VOL. 43.-No. 1.] LONDON, SATURDAY, JULY 6, 1822. Published every Saturday Morning, at Six o'clock. то Mk. II UME. On the proposed Vote of Money SIR, Kensington, 2 July 1822. I LONG ago observed that the Debt due to the East India Com- pany would put to the test your [Price 6d. find in the Morning Chronicle, The next general head was the The Chancellor of the Exche- A Printed and published by C. CLEMENT, No. 183, Fleet Street. . order to corroborate his statement. The alleged amount of the East India Company's debt to the public was 1,357,0007.; but it had been agreed that on the payment by the Company of 557,000l. they should in future be freed from all further claim upon them. It had been thought more convenient to the cessarily assumed the character of reduction of the loan from the a negociation between independent Company in 1812, as was provided States (a laugh); for the Company by the 53 Geo. III. part of the prowere obliged to guard the interests visions of which Act the Right Hoof the proprietors, and the Trea-nourable Gentleman then read, in sury to preserve the economy of the public service. This being the state of the case, it was thought fit to refer the matter to arbitration; for if even the Treasury allowed the claims, it was considered likely that Parliament would not give the full credit to the Company's demand. It was thought the better way, therefore, to agree to a compro-public service that the sum of mise on both sides, for a sum to be submitted to the decision of Parliament, rather than contend for the strict right, as it did not appear there was any competent tribunal by which such rights could be established. It was, therefore, thought fair and just, the Company should be allowed 1,300,000l. for their claim of five millions (a laugh). He was convinced that gentlemen, who took the trouble of reading the papers relative to this transaction, would see that the East India Company was not hardly dealt with, and indeed he had grounds to believe that the Company was satisfied; and he was of opinion, that on a fair review of the subject, it would give no less satisfaction to Parliament and the public. In the next place, he would consider the When a party demands five application of this sum, and here millions of money, and takes thirhe thought it would be most satis-teen hundred thousand pounds, factory to the House to know that we violently suspect him. His this sum was to be applied to the whole account appears very sus 557,000l. so repaid by the East India Company should be placed to the account of the year. This arrangement, which relieved both the public and the Company from any further demands, if just in itself to both parties, as he flattered himself it would prove to be, must, he should conceive, be extremely satisfactory to the country at large. It was necessary, however, for him to observe, that of the 557,000. which it was agreed should be thus paid by the East India Company as the liquidation of their debt to the public, 20,000l. had already been paid; so that only 530,000%. remained to be voted by Parliament towards the ways and means for raising the Supply. picions, and we are inclined to As to a minute inquiry into the believe that it is an unjust demand affairs of this East India Comfrom beginning to end. Yet, in-pany as connected with the Godustrious and scrupulous as you vernment, the thing is impossible. have been as to other matters, There has been such confusion, you suffer this thirteen hundred and such a shameful neglect of all thousand pounds to slide away timely means of elucidation, that without, as far as I have per- to go into particulars is imposceived. any attempt to unravel sible; I can, therefore, only lay the strange proceeding. before my readers a sort of general Here has been an arbitration, view of the manner in which the it seems. We are not told who people of this country have been the arbitrators were, and yet that treated by the East India Comwas a matter of great importance. pany, and by the several MinisHere were claims not thought jus-ters since the Company obtained tifiable by the Treasury; others their charter in the year 1793. worthy of consideration, others In the year 1806 the country that the public had against the had been called upon and had Company; and all this matter paid to this East India Company you suffer to be settled without two millions of money. even an attempt to let us know time I called upon the country to how the affair really stands. Last look at the thing in its true light. year the Chancellor of the Ex-And from the first of my Essays chequer stated the sum due to the upon the subject I take the folEast India Company to be two lowing passage: "To talk of the millions. You observed upon" oppressing, the insulting, and that occasion that two millions" the plundering of the Princes and a half were due; and, at" of India cannot be expected to last, the Company is to have" have much effect amongst a 1,300,000l. from this loaded and" people, who made not a single beggared country; while that" remonstrance upon the subject Company has its long list of pen-" of the capture of the Spanish sioners and is carrying on a Go-" frigates, and the subsequent apvernment of its own, rivalling in" propriation of their treasure, extravagance that which you have" without a previous declaration long been so laudably endeavour-" of war; but, as this same peoing to keep in check. ple may possibly be alive to 66 At that "the demands of money from " well-informed. Now, however, "themselves, for the purposes of" the demands upon the taxes "carrying on wars against the" must, for the purposes of India, "Princes of Hindostan, informa-" be such as will, I should ima**tion must be given them upon gine, open men's eyes, espe "the subject of those demands cially if the Ministry make and " and, if this information be not" promulgate an authentic state'given, in the most clear and full" ment of the nation's affairs. manner, by the new ministry," Thirteen years ago a charter, "they will be greatly wanting" by the influence of Mr. Pitt "both to the country and them-" and his colleague Dundas, was “selves. The people hear of " granted to the East India Com"great fortunes being made in " pany, whereby were secured to "the East; they hear of plunder "the said company of merchants "enormous, and they see the" certain rights of sovereignty in, plunderers come and elbow" and, with some exceptions, an "them from their homes; but," exclusive trade with, those coun they never appear to perceive," tries in Asia which we, taking "that any part of this plunder is," them altogether, call the East "either first or last, drawn from Indies. As the foundation of "their own estates or their labour." their firm, or partnership, of "They seem to think, that there" trade, this Company were allow"are great quantities of goods" ed by the charter, to create a "and of gold and precious stones" quantity of Stock; that is to “in India; and, the only feeling 66 say, to make loans, in the same "which the acquirers of these" way that the Ministry do, and "excite, seems to be that of envy," to pay annually, or quarterly, "and, in some instances, of emu- "in dividends, interest upon the "lation. But, that this proceeds" amount of these loans. The "from a gross error would, in the "Company became, in fact, a sort "two millions lately paid to the" of under government, having its "East India Company out of the "loans, its scrip, its debt, or, "taxes of the nation, have been "more properly speaking, its "clearly demonstrated, had not" funds, or still more properly, our system of finance been" its engagements to pay interest "such as to keep in darkness, "to a number of individuals.upon this point, men otherwise" The paper, of whatever form it 66 66 66 E 66 may be, which entitles the holder" rived from the exclusive trade "to demand this interest, or these" of a country, while the nation dividends, is called East India" might be called upon, as it has "Stock, the principal of which" been, to defend it by a navy, "has now been augmented to the" and which must, at any rate, sum of twelve millions sterling; "be defended on the land-board and, the holders of this stock" by troops drawn, in part at are called East India proprie-" least, from the population of "tors. The sources whence the "the Kingdom. It was, there"means of regularly discharging" fore, provided, that the Com"the interest upon the stock were pany, during the continuance "to be derived, were, of course, "of its charter, which was to "the profits of the trade which" be for twenty years (thirteen "the Company should carry on," of which have nearly expired) "but, aided by the revenue which" should pay into the Exchequer they were authorised to raise " 500,0007. sterling a-year, and "from their territory, the defence" that, upon all the money not "and government of which were, so paid, an interest should "however, placed, in some sort," arise and accumulate, at the "under the controul of the mo- "rate of fifteen per centum. "ther government at Westmin"Such were the principal en"ster. Thus set out in the world 66 66 66 66 gagements, on both sides, under this Company of Sovereigns, fur-" which this Company started. "nished, at once, with dominions, “The nation has fulfilled its en"subjects, taxes, and a funded"gagements, and that, too, at ar "debt. But, supposing the mea-" enormous expenditure both of sure (which I do only by way of men and of money; and, while "illustration) to have been, in" the Company has been enjoying "other respects, just and politic, "all the advantages of an exclu"it certainly would have been" sive trade, and all the receipts "neither, not to have bound "of a territorial revenue; while "these sovereigns to pay the "hundreds and thousands of per“nation something, or, sons, concerned in that trade, "perly speaking to contribute" have amassed fortunes, so great "something towards the taxes, as to overshadow and bear 66 more pro 66 by way of consideration for the" down, not only the clergy and "immense advantages to be de-" the country gentlemen, but evep |