priating the favings of one article to the fupport of another; and that there was no doubt that the admiralty board would prefent a very clear state of their accounts whenever it was required, and would wish for nothing more, than the most minute enquiry into their conduct.

With respect to the charge that had been made, in regard to the unaccounted part of the money, which had been granted for the fervice of the year 1771, it was faid, that in the hurry of the late war, many of the King's fhips had been built of green timber, fo that upon the alarm with Spain, moft of them had been found unfit for fervice; and that the overplus money had been applied to the purpose of repairs, by which means the navy was at prefent in a very respectable condition. After a very warm debate, the motion paft without a divifion.

In a little more than a week after its inftitution, the prefident of the fecret committee furprized a confiderable part of the Houfe, who confidered the shortness of the time, and the magniDec. 7th. tude of the fubject of 1772. enquiry, by a report on the affairs of the India Company. In this report it was ftated, that though the Company were much diftreffed in money matters, they were, notwithstanding, preparing to send out an expenfive commiffion of fupervifion to India, which would ftill add to that distress; and that it was the opinion of the committee, that a bill fhould be brought in to reftrain them for a limited time, from fending out any fuch commiflion of fupervisors,

This propofition greatly alarmed, not only the gentlemen who were more immediately interested in the affairs of the Company, but those who confidered it merely as an invafion of legal rights, and the principles of the conftitution in general. It accordingly occafioned one of the warmest debates that had been known for fome time.

The plea of distress was examined, and alledged to be only temporary, by a deficiency of prefent cafh; but it was infifted, that in point of folvency, the Company was in the highest degree of credit. That the minifter himself had admitted this fact. That the grofs abufes committed in India, had rendered it neceffary to appoint" a fet of gentlemen, in whom the confidence of the Company, whose intereft was at ftake, was placed, to reform those abufes and regulate their affairs; by whofe interpofition, notwithstanding the expence, vaft fums might be, and probably would be, faved to the Company; that it was a new fyftem of conduct, as well as mode of argument, that because people were dif treffed, they should not be permitted to take proper measures to

retrieve their affairs; that this was a propofal for an ex poft fa&o law, and was to reftrain the Company from doing what was already legally done; that the report was founded upon a falfe principle, the alledged motive being to preferve the Company from a farther embarraffment in the prefent state of their affairs, by their running into an extraordinary expence; whereas the expences of the fupervision were to be paid, and paid only, out of the favings which it might be productive of in India, and

could

could have no poffible effect on their prefent diftrelies at home. That the Company, notwithstand ing the full powers with which they were legally furnished, for the management of their internal affairs, and the appointment of their fervants, had fhewn fo great an attention and deference to parliament, that though the fupervisors were appointed, and the gentlemen in readiness to depart, they had already fufpended the commiffion, only upon hearing that the House had begun an enquiry into their affairs, and were determined it fhould not take place, till the iffue of that enquiry. That the report ftrikes at the very charter and conftitution of the Company; was unprecedented, and unparliamentary; and it was hoped would be difmiffed, in fuch a manner, as fhould vindicate the honour of the Houfe, and prevent fuch attempts for the future.

In anfwer to thefe arguments the minifter declared, that no hoftile intentions whatever were conceived aginft the Company; that it was the intention of parliament, and great with of administration, to render it a great and glorious Company, and to fettle it upon the molt permanent foundation; but that they were entering into very expenfive commiflion, at a time, that from their former misconduct, their diftreffes were fo great, as to put them under the neceffity of applying to the public for a loan of money, and that they owed confiderable arrears to government; that it was undoubtedly the duty of parliament to preferve them from ruin; that the committee which had been appointed by the Houfe o infpect to affairs of the Com

pany, have judged it expedient that a restraint fhould be laid upon them in respect to that meaiure, and that as no reftraint could poffibly be laid but by act of parliament, it was neceffary to bring in a bill for that purpofe. Doubts were also raised in the debate (though no more than doubts) whether the Company could legally iffue fuch a commiffion. If they could, it was afferted, that the Company could not give their commiffioners proper and effectual authority without the aid of parliament; nor were they, under whose government all thofe abuses had arifen, in the leaft equal to the correction of them.

In order to elude the prefent temper, and to prevent the establifhment of a precedent fo fatal to their rights, two gentlemen who were directors of the India Company, and then in their places as members, offered to pledge themfelves to the Houfe, that the iufpenfion fhould not be taken off, nor the fupervifors fuffered to depart, until fuch a progrefs was made in the prefent enquiry, as fhould afford full fatisfaction, both with respect to the ftate of their affairs, and the propriety of the measure.

This propofal was rejected. It was faid, that though the Company might for the prefent have refolved to fufpend the departure of the fupervisors, nothing but an act of parliament could make that refolution effectual; that they

might refcind on one day, their own refolutions or measures of the preceding; that the opinion or promifes of the whole court of directors could afford no fecurity in this respect, as the direction was

inferior

inferior to the general courts, where their acts were liable to be overruled by the proprietors; and that an advantage might be taken during the Christmas recefs, of fending the supervisors far out of the reach of parliament. That this bill was no invafion of any charter, it was only an act to prevent a poffible evil; to prevent the Company from crowning all their former extravagance, by entering into an unneceffary and ruinous expence, when they were juft upon the brink of bankruptcy.

On the other fide, the whole measure, as well as the unconftitutional nature of the committee from which it originated, were condemned in the most severe and pointed terms. It was faid to be neither more nor less than a bill to fufpend the laws of the land; that it was fubverfive of rights, which the Company not only enenjoyed by charter, but had purchafed from the public, for high and valuable confiderations. That it difgraced the dignity of parliament, by a wanton exertion of authority, without a motive; that too many complaints were already loudly and publicly made, that every minifterial job was adopted as foon as propofed, without regard to reafon, argument, or confequences, whereby the refpect and confidence, fo effential to the nature of parliament, were funk to a degree that could scarcely be paralleled in the worst of times. That adminiftratjon had found out an admirable method of rendering the Company great and glorious; they began,, by plundering them, under the name of an agreement, of above two millions, and now put the last hand to the work, by taking ad

vantage of the diftrefs principally caufed by that plunder, to deprive them of their charter, and overthrow their conftitution; firft they tempt and terrify them into a ruinous extravagance of grants and dividends, and then, as a punishment, deprive them of whatever this extravagance had left. That indeed the minifter was lavish in his declarations of his friendly intentions towards the Company; and thefe declarations must be confidered as a full compenfation for every thing they fuffered. It was farther faid, that this bill must be productive of the moft fatal confequences with respect to the other funds, and put an end to all confidence in the public faith; and it was asked with great bitterness, what fecurity there could be in a country, where the royal charters, repeatedly ratified and confirmed by acts of parliament, could give no permanent establishment to property. That the argument of expence was a mere pretext to cover worfe defigns. That it was admitted fome fort of supervision was neceffary; and the objection of expence was equally applicable to any fort of fupervision. As to the want of powers, it was faid, that if there was any defect of that fort in the Company's charter, they might be given with equal effect to the commiffioners who are legally appointed, and without any violation of the rights or charter of the Company.

To thefe and many other ftrictures, the diftreffes and extravagance of the Company, the neceffity of obferving the ftricteft æco. nomy in their affairs, together with a due regard for their welfare, which was fo intimately connected

with that of the ftate, and a juft attention to the fecurity of their creditors, were deemed in general fufficient answers; it was alfo infilted on, that this measure was no invafion of their rights; and that if it had, the legislature had an unqueftioned right to interfere, to prevent their running headlong to ruin. Upon a divifion, the queftion was carried by a great majority, being fupported by 114 votes, against 43 only, who oppofed the bringing in of the bill.

In the farther progrefs of this bill, a petition, couched in the ftrongest terms, was prefented against it by the India Company; and feveral of their fervants, confifting of the examiner of the records, the auditor of Indian accounts, the accountant general, and the fuperintendant of the cuftom-house accounts, were examined by the Company's defire, at the bar of the Houfe of Commons, in order as well to fhew a true ftate of their affairs, as the misconduct and difobedience of their fervants abroad, and the confequent neceffity of the fupervifion. In the courfe of thefe examinations it appeared, that the exorbitances and oppreffions ftill continued to be committed by the Company's fervants in India. Through their own imprudence, in afking needlefs or improper queftions, a full fhare of thole charges were brought directly home to fome of thofe gentlemen who were then fitting in the House.

It appeared, that fince the year 1765, the Company's expences had increafed from 700,000l. to the enormous fum of 1,700,000l. annually. It also appeared that government had received by the net

duties, the indemnity upon tea, and the ftipulated 400,000 1. little lefs than two millions annually from the Company. That the latter had loft by the indemnity agreement, from its first commencement, at least one million, of which 700,000l. went to government, and the remainder to the purchasers. It was alfo fhewn, that government had profited, extraordinarily, by the Company, within the laft five years, to the vast amount of 3,395,000 l. viz. by the produce of the annual ftipulated fum, 2,200,000l. and by the increase of the revenue, compared on a medium with the five preceding years, 1,195,000l. That the whole of the Company's receipts of dividend during the fame period, scarcely amounted to 900,000l. more than fix per cent. upon its capital, which was the lowest trading dividend that had ever been made during the most expenfive and dangerous war. It appeared upon the whole, that the Company's mercantile profits during the above period amounted, On an average, to 464,000l. annually, which would have afforded a dividend of twelve and a half per cent. fo that while government profited to the great amount we have mentioned, the Company and proprietary, instead of benefiting a fingle fhilling, loft confiderably of the dividend, which the profits on their trade only would have afforded. Thence they argued, that far from being delinquents, their merits with the public were unparalleled by any example. That the abufes committed by their fervants were fuch as they could not prevent, because they could not forefee; that when they were known, they endeavoured

by

by reiterated orders from home to correct them; that they had prepared various commiffions for that purpose; one under Lord Clive; a fecond, which had been unfortunately loft; and a third, which, contrary to their rights, was now propofed to be refcinded. They contended, that parliament could not take this ftep, as being contrary to public faith. The matters of fact in the petition were ftated by the evidence with clearness and precifion. We have been the more particular in this detail, as it will undoubtedly excite the admiration, of future ages, to confider the power and opulence which had been once in the poffeffion of a Company of English merchants.

A fecond report had been made during this time by the fecret committee, which contained a long ftatement of the Company's affairs; of their debts, credits, and effects, both at home and abroad. It was objected that this piece was fo overloaded with figures and accounts, and fo full of intricacies, that it could afford but little information, (except what was taken for granted from the grofs fums) within the narrow time that fuch information could be necessary, with respect to the present bill. This ftate of their affairs was confidered by the Company and its friends as a very unfavourable, if not unfair, reprefentation of them; and drew many ftrictures upon the committee, the darkness of its proceedings, and the doubtful information that could be obtained through fuch a medium. It was again lamented, that a fair and open enquiry had net been carried on, according to the happy genius and fpirit of the English conftitution, by which every

gentleman would have had an opportunity of founding his opinion upon matters as they appeared to himself, and of requiring fuch explanations as he thought neceffary; that the time unavoidably spent in fuch an investigation would afford leifure for cool deliberation, and for digefting in fome degree the feveral parts of fuch complicated matter; whereby random opinions and hafty reports, framed in a hurry, and without a poffibility of feeing all the fides of the fubject, would be precluded; and at the fame time, the parties concerned would have an equitable opportunity of attending to their respective interefts, clearing up doubtful points, rectifying mistakes, and the fatisfaction of knowing the ground upon which measures were to be founded, in whofe confequences they were fo deeply affected.

On the other hand it was urged, that the committee had acquitted itself of its trust with the molt dif tinguished fidelity, and had dif patched and gone through fo complicated a business in less time than could be expected; which could not have been done, if the committee had been open, and fubje& to debate on the feveral articles. That it is no wonder that matters of account in fuch a business should appear to produce different conclufions, according to the different manner of viewing and ftating them. But unless direct falfification were proved, the Houfe muft neceffarily abide by the statement of thofe whom they had chofen for the purpose.

Upon the third reading of the bill, council was heard in behalf of the Company, after which great debates arofe. It was advanced by

Le