The Letters of Gracchus on the East India QuestionMiles, William Augustus
History
The Letters of Gracchus on the East India Question
Miles, William Augustus
East India Company; India -- Politics and government -- 1765-1947
There is an irritability manifested at the present moment, by those who
are intimately united in interest with the East India Company, which
appears strongly indicative of an unhealthy case. It is well known, that
the revenues of the Company, far from being able to contribute to the
revenues of the State that augmentation which was made the condition of
the Company's present Charter, have, from causes which the Directors
could not control, been so deficient, that they have been obliged, at
different times, to apply to Parliament for pecuniary aid; that they are
burdened with a debt of not less than forty-two millions; and that they
are _now_ unable to discharge their engagements, without again coming to
Parliament to obtain the means. Yet, "AN OLD PROPRIETOR" feels no
uneasiness from this state of the Company's affairs; and this, we must
suppose, proceeds from an opinion, that the dividend he now receives is
_secured to him for the time to come_.
But Parliament has never, directly nor indirectly, made itself a
_collateral security_ to the Proprietors, for the payment of a dividend
of 10½ percent. The aids, at different times granted by Parliament,
have proceeded from a mixed principle, of _equity_ and of _liberal
support_. Of _equity_, in so far as the embarrassments of the Company
have been occasioned by political events; of _liberal support_, in so
far as those embarrassments may have been caused by disappointment in
trade. If the Proprietors should not discriminate between these two
principles which have actuated Parliament, but claim the whole of the
succours afforded, upon a ground of _positive right_, they might impose
upon Parliament the necessity of requiring the East India Company to
bring their affairs to a final settlement; in order that it may be
accurately determined, how far the Public are equitably pledged to the
Proprietors, and how far the Proprietors must be left to settle their
own accounts with the Company alone. And it is possible, that the result
might not afford that confidence of a well-secured dividend of ten and a
half per cent., which an OLD PROPRIETOR considers it an attack upon
private property even to question.
Public-domain text, read in full here on John Shaqi.
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