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
Such an issue, however, does not appear to be very likely to occur,
unless the Managers of the East India Company's concerns, from any
ill-advised determination in their counsels, should take some steps, by
which their affairs should be abruptly brought to a settlement: in which
event, any disappointment or loss sustained by the Proprietors will be
chargeable upon those Managers, who thus desert their duty to their
Constituents; and not on the Public, or the Government. The Managers of
the East India Company, having so clear and responsible a duty binding
upon them, ought to be most scrupulous of failing in that duty, through
any capricious or speculative "_adherence to points not essential to
their existence_;" for, if they should sacrifice the interest of the
Proprietors by now attempting to convert their _temporary grants_ into a
_perpetual right_; although the disappointed Proprietors may arraign the
Public, yet the Public at large will, with justice, impeach the Managers
of the East India Company.
In order to open the eyes of the Proprietors to the simple fact of their
actual position, their attention was called by Gracchus, on the 13th
inst. to the consideration, whether the Company, loaded with a debt of
42,000,000l. and being unable to discharge the sum of four millions
becoming due, could reasonably expect, that if Parliament should now
come to their immediate relief, it would engage itself, _in all future
time_, for the payment of a dividend of ten and a half per cent.;
especially, if, upon any contingent winding up of the Company's affairs,
called for by their own pertinacity, their remaining resources should be
found inadequate to secure that dividend to the Proprietors? And the
possible case was suggested, of some guardian of the public purse
deeming it equitable, that in the event of Parliament being disposed to
come to the relief of the Proprietors, under such circumstances, the
latter should be called upon, on their part, to submit to some condition
of accommodation.
Public-domain text, read in full here on John Shaqi.
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