superintendence of Mr Rosear & [indecipherable]. All this I can understand but how the very worthy & most respectable men you at present look up to as managers of your new institute will be able to guide it into the Paths of Science & Literature is not to me quite so evident as I sincerely wish it was to be.
I sincerely thank you for the honorable mention you make of me in your Letter which from the many & very acceptable Civilities I am in the habit of receiving from you. I flatter myself tho not entirely complimentary but I hope you will excuse me if under the I am guided by my present opinions to decline the high honor you do me in offer me of an dignified situation in your new arrangement, my health is far too feeble to allow me to undertake any active part & to stand proud to the Public as a responsible character for an undertaking on the guidance of which I can take no part is not in my opinion a justifiable measure.
I beg leave however to request in proof that I am sincere in this respect I Profess myself to entertain for you Sir for those with whom you act & for the motives by which you are guided to Request that I may be permitted to enroll myself among you by purchasing a share in the Concern for to be enrolld without bearing my a proper proportion of the expence of the undertaking is in my mind wholly [indecipherable] if this is granted me I shall certainly do my humble endeavor to promote the welfare of the undertaking