that our only hope is his life; and he has, to make it the more so, taken care to cut off any resource which we possessed independently of him.
In the next place it may be said, to excuse any appearance of inconsistency between the author's actions and his declarations, that he thought it right to relieve the landed interest, and lay the burden where it ought to lie, on the colonies. What! to take off a revenue so necessary to our being, before anything whatsoever was acquired in the place of it? In prudence, he ought to have waited at least for the first quarter's receipt of the new anonymous American revenue, and Irish land-tax. Is there something so specific for our disorders in American, and something so poisonous in English money, that one is to heal, the other to destroy us? To say that the landed interest could not continue to pay it for a year or two longer, is more than the author will attempt to prove. To say that they would pay it no longer, is to treat the landed interest, in my opinion, very scurvily. To suppose that the gentry, clergy, and freeholders of England do not rate the commerce, the credit, the religion, the liberty, the independency of their country, and the succession of their crown, at a shilling in the pound land-tax! They never gave him reason to think so meanly of them. And, if I am rightly informed, when that measure was debated in Parliament, a very different reason was assigned by the author's great friend, as well as by others, for that reduction: one very different from the critical and almost desperate state of our finances. Some people then endeavored to prove, that the reduction might be made without detriment to the national credit, or the due support of a proper peace establishment; oth
erwise it is obvious that the reduction could not be defended in argument. So that this author cannot despair so much of the commonwealth, without this American and Irish revenue, as he pretends to do. If he does, the reader sees how handsomely he has provided for us, by voting away one revenue, and by giving us a pamphlet on the other.
I do not mean to blame the relief which was then given by Parliament to the land. It was grounded on very weighty reasons. The administration contended only for its continuance for a year, in order to have the merit of taking off the shilling in the pound immediately before the elections; and thus to bribe the freeholders of England with their own money.
It is true, the author, in his estimate of ways and means, takes credit for 400,000l. a year, Indian Revenue. But he will not very positively insist, that we should put this revenue to the account of his plans or his power; and for a very plain reason: we are already near two years in possession of it. By what means we came to that possession, is a pretty long story; however, I shall give nothing more than a short abstract of the proceeding, in order to see whether the author will take to himself any part in that measure.
The fact is this; the East India Company had for a good while solicited the ministry for a negotiation, by which they proposed to pay largely for some advantages in their trade, and for the renewal of their charter. This had been the former method of transacting with that body. Government having only leased the monopoly for short terms, the Company has been obliged to resort to it frequently for renew
als. These two parties had always negotiated (on the true principle of credit) not as government and subject, but as equal dealers, on the footing of mutual advantage. The public had derived great benefit from such dealing. But at that time new ideas prevailed. The ministry, instead of listening to the proposals of that Company, chose to set up a claim of the crown to their possessions. The original plan seems to have been, to get the House of Commons to compliment the crown with a sort of juridical declaration of a title to the Company's acquisitions in India; which the crown on its part, with the best air in the world, was to bestow upon the public. Then it would come to the turn of the House of Commons again to be liberal and grateful to the crown. The civil list debts were to be paid off; with perhaps a pretty augmentation of income. All this was to be done on the most public-spirited principles, and with a politeness and mutual interchange of good offices, that could not but have charmed. But what was best of all, these civilities were to be without a farthing of charge to either of the kind and obliging parties. The East India Company was to be covered with infamy and disgrace, and at the same time was to pay the whole bill.
In consequence of this scheme, the terrors of a parliamentary inquiry were hung over them. A judicature was asserted in Parliament to try this question. But lest this judicial character should chance to inspire certain stubborn ideas of law and right, it was argued, that the judicature was arbitrary, and ought not to determine by the rules of law, but by their opinion of policy and expediency. Nothing exceeded the violence of some of the managers, except
their impotence. They were bewildered by their passions, and by their want of knowledge or want of consideration of the subject. The more they advanced, the further they found themselves from their object.—All things ran into confusion. The ministers quarrelled among themselves. They disclaimed one another. They suspended violence, and shrunk from treaty. The inquiry was almost at its last gasp; when some active persons of the Company were given to understand that this hostile proceeding was only set up in terrorem; that government was far from an intention of seizing upon the possessions of the Company. Administration, they said, was sensible, that the idea was in every light full of absurdity; and that such a seizure was not more out of their power, than remote from their wishes; and therefore, if the Company would come in a liberal manner to the House, they certainly could not fail of putting a speedy end to this disagreeable business, and of opening a way to an advantageous treaty.
On this hint the Company acted: they came at once to a resolution of getting rid of the difficulties which arose from the complication of their trade with their revenue; a step which despoiled them of their best defensive armor, and put them at once into the power of administration. They threw their whole stock of every kind, the revenue, the trade, and even their debt from government, into one fund, which they computed on the surest grounds would amount to 800,000l., with a large probable surplus for the payment of debt. Then they agreed to divide this sum in equal portions between themselves and the public, 400,000l. to each. This gave to the proprietors of that fund an annual augmentation of no more