Most Worthy Friend,
After a very careful consideration of the proposal that Wagner has submitted to me, I must make it clear that I absolutely cannot accept it. As far as I can judge from Meser's claims, I should still have to pay at least 3,000 thalers in addition. Add to that my claim on Wagner for capital and interest (between 5,600 and 5,800 thalers) and you have a total amount of approximately 9,000 thalers. I have had too little experience to be able to judge what intrinsic value — from a business standpoint — there may be in the existing stock of music, stones, plates, and so forth; but I still feel that the above purchase-price would be an enormous one. If W— were to sell his operas now (and after all, it's by such a comparison that I must figure), he would realize scarcely more than 3,000 thalers. If I pay such an amount, then I shall not have the slightest reimbursement of my earlier claims, but, compared to the other creditors, be at a most conspicuous and unfair disadvantage.
Only if all my claims, or at least their greatest part, were taken into consideration in the arrangement, could I venture at all on such a transaction, and only also if the purchase-price were much lower. On the whole, the circumstances are such now that I must not and cannot embark on an enterprise like this. It would be almost impossible for me to raise the money, and if I could do so, it would be only at a tremendous rate of interest or with an agio loss of at least 15% on sales of securities, by means of which the purchase of W.'s works would then cost me an additional 500 thalers.
Furthermore, I should have to use my wife's means, and I neither can nor wish to be answerable for this in such an uncertain enterprise. Moreover, I should really be binding myself hand and foot, and in a careless fashion, because it would no longer be possible to withdraw any capital and so my entire advantage, under favourable conditions, would be merely to receive a fair amount of interest. Now, however, I prefer to have a safe capital with low interest rather than just the opposite, a thing which every sensible person will approve of. My friendship for W—, my great regard for his talent, my enthusiasm for his art must not mislead me into any further unwarranted steps. I have proved that I am ready to make sacrifices, great sacrifices, but my conscience forbids my going any further, and I have decided quite firmly not to enter into the purchase proposal under any circumstances. In fact, I claim the same rights as Wagner's other creditors. Although I may lose much, very much, by doing so, I shall have to console myself with the conviction that I have been enthusiastic over an ideal and that I am paying dearly for an enthusiasm, a lofty enthusiasm; I shall regret only this one thing, and on this account I shall not think any less of Wagner than hitherto, but it would be senseless to make any further sacrifices; it would be unfair to my family, to the property entrusted to me. Actually, Wagner's published works already belong to me. He promised them to me as surety for the loans I made him. He neglected making over this guarantee to me — I was too considerate to demand it. Now, I shall renounce these claims in Wagner's favour, so that he may dispose of his property — his works — as he likes, to his advantage.
Source: The Letters of Richard Wagner to Anton Pusinelli, trans. and ed. Elbert Lenrow (Alfred A. Knopf, 1932), No. 85