and regard to, the interest she holds in this Indian dominion; by a
slight descriptive sketch of the nature, and degree, of benefit received
by her from it, for some years past. And, as the sensation received from
fact and experience makes ever a stronger impression on the mind, than
that which is conveyed by speculative argument, I shall here again apply
to the experience of the public, on this topic; which cannot be too much
inculcated, nor presented in too many different points of view; at this
truly critical juncture, when nothing less than the most speedy
application, of the most vigorous measures, can prevent the total loss,
of this most important object to Britain; either through the final ruin
of the countries themselves; or, otherwise, by the assault of enemies.
Britain feels a general failure of credit, not only in the East India
Company, but in individuals: and this failure of credit she can ascribe
to no other cause, than to some extraordinary defect of numerical
circulation, or a deficiency of numerical specie, sufficient to support
the wonted credit of paper. How happens this want of numerical specie to
be so severely felt, all of a sudden; or from whence should such defect
arise? Assuredly from a decrease of her wonted influx of numerical
specie; whilst her drain of that specie continues to be at least the
same as formerly. But what channel or source, of Britain’s influx, hath
been dried up so suddenly, as to create this surprizing failure of
numerical circulation? We have shown it to originate in Indian dominion;
which being, through misgovernment, reduced to a ruinous state, the
consequent wonderful decrease of revenue, hath obliged the Company, to
absorb and dry up that channel of Indian private fortunes; which, till
within these two years, used to convey into Britain, by foreign
Company’s bills, &c. at least 700,000 l. _per annum_, in numerical
specie, or what is equivalent. And as Britain hath, during the two years
that this channel was dried up, been continuing that drain, which she
could barely support, when aided by that private fortune influx, it is
plain that, within these two years, she must have diminished the
standing stock of her numerical circulation, at least, 1,400,000 l. And
one year, more of only an equally decreased degree of influx, will
diminish her circulating stock 2,100,000 l. and so on. But a total
deprivation of the influx received, for some years past, from Indian
dominion, will, annually, double the diminution of circulating stock.
And, from this view, the nation may draw the following just inferences:
first, the mighty value and importance, of this Indian dominion, to
Britain; in point of financial aid; as well as in other weighty
respects. Second, the mighty alteration of circumstances, in these
Indian countries, since the time they became subjected to the dominion
of the Company; as also, the present ruinous state of that dominion. And
from these two inferences she may deduce, that conclusion which hath
been just mentioned, that nothing less than the most speedy application
of the most vigorous and effectual measures, can possibly save those
countries from final ruin; and Britain from consequent bankruptcy,
poverty, loss of credit, of commerce, navigation, naval power, &c.
I have, in this hasty production, sketched out the nature of the
necessary measures; but the application of these measures depends
entirely upon the nation’s exerting her own attention. I am far from
meaning to work upon the passions, I apply only to the reason and
understanding of men; for had not respect to decorum, and to the dignity
of government, restrained me, I might, on this subject, have thrown out
many things, that must have excited discontent and indignation.
Nevertheless the importance and urgency of the case obliges me to add,
(and, without this, all I have said can avail nothing,) that unless the
nation shall exert herself most vigorously in this her own dearest
concern, she must not look for any such effectual measures, as will
suffice to prevent these disasters.
For the nation must consider, that her present administration consists
of the very men who transacted, and (by their truly reverberating eccho)
confirmed, to the Company, the second[2] grant of the Dewanny: knowing
that this Dewanny was nothing other than the sovereignty of a mighty
dominion, dependent upon the Crown, and Nation, of Britain: and,
consequently that, by subjecting the numerous inhabitants of those
countries to the dominion of a few merchants, incapable of administring
any sort of government, they were consigning over to tyranny and
anarchy, intolerable oppression and ruin, many millions of men, who
were, to all intents and purposes, subjects of Britain. And they are the
men who, during the four years that elapsed since that grant, have
furnished the force to support this tyranny and anarchy: and, in spite
of——enacting a farce, wherein the Directors were compelled to perform
the same part in Europe, that the native Nabobs have exhibited in India.
It cannot, therefore, be expected that they will, willingly, change
their plan of conduct: seeing that, besides their former motives, they
have the additional one of obstinacy; or shame of standing
self-condemned, for past mismanagement, should they now alter their
measures. It is rather to be supposed that they will continue the cloke
of the Company; together with the Directorial farce: and that, to
support the broken credit of the Company, (broken by collusive
management,) they will, through eccho, grant her a power, to force her
paper upon the public, for its money. As also that, under the pretext of
honouring the nation with some share in the charge of this sovereignty,
(under the Company, but no share in the profits,) they will gradually
thrust her shoulders under that whole load, which, as the Company must
manage it, will soon become intolerable. And, by the aid of these fresh
reinforcements, they will juggle it and bungle it, and bungle it and
juggle it on, for one, or possibly two, years longer: and then Nation
and Company will both tumble together, into the pit of bankruptcy,
perdition, and despair.
But shall the nation, with eyes open, suffer the pilot to crowd
stemlings on the rocks, which have already grazed the ship’s bottom? No,
we must about ship, and call another hand to the helm. Matters, it is to
be hoped, are not yet past remedy; the channel is obvious; if the nation
will but put to her hand. His Majesty can have no real interest but what
is common with that of his people: and, however the views of the Crown
may, in some cases, differ a little from these of the people; in this
particular case they must both exactly concur. He will, here, hearken to
the voice of his people: and a little popular heat will force into
administration something of that patriotic ambition, fire, spirit, and
enterprize, which alone can save this nation from dreadful impending
misfortunes.
But if the nation, sunk in the bed of slavish sloth, inebriated with the
transforming Circean cap, enervated and emasculated by the lewd embraces
of sensual pleasure, shall slight and disregard her own dearest
concerns: like the prodigal debauchee, who chides from him the faithful
friend that attempts recalling him to sober reflection; and implicitly
confides in the management of a steward, who hath already wasted the
better part of his fair patrimony: then let the nation, some two or
three years hence, recollect, that she was advised of her danger, by a
hasty production, issued about the middle of January, 1773: though not
thought of, until that most disinterested of all possible ministers had,
by way of remedying all evils, dispatched _his Secret Committee_ to the
India House: there to inspect the Company’s private œconomy: a thing,
with which neither law, justice, government, nor nation hath any thing
to do; and which, unless in cases of bankruptcy, is sacred to the
meanest individual. As if, from the Company’s books of accounts, it was
possible to discover the cause of abuse in the government of those
Indian dominions: or, as if schemes of saving to the Company, one
shilling _per_ ton, freight of her cargoes: or, three pence _per_ pound,
in warehouse room, would retrieve the, almost ruined, Interest of
Britain in India.
Footnote 2:
We must make a wide difference betwixt the first and second grants of
this Dewanny, (as it is termed.) The first grant was made for only two
years, at a time when the then ministry were in a great measure
unacquainted with the nature of the thing which they granted: having
been deceived by base art: nor did this ministry, in the course of
their administration, exert any manner of ministerial influence over
the Directors. But far different were the lights, as well as the
conduct of that ministry which, on the expiration of the first two
years, renewed that grant for the long term of five years.
FINIS.
Transcriber’s Notes:
Missing or obscured punctuation was corrected.
Typographical errors were silently corrected.
Spelling and hyphenation were made consistent when a predominant form
was found in this book; otherwise it was not changed.