A NEW EAST INDIA COMPANY CONSTITUTED BY ACT OF PARLIAMENT.

This extraordinary vote was a sure presage of success in the execution of a scheme which Montague had concerted against the East India company. They had been sounded about advancing a sum of money for the public service, by way of loan, in consideration of a parliamentary settlement; and they offered to raise seven hundred thousand pounds on that condition: but before they formed this resolution, another body of merchants, under the auspices of Mr. Montague, offered to lend two millions at eight per cent, provided they might be gratified with an exclusive privilege of trading to the East Indies. This proposal was very well received by the majority in the house of commons. A bill for this purpose was brought in, with additional clauses of regulation. A petition was presented by the old company, representing their rights and claims under so many royal charters; the regard due to the property of above a thousand families interested in the stock; as also to the company’s property in India, amounting to forty-four thousand pounds of yearly revenue. They alleged they had expended a million in fortifications; that during the war they had lost twelve great ships, worth fifteen hundred thousand pounds; that since the last subscription they had contributed two hundred and ninety-five thousand pounds to the customs, with above eighty-five thousand pounds in taxes; that they had furnished six thousand barrels of gunpowder on a very pressing occasion: and eighty thousand pounds for the circulation of exchequer bills, at a very critical juncture, by desire of the lords of the treasury; who owned that their compliance was a very important service to the government. No regard being paid to their remonstrances, they undertook to raise the loan of two millions, and immediately subscribed two hundred thousand pounds as the first payment. The two proposals being compared and considered by the house, the majority declared for the bill, which was passed, and sent up to the house of lords. There the old company delivered another petition, and was heard by counsel; nevertheless the bill made its way, though not without opposition, and a formal protestation by one-and-twenty lords, who thought it was a hardship upon the present company; and doubted whether the separate trade allowed in the bill, concurrent with a joint stock, might not prove such an inconsistency as would discourage the subscription. This act, by which the old company was dissolved, in a great measure blasted the reputation of the whigs, which had for some time been on the decline with the people. They had stood up as advocates for a standing army; they now unjustly superseded the East India company; they were accused of having robbed the public by embezzling the national treasure, and amassing wealth by usurious contracts, at the expense of their fellow subjects groaning under the most oppressive burdens. Certain it is, they were at this period the most mercenary and corrupt undertakers that had ever been employed by any king or administration since the first establishment of the English monarchy.

The commons now transferred their attention to certain objects in which the people of Ireland were interested. Colonel Michelburn, who had been joint governor of Londonderry with Dr. Walker during the siege of that place, petitioned the house in behalf of himself, his officers, and soldiers, to whom a considerable sum of money was due for subsistence; and the city itself implored the mediation of the commons with his majesty, that its services and sufferings might be taken into consideration. The house having examined the allegations contained in both petitions, presented an address to the king, recommending the citizens of Londonderry to his majesty’s favour; that they might no longer remain a ruinous spectacle to all, a scorn to their enemies, and a discouragement to well affected subjects: they likewise declared that the governor and garrison did deserve some special marks of royal favour, for a lasting monument to posterity. To this address the king replied, that he would consider them according to the desire of the commons. William Molineux, a gentleman of Dublin, having published a book to prove that the kingdom of Ireland was independent of the parliament of England, the house appointed a committee to inquire into the cause and nature of this performance. An address was voted to the king, desiring he would give directions for the discovery and punishment of the author. Upon the report of the committee, the commons in a body presented an address to his majesty, representing the dangerous attempts which had been lately made by some of his subjects in Ireland, to shake off their subjection and dependence upon England; attempts which appeared not only from the bold and pernicious assertions contained in a book lately published, but more fully and authentically by some votes and proceedings of the commons in Ireland. These had, during their last session, transmitted an act for the better security of his majesty’s person and government, whereby an English act of parliament was pretended to be re-enacted with alterations obligatory on the courts of justice and the great seal of England. The English commons, therefore, besought his majesty to give effectual orders for preventing any such encroachments for the future, and the pernicious consequences of what was past, by punishing those who had been guilty thereof: that he would take care to see the laws which direct and restrain the parliament of Ireland punctually observed, and discourage everything which might have a tendency to lessen the dependence of Ireland upon England. This remonstrance was graciously received, and the king-promised to comply with their request.

The jealousy which the commons entertained of the government in Ireland, animated them to take other measures that ascertained the subjection of that kingdom. Understanding that the Irish had established divers woollen manufactures, they in another address entreated his majesty to take measures for discouraging the woollen manufactures in Ireland, as they interfered with those of England, and promote the linen manufacture, which would be profitable to both nations. At the same time, receiving information the French had seduced some English manufacturers, and set up a great work for cloth-making in Picardy, they brought in a bill for explaining and better executing former acts for preventing the exportation of wool, fullers earth, and scouring clay; and this was immediately passed into a law. A petition being presented to the house by the lustring company, against certain merchants who had smuggled alamodes and lustrings from France, even during the war; the committee of trade was directed to inquire into the allegations, and all the secrets of this traffic were detected. Upon the report the house resolved, That the manufacture of alamodes and lustrings set up in England had been beneficial to the kingdom; that there had been a destructive and illegal trade carried on during the war, for importing these commodities, by which the king had been defrauded of his customs, and the English manufactures greatly discouraged; that, by the smuggling vessels employed in this trade, intelligence had been carried into France during the war, and the enemies of the government conveyed from justice. Stephen Seignoret Rhene, Baudoin, John Goodet, Nicholas Santini, Peter de Hearse, John Pierce, John Dumaitre, and David Barreau, were impeached at the bar of the house of lords; and, pleading guilty, the lords imposed fines upon them according to their respective circumstances. They were in the meantime committed to Newgate until those fines should be paid; and the commons addressed the king, that the money might be appropriated to the maintenance of Greenwich hospital. The house having taken cognizance of this affair, and made some new regulations in the prosecution of the African trade, presented a solemn address to the king, representing the general degeneracy and corruption of the age, and beseeching his majesty to command all his judges, justices, and magistrates, to put the laws in execution against profaneness and immorality. The king professed himself extremely well pleased with this remonstrance, promised to give immediate directions for a reformation, and expressed his desire that some more effectual provision might be made for suppressing impious books, containing doctrines against the Trinity; doctrines which abounded at this period, and took their origin from the licentiousness and profligacy of the times.