Full Idea
If death is annihilation, then the man who believes that he will certainly go straight to heaven when he dies, provided he have fulfilled certain simple observances in this life, has a cheap pleasure which will not be followed by the least disappointment.
Gist of Idea
If death is annihilation, belief in heaven is a cheap pleasure with no disappointment
Source
Charles Sanders Peirce (The Fixation of Belief [1877], p.12)
Book Reference
Peirce,Charles Sanders: 'Philosophical Writings of Peirce', ed/tr. Buchler,Justus [Dover 1940], p.12
A Reaction
This is a nicely wicked summary of one side of Pascal's options. All the problems of the argument are built into Peirce's word "cheap". Peirce goes on to talk about ostriches burying their heads.