A Caution to the Directors of the East-India Company: With Regard to Their Making the Midsummer Dividend of Five Per Cent. Without Due Attention to a Late Act of Parliament, and a By-law of Their OwnAnonymous
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A Caution to the Directors of the East-India Company: With Regard to Their Making the Midsummer Dividend of Five Per Cent. Without Due Attention to a Late Act of Parliament, and a By-law of Their Own
Anonymous
East India Company -- Early works to 1800
You will say, no doubt, that you do not desire the proprietors should
divide 6l. 1-4th at Christmas, which they would, if this construction
was allowed; they are not in cash, they have not paid their debts, is
certainly a good argument, but not insuperable, against dividing; you
opposed the dividend of 5l. _per cent._ in September, upon the same
principles. That you should not be in cash, that you had not paid your
debts, was your only objection at that time; and we now find you
straining the law, makeing an act of parliament say it meant July, when
it said June; and intended to insert the figure 5, when it made use of
24, in order that you may now make this dividend, which you opposed when
it was declared in September last. You would now make the legislature
say, it was not their meaning to rescind this dividend of 5l. _per
cent._ when they have rescinded it in direct terms, because you proved
you should not be in cash, and should not have paid your debts at the
time it would be payable.
I will venture to affirm too, that you would not be half so
inconsistent, in using the same industry, and following the same method
of interpretation, to divide after the rate of 12l. 1-half _per cent._
at Christmas; for the legislature, as we have proved, have not shewn
their intention of rescinding absolutely, this 12l. 1-half, while the
10l. _per cent._ is restrained as matters stand, beyond all dispute, and
can never be made, but in defiance of the power of parliament, and
without such a defiance, as, if it is to be justified, will justify the
violation of all law, divine and human. A law of England says, you shall
_not_ divide up to the 5th of July, being after the 24th of June; you
substitute the 5th of July in the place of the 24th of June, and then
say, you may divide up to the 5th of July. The law of Moses says, Thou
shalt _not_ steal; you strike out the word _not_, by a less violent
alteration, and then theft becomes as little a crime in England, as it
was at Sparta.
But I would beg leave to ask, if the mistake contended for should be
admitted on all hands, would you take upon yourselves to correct it, or
wait till it was rectified by parliament? If when a deed is executed, a
mistake is discovered, it cannot be corrected without the privity, and
consent, of all parties; if blunders are made in law pleadings, that are
upon record, they cannot be amended without the leave of the court,
which has the custody of such records: a trustee in such deed would not
pay a sum of money contrary to the express words of the deed, but would
wait till the matter was set right; nor would a party in any cause
presume upon a mistake in a record, to disobey the orders of a court of
justice; and will you, Gentlemen, give less authority to an act of the
legislature, than to a private deed, or the record of any petty court of
law?
Public-domain text, read in full here on John Shaqi.
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