year 1730, an act paffed, by which the intereft on the Company's stock was reduced from 51. to 41. per cent. but it was in compliance with a petition from the Company. As the regulations now propofed were only the forerunners of very extraordinary innovations in the government of Bengal, many objections were made to them. Mr. Burke took a comprehenfive view of the subject, or, as he himself afterwards called it," a bird's-eye view." I have ftudied, faid he, God knows, hard have I ftudied, even to the making dog's ears in the statute books; and I now publickly and folemnly declare, that all you have been doing, and all you are about to do, in behalf of the Eaft India Company, is impolitic, unwise, and entirely repugnant to the letter, as well as the spirit of the laws, the liberties, and the conftitution of this country. I will venture to prophefy, that this Company, viper-like, will in the end prove the deftruction of the country which foftered it in its bofom. He founded his prediction on the total want of principle fo obfervable among all ranks and degrees of people, caused in a great measure by the profusion, diffipation, and profligacy of those who have brought with them the spoils of the Eaft, to contaminate their native country. The people, he faid, were grown so indifferent to the welfare of their country on the one hand, and fo grofsly corrupt on the other, that there was no proposal how deftructive foever to the liberties of the kingdom, which a minifter could make, but what the people would readily comply with. In the proceedings relative to the Eaft-India Company, the people followed the cry of the miniftry changed as they changed, and varied their tones to keep even a difcordant fameness with their masters. He added, Men have not ftrength of mind to think for themselves the higher ranks are all fupineness, all indolent acquiefence, all ignorance. The vulgar are a fett that will abufe abuse at random, and are to be led on to commit crimes the most attrocious, if headed by fome despicable wretch, who has an intereft to promote by raifing commotions. He obferved, that to broach such sentiments was a conduct ill fuited to acquire popularity, nor did his oppofition to the miniftry arife from a latent view of getting into employment. It was dictated by the full affurance which he had, that the measures then pursuing were fuch as had the completion of the plan of defpotifm for their end; that this plan he had hitherto opposed, and would continue so to do with all his powers; and he would fooner have the East-India Company totally overthrown, than have the bafis of the English constitution undermined; or a fingle pillar which contributed to the fupport of fo excellent a structure, receive the flighteft fhock.--The propofitions paffed without a divifion. The reports of the select committee which had been printed, brought to light fuch oppreffive and tyrannical transactions in the East as excited general indignation, and left the minister at full liberty to prescribe the mode of redreffing these grievances. In the farther confideration of East-India affairs, Lord North moved †, that the house fhould allow the Company to export fuch part of the tea at present in their warehouses, as they should think proper, to British America, duty free. He represented such a permiffion as highly beneficial to the Company, who had feventeen millions of pounds weight of that commodity in their hands*. Soon after, a fecond petition from the Eaft-India Company was presented to the † April 27. *It was afterwards proved that this stock was only equal to two year's confumption. house house of Commons, complaining that fome of the most material articles of the propofitions made to the house on the fecond of March, were fubftantially rejected. They therein reprefent it as unreasonable for parliament to require any farther terms, after the loan which they had requefted fhould be repaid. It ftated the great loffes which the proprietors had sustained, and the expences they had incurred in acquiring and securing the territorial revenues in India, at the risk of their whole capital, while the public have reaped fuch great advantages. It complained of the limitation made of the Company poffeffing the territorial acquifitions in India to fix years as an arbitrary act, and infifted, that they had an undoubted right to those posfeffions, againft which right no decifion exifts, nor has any formal claim ever been made. The dictating in what manner the furplufes of their net profits, after dividing eight per cent. fhall be applied, they remonftrate against, becaufe fuch difpofal of their property otherwise than by their own confent, by a general defcription, comprehending their trade as well as revenues, is not warranted even by the largest pretensions that have ever been formed against them. It concludes with praying, that any claims against the poffeffions of the Company, that can be supposed to give rife to fuch reftrictions, may receive a legal difcuffion; from which, whatever may be the event, they will at leaft have the fatisfaction of knowing what they may call their own. The minister finding the house so well difpofed to concur in any measures which he should propofe, proceeded to lay before it his plan for regulating the affairs of the Company, as well in India as in Europe; he therefore moved, that the court of directors fhould in future, be elected for four four years; fix members annually, but none to hold their feats longer than four years. II. That no person shall vote at the election of the directors, who had not poffeffed their stock twelve months. III. That the ftock of qualification instead of 500l. be 1000l. IV. That the mayor's court at Calcutta should for the future, be confined to fmall mercantile caufes, to which only its jurifdiction extended before the territorial acquifition. V. That in lieu of this court thus taken away, a new one be established, confifting of a chief justice and three puifne judges. VI. That thefe judges be appointed by the crown. VII. That a fuperiority be given to the prefidency of Bengal, over the other prefidencies in India. In the courfe of Lord North's fpeech he hinted, that other regulations would be neceffary; among which, he particularly named, that the Company should communicate their advices from Bengal to the Treafury, or Secretaries of State; and that the Company's fervants should under heavy penalties, bring all their fortunes home in the Company's fhips. He faid, an entire reformation could not be looked for immediately, the interefts of Bengal might perhaps require the annual care of parliament. Such important regulations, in which an unprecedented ftretch of power was juftified by the neceffity of the cafe, met with strong oppofition: however, every clause in the bill was carried by a great majority. The Eaft-India Company, the City of London, and thofe proprietors who poffeffed votes, by holding 500l. ftock, or upwards, but lefs than a 1000l. prefented feparate petitions; and counsel were heard in behalf of the Company, and of the 5001. ftockholders. The cafe of the latter was indeed. peculiarly hard, as the practice of fplitting ftock by collu five transfers, which the new regulation was established to prevent, was confined to those who held feveral thoufand pounds ftock, who would hereby continue to avail themselves as effectually of splitting ftock as before. Where they formerly made two votes, they could now indeed make only one, but that fingle vote was of prodigiously more consequence after twelve hundred voters were disfranchifed. This was punishing one body of men for the faults of another, and changing the Eaft-India Company from a democracy into an oligarchy. The act of power, by which this innovation was made, might, upon the fame principle of expediency, be exercised to disqualify freeholders, of 40s. a year, from voting for members of parliament, and fixing the qualification at iol. per annum. The great decrease in the value of money, fince the time when a freehold of 40 s. a year was made a qualification for giving a vote for a member of parliament, has rendered fuch a poffeffion very inconfiderable; but India ftock has fometimes more than doubled its original value, which gives a much greater degree of confequence to the holders of it, than when the regulation was made in the year 1702. Whilft this arduous business was thus advancing towards a completion, the house took into confideration the several reports from the felect committee, and the committee of fecrecy. Each of these committees had ftri&tly enquired into the conduct of the proprietors fervants in India, from the commencement of the war with Surajah Dowlah in 1756, which had brought to light tranfactions of the. blackest dye. General Burgoyne, as chairman of the fele&t committee, declared, that he looked upon the de * May 10. pofing |