[47] It is necessary, Sir, you should recollect two things. First,
that the Nabob's debt to the Company carries no interest. In the next
place, you will observe, that, whenever the Company has occasion to
borrow, she has always commanded whatever she thought fit at eight per
cent. Carrying in your mind these two facts, attend to the process with
regard to the public and private debt, and with what little appearance
of decency they play into each other's hands a game of utter perdition
to the unhappy natives of India. The Nabob falls into an arrear to the
Company. The Presidency presses for payment. The Nabob's answer is, "I
have no money." Good! But there are soucars who will supply you on the
mortgage of your territories. Then steps forward some Paul Benfield,
and, from his grateful compassion to the Nabob, and his filial regard
to the Company, he unlocks the treasures of his virtuous industry, and,
for a consideration of twenty-four or thirty-six per cent on a mortgage
of the territorial revenue, becomes security to the Company for the
Nabob's arrear.
All this intermediate usury thus becomes sanctified by the ultimate view
to the Company's payment. In this case, would not a plain man ask this
plain question of the Company: If you know that the Nabob must annually
mortgage his territories to your servants to pay his annual arrear to
you, why is not the assignment or mortgage made directly to the Company
itself? By this simple, obvious operation, the Company would be relieved
and the debt paid, without the charge of a shilling interest to that
prince.
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