[45]
The last thing considered by the Board of Control among the debts of the
Carnatic was that arising to the East India Company, which, after the
provision for the cavalry, and the consolidation of 1777, was to divide
the residue of the fund of 480,000_l._ a year with the lenders of 1767.
This debt the worthy chairman, who sits opposite to me, contends to be
three millions sterling. Lord Macartney's account of 1781 states it to
be at that period 1,200,000_l._ The first account of the Court of
Directors makes it 900,000_l._ This, like the private debt, being
without any solid existence, is incapable of any distinct limits.
Whatever its amount or its validity may be, one thing is clear: it is of
the nature and quality of a public debt. In that light nothing is
provided for it, but an eventual surplus to be divided with one class
of the private demands, after satisfying the two first classes. Never
was a more shameful postponing a public demand, which, by the reason of
the thing, and the uniform practice of all nations, supersedes every
private claim.
Those who gave this preference to private claims consider the Company's
as a lawful demand; else why did they pretend to provide for it? On
their own principles they are condemned.
But I, Sir, who profess to speak to your understanding and to your
conscience, and to brush away from this business all false colors, all
false appellations, as well as false facts, do positively deny that the
Carnatic owes a shilling to the Company,--whatever the Company may be
indebted to that undone country.
Pages:
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96