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supported. Did those persons who intended to have proposed to the were for a committee intend to committee, and which were exprei. ground on their report a charge of five of the falsehoods and contra. criminality again the court of di- dictions he had endeavoured to difrectors ? A very high degree of cover. Mr. Dundas moved upun criminality would doubtless be fix- them the previous question. ed if they should be found to have But a lubject of much greate wilfully attempted to have deceive importance than theie, and that al the house with respect to the fi- was conllituted by the first measures tuation and resources of the com- of the board of control, which was pany. But any charge of inten- appointed under Mr. Pitt's bill for tional mistatement was entirely out the regulation of India, was agiof the question, since the paper al- tated in the present feision of par. Ledged to be fallacious wis not a liament. These measures related politive account of disbursements to the debts of the nabob of Arcot already made, and resources at the to individuals and to the Ean India time in existence, but of what was company, and to the disputed rights expected to be the amount of both of the nabob of Arcot and the raja in case of certain contingencies. of Tanjore. We omitted to detail Was there a design then, in confe- these in the order of time, that by quence of discovering the true state reserving them to this place our of the company's affairs, to yield vicw of them might be entire, unithem such relief as might appear ted and comprehensive. to be neceffary? It would surely The appointment of commiflion. be a degree of forward and unusual ers for the afiaiis of India, in pur. liberality in men, who had made the suance of the provisions of Mr. most violent opposition to the grant- Pitt's bill, took place on the third ing them that relief, which they ap- day of September 1784. The plied for in the last fellion of par- commiflioneis were lord Sydn-y, liament, now, when they demand- fecretary of late for the home de. cd no affifiance, to be desirous of partinent, Mr. Pitt, Mir. Dundias, imposing it upon them against their lord Ivalfingham, Nir. William content. All other mutives, ex Grenville and lord Mulgrave. The cept those he had mentioned, were clauses of Mr. Pitt's bill had exan idle and frivolous curiofity. Such prelly enacted, “ That the court a curiosity, if once indulged, would of directors Thould, as toon as might know no bounds; and at length be, take into contideration the ori. perhaps the house would be applied gin and justice of the demands of to, to appoint a committee to con- British Tubjects on the nabob ot Ar lider and make their observations on cot, as far as they should be enabled every single dispatch that arrived by the materials in their poffeilion; from India. Mr. Francis's motion and that they thould give orders to was supported by lord North, Mr. , their presidencies and servants 2• Burke, Mr. Hlutley and fir Jaines broad for completing the investigae Johnstone. It was opposed by Mr. tion, as the nature of the cuie Baring, Mr. Dayrel, and Mr. Van- might require, and for eliablishing, tittart. At length the house dirid- in concert with the nabob, such a ed, ayes 45, noes 161. Co the fund for the discharge of the juit tint of Tune Mr. Francis moved the dobes, according to their respective refolutions in the house which he rights of priority, as thould be con
fiftent njtent with the rights of the com- for which the inferior presidency' pany, the security of the creditors, had engaged, had not properly and the honour and dignity of the been fulfilled, and praying to be nabob.” With respect to the raja released from the ceffion he had of Tanjore, the bill provided, made. The demand of the nabob " That the court of directors should was granted by the supreme countake into their iminediate considera: cil, and their orders, revoking the tion his indeterminate rights and assignment, accompanied fir Eyre pretentions, and that they should Coote in the last voyage he made to ascertain and settle them according Madras. Lord Macartney did not to the principles and itipulations of quietly submit to the mandates of the treaty of 1762, concluded by Mr. Hastings and his council, and the late lord Pigot between the na- opposed to them the contirmation bob and the raja.”
of the court of directors. It was As these were among the most supposed to be this resolute oppoimportant and urgent affairs of Ina fition of the presidency of Madras dia, they appear to have engaged which chiefly contributed to the the earliest attention of the board conteits of lord Macartney, partiof controul. The first proceeding cularly with the military commans that had lately been held in the ders in his government, and in peninsula, which forced itself upon which that nobleman caine off victheir observation, and demanded torious from them an immediate fanćtion or The board of controul contem+ condemnation, was the allignment plated the situation of the nabob that had been made, in the month under the same point of view as of December 1,81, of the reve. the supreme council of Bengal. nues of the Carnatic by the nabob Though they professed to approve of Arcot to lord Macartney and the of the ability, moderatiod and compresidency of Madras, for the fup. mand of temper which had been port of the war, with liberty to displayed by lord Macartney, and tarin out the revenues for the terin declared the highest opinion of his of threc or five years, at the dif: integrity', they believed the fituacretion of the presidency. The tion in which the nabob was placed allignment had been made from the by the aflignment to be full of irmoit uryent of all motives, the ritation and indignity, and they prodigality and misconduct of the censured some ficps, which had been nabob's managers, and the disasters taken by the president; 25 not fufa and ruinous condition of the coun- ficiently consulting the feelings and try; and it was confirmed by the character of the ally of the coma court of directors in their official pany. Influenced by these various letter of the fifth of September impressions they came to a refolu1782. Though the revenues ap- tion immediately to resign the alpear to have rapidly improved un- fignment into the hands of the na. der the judicious and enlightened bob. It was not however intended policy of lord Macartney, the naa by the board that things should rebab speedily repented of his re- turn precisely to their original fitura fignation. He was eager and im. ation. To prevent this, in the first portuna:e in his repreientations to place, they directed that a treaty the supreme council at Bengal, ihould be formed with the nabob of complaining that the conditions, Arcot and the raja of Tanjore, by 1785
which they should engage, that in three heads ; the consolidated debt case of any hoftilities committed of 176", the loan of 1777, comagainst the territories of any of the monly called the cavalry loan, and contracting parties, the whole re- the consolidated debt of 1777. In venues of their respective territories regard to the two first classes, the should be confidered as a common board of controul professed that they stock to be appropriated to their could not but acknowledge, that common defence; the company their origin and justice appeared to Thould engage to refrain, during them clear and indisputable. The the war, from the application of debt of 1777 was treated by them any part of their revenues to com- in a different style. They parti. mercial purposes; and the nabob cularly alluded to a letter of the and raja should engage to refrain court of directors to the prefidency from the application of any part of of Madras, written on the twentytheir revenues, to any other pur- third of December 17-8, in the folposes, than such as thould be neces- lowing terms." Your account of the sary for the support of themselves nabob's private debt is very alarm. and the civil government of their ing; but from whatever cause thote respective countries. The aggre- debts have been contractedor increas. gate revenue that should remain af- ed, we hereby repeat our orders that ter these deductions, was to be plac- the fanćtion of the company be on ed under the direction of the com- no account given to any kind of se. pany during the war, and as long curity for the liquidation of any after the war as should be necessary part thereof, except by che expreis to discharge the burthens contracted authority of the court of directors, by it ; and if the revenues were on any account or pretence whatnot faithfully advanced, the com- ever." Under these circumstances pany was to be entitled to take the the board of controul observed, they collection immediately under their should be warranted to refuse their own management.
aid and protection in the recovery Such was the plan of general go. of this loan. But when they convernment chalked out by the board fidered the inexpediency of keepof controul. With respect to the ing the subject of the debts longer particular fituation of the nabob afloat, the tendency its final cinwith his creditors, it was directed clution would have to promote that the nabob should give security tranquillity, credit and circulation for the payment into the company's of property in the Carnatic, and treasury of 480,00ol. per annum that the debtor concurred with the for the discharge of his debts, until creditor in establishing the validity the whole Thould be liquidated; of bonds, liable to be transferred to and it was to be recommended to persons different from the original the nabob to add to this fund, if it creditors, they had resolved to far should be found consistent with the to recugnize the justice of the debe state of his finances, the tribute of as to extend to it their protection. the raja of Tanjore. To decide 'They did not however mean to de. upon the application of this fund, bar the presidency from receiving it was thought proper by the board any complaints against it, from the of controul to distribute the debts nabob, from the injured creditors, of the nabob into classes. They or from other persons. These comwere accordingly ranged under plaints were to be attentively exa. inined by the council of Madras, and familiarly understood. They and transmitted to Britain for final remarked, that the board of con. decifion.
troul had by their official paper subHaving thus made at least a tem- ftantiated at once the justice of those porary admission of the justice of demands, which the act of the prethe debts, they proceeded to point ceding feilion required the directors out the minner in which they were to investigate. They objected to the to be liquidated. The consolidated right of questioning the justice of debt of 1767 was to be made up any of the debts being reserved only with the current interest at jo per to the last of the three classes. They cent; the cavalry loan with an in- suggested, whether the direction of terest of 12 per cent; and the con- the act, to examine the nature and solidated debt of 1777 with 12 per origin of the debts, was completely cent, to November 1781, and from fulfilled by the paper of the board thence with an intereft of 6l. per of controul; whether the rate of incent. The sum of 480,000l, an- terest, according to which the debts nually received, was to be applied, had been accumulated, ought not to first, to the growing interest of the be investigated; and whether the reacavalry loan at 12l. per cent; second- sonableness of the deduction of 251. ly, to the growing interest on the per cent, proposed by Mr. Hastings debt of 1777, at 6l. per cent : the and his council, did not deserve to remainder to be equally divided; be deliberately considered. But their one half to be applied to the ex- strongest ground of diffent was the tinction of the company's debt, the preference they conceived to be other half to the payment of the given to the claims of the private interest at lol. per cent, and towards creditors over the public demand. the discharge of the principal of the They believed that they, who had debt of 1767. Other arrangements been the protectors of the country, were added as the debts dould suc- and the saviours of the Carnatic, ceffively come in the progress of had a right paramount to that of the payments to be ultimately dir. any private creditor. They entered charged. The official paper of the into an arithmetical calculation, in board of controul, in which all the which they undertook to state the arrangements are detailed, was of amount of the various debts. They the date of the fifteenth of October took the remainder of the old debt 1784.
of 1767, made up with the comThis paper was sent to India with pound interest to the end of the year the signature, and sanctioned with 1784, at 480,000l. The cavalry the external authority of the court loan of 1777 they stated as amountof directors. Thac body of men ing to 282,8801. The new confo. however were by no means satisfied lidated debt, with its interest, they with the ministerial decifion; and conceived to be equal to 2,400,000h. they presented a remonstrance con- The growing interest of the new taining the reasons of their disap. consolidated debt, and that of the probation. They observed, that in cavalry loan, which was to be paid so novel an institution, it could prior to any demand of the coinIcarcely be thought extraordinary, pany, was estimated at 180,oool. if the exact boundaries of the re. Of consequence the private credi. fpective functions of the commif- tors would receive 330,000l. per: finners and the directors, should not annuin, and the company 150,000l. 21 once on either lide be precisely per annum. They contraited this
calculation with the circumstance claimants should be conducted in of the public debt, which they efti- exactly the same proportion as if mated at 3,000,000l, carrying no the whole had been advanced. intereit; and they added, that if, The arrangements made by the as was more than probable, the East India commissioners, refpecting sum paid in by the nabob in conse. the disputed rights of the nabob of quence of the new regulation should Arcot, and the raja of Tanjore, are fall conliderably short of what was of less complicated detail. They expected, the disproportion between directed that the city of Arni, the receipts of the public and the and the district of Anamanticooti, private creditor would in the same should be ceded to the nabob. They degree be augmented. Finally, they contirmed the validity of the assignalluded to the agreeinent which had ments of the nabob upon the golong before been entered into by the vernment share of the crop of the nabob, to pay to the company country of Tanjore for the year 280,00ol. per annum, in liquida- 1775-1776; and they directed tion of the public debt, which athat the deposit of 40,00cl. which greement was entrenched upon by had been made by the raja, lliould the new regulations, to the disad- be applied to satisfy the respective vantage of the company.
claimants. They gave their attenThe board of controul were not tion to the complaints, which had induced by the representations of been made by the raja, of the interthe directors to make any material ruptions, which had been suffered by alteration in their arrangement. his subjects in the repairs of the They however returned an answer Annicut, and othercanals and lluices to the remonstrance of the court, in of the river Caveri ; and they re. which they ftated their persuasion commended that a treaty should be that the debts did not rise to fo large made, by which a fmall pecuniary an amount as that at which they acknowledgement fhould be itipu. were now stated. They had never lated by the raja, and the nabob intended (though the debts were mould be restrained from interrupt. once for all to be made up with in- ing the public works of Tanjore, lo tercft, and that from that period a long as the punctual payment of the general interest should be paid upon established tribute was continued. the whole) that they should be made The paper of the board of controul, up with compound intereit. They relative to the disputed rights of observed, that the directors had on the raja of Tanjore, was dated on mitted in their eilimate the tribute, the twenty-seventh of October. and the arrears of tribute, upon the The Tubject of these arrangecountry of Tanjore, and they lug- ments was firit taken up in the gested that this addition would raise house of lords. A motion was the annual receipts of the company made on the eighteenth of Febru. for their arrears to nearly the pre- ary by the earl of Carlisle for all cise sumn they had specified of letters and orders, which had been 280,00ol. They added, that they issued in pursuance of the provi. would exprefly provide, in case a lions of the act of the last feflion, less sum were annually received relative to these subjects. The mofrom the nabob, for the purpose of tion passed in the negative; but the the intended fund, than 480,000l, earl of Carlisle, undiscouraged by. that the receipts of the different this circumstance, brought forward