on 
 the Sir Dl-
 
 F 
 
 ^jSSS^ 
 
 NJ 
 
 UNIVERSITY OF CALIFORNIA 
 AT LOS ANGELES
 
 A N 
 
 ADDRESS 
 
 T O T H E 
 
 P U B L I C K 
 
 On the SUBJECT of the 
 
 Eaft India Dividend, 
 
 Re inania aut fubdola: quantoque majore libertatis ima- 
 gine tetebantur, tanto eruptura ad Infenfius Sermium. 
 
 LONDON: 
 
 Printed for S. BLADON, in Paternofter-Row. 
 MDCCLXVIL
 
 !"76>7 
 v>\ 
 
 A N 
 
 ADDRESS, 
 
 W^HEN one reflects on the arbitrary 
 and violent acts of former times, 
 we are furprized that the people could 
 bear fuch abfurdity and oppreffion, ne- 
 ver confidering how the arts of defigning 
 men had probably difguifed the truth, on 
 the occafion of exerciiing fuch oppreffions, 
 and that the people did not fee them in 
 the real light in which they then flood, 
 and are now handed down to us. We 
 are apt to coniider the Parliament of 
 Henry the Vlllth with greater detefla- 
 tion than the Roman Senate under the 
 Emperors, and yet there are many peo- 
 ple living who may remember equal 
 contradictions from a limilar fet of 
 men, fuch as the miniiler has directed, 
 without any of that national hatred 
 
 attend- 
 
 354876
 
 ( 6 ) 
 
 attending them, which a philofopher 
 would expect fhould be the concomitant 
 of fuch actions. 
 
 Can it be imagined that the people of 
 RufTia really believed their Emperor 
 murdered by his wife, or Prince Ivan 
 killed by defign ? No, they, good people, 
 believed, as moft others do, the relation 
 which the minifters publifhed about the 
 court, That the one died of the piles, 
 and the other perifhed by accident. 
 
 What led me into thefe reflections, is 
 the affair of the Eaft India Company 
 now pafling under our immediate ob- 
 fervation. As I have been particularly 
 acquainted with moft of the facts, 1 can 
 be bold to fay, that the Englifh hiftory 
 does not furnifh any inflances where 
 greater treachery, injuflice, folly or in- 
 gratitude can be found, or where a more 
 direct attack has been made on every 
 thing that is dear to an independent fpi- 
 rit, or the credit or liberties of this coun- 
 try ; and yet fuch has been the effect, 
 by the grofleft and vileft mifreprefenta- 
 tions, coming from men in the higher! 
 
 offices,
 
 ( 7 ) 
 
 offices, and uttered with a confident in- 
 difference, little fuiting the dignity of 
 their ftation, that it is only of late that 
 the alarm has been taken, and even 
 now, half $he metropolis remain under 
 the delufions which thefe honourable 
 Gentlemen have propagated. 
 
 Whoever will be pleafed to read, with 
 a due attention to principles and their 
 confequences, the bill now depending 
 in Parliament, relative to the refcind- 
 ing and retraining the India divi- 
 dend, and will read the arret of the 
 King of France after the peace, re- 
 fpedting their funds, and which ruined 
 the credit of that country, they will 
 find the difference of the remedies in 
 the application of the one and the other, 
 as a drop of water to a folution of vi- 
 triol. The King of France took nothing 
 to himfelf from the flockholders, any 
 more than is done by this bill, but he de- 
 preciated the value of the ftock, which 
 is all in all. If one knew where to com- 
 bat thofe Gentlemen, the point might 
 be brought to fome ifliie, but when they 
 efcape like ferpents by 100 wreaths, or 
 like Methodift women difputing about 
 
 religion,
 
 ( 8 ) 
 
 religion, immediately fly from one 
 point to another, it is impoffible ever to 
 get hold of them. Sometimes they al- 
 ledge the Company has not fufficient ef- 
 fecls. Upon this we are willing to join 
 iffue, and to admit that, if fuch be the 
 cafe, the Parliament did right to inter- 
 fere. But if you demand immediately 
 to go into the proofs, and enter upon 
 the argument, juil as you have brought 
 it to fuch a certainty as the moft har- 
 dened fon of a cook-maid cannot deny 
 the conclufion, why then you are an- 
 fwered, It does not iignify whether you 
 have effects or no, by G it is all dif- 
 puting about riches in the moon j you 
 cannot bring this into cafh. 
 
 If it is demonstrated, upon the loweft 
 computations, that we can bring fuffi- 
 cient of our goods into cafli to anfwer 
 the dividend in February, and even to 
 pay off all our debts by the 5th of Au- 
 guft 1 7 68 ; or if it is fhown we can 
 negotiate our Bills on Bengal for ioo,oool. 
 to-morrow at 4 per cent, premium, and 
 ' confequently that we cannot be at a lofs' 
 for 40,000 1. why then we are anfwered 
 
 with
 
 - ( 9 ) 
 
 with another volley of oaths, by G it 
 does not fignify whether you can or not, 
 you have borrowed more than the law . 
 has permitted you, and a man. in high 
 office has faid fo. We are all willing to 
 admit the wonderful abilities of this 
 little man in high office ; only, how much 
 foever he looks like a Popifh Prieil. We 
 infift that his random decrees fhall not 
 be deemed infallible, much lefs his 
 loofe heated illiberal converfation. Let 
 us then reft the point on this queftion : 
 No, I will have no queftion with you, 
 you have deferved all you have fuffered, 
 the bill fhali pafs, the whole was irre- 
 gular, you have affronted Adminiftra- 
 tion ; how durft you take up the matter 
 when Parliament had your affairs under 
 confideration ? Now as this is the end of 
 all the converfations I have endeavoured 
 to have on this fubjecl:, and as it is the 
 kind of reafoning which contractors, 
 jobbers, and the loweft of the minifterial 
 tools have gathered, who never ufed to 
 pretend to reafon before, and by which 
 many well-meaning people are deceiv- 
 ed, I fhall therefore endeavour to an- 
 fwcr each of thofe points. 
 
 G And
 
 I 10 ) 
 
 And firft, That the whole was irregu- 
 lar, becaufe no previous notice was 
 given, and no papers were read, and 
 no ballot was taken, and many transfers 
 were made on the preceding day. 
 
 Anfwer. There is nothing laid down 
 either by the charters or bye-laws, or the 
 cufloms of the proceedings of general 
 courts, which requires any. previous no- 
 tice of any motion to be made. It is 
 neither the practice of the proceeding in 
 the Houfe of Lords or Commons. How- 
 ever, it was kept no fecret, and if the 
 matter turn'd on this point, it is very 
 certain the Directors did know of this 
 motion, becaufe they confulted very 
 eminent council on the preceding 
 evening, who told them thefe words: 
 " Why, if the 10 per cent, is not illegal, 
 " you'll find difficulty to prove the other 
 " fo, if they fhall vote it." 
 
 Whether papers mall be read or not is 
 always in the judgment of the court, 
 and therefore unlefs it can be fhewn 
 that the reading of papers is required 
 either by law or practice, no objection 
 
 can
 
 . 
 
 can arife on that account. Some alledge 
 indeed, that the 29th bye-law requires 
 the reading of the general annual ac- 
 count. I am fure the conftruction of 
 language in that bye-law does not im- 
 ply it, and the conftant practice has been 
 againft it, nor was the general annual 
 account ever fhewn before this period, 
 though the dividend has been raifed 
 and lowered fo often. In Mr. Barclay's 
 time we find the Directors put a previous 
 queftion on a motion to read papers ; but 
 I mall anfwer this as the foregoing ob- 
 jection, that fuppofing it was neceffary, 
 why did not the Directors produce it 5 
 no body hindered them : but to alledge 
 from thence that the Proprietors knew 
 nothing of their affairs, is an unjuil 
 conclufion ; they actually did produce 
 accounts, and read every article, and 
 called on the Directors to contradict 
 them, which fixes the account as much 
 as if it had come from the Directors 
 themfelves ; befides, it is to be remem- 
 bered, that the Proprietors had em- 
 ployed two preceding months in reading 
 papers, and looking into their affairs : 
 The refult was to vote the Directors 
 C 2 pro-
 
 (.12 ) 
 
 proportions, and therefore 124 percent 
 was no new idea either to the Directors 
 or adminiilration ; and what is very re- 
 markable, out of 13 proportions deli- 
 vered in, not one perfon Hates the divi- 
 dend which ought to be allow'd the Pro- 
 prietors, at a lower rate than 124, and 
 all, except one, Hates it at a higher rate ; 
 jiay, Mr. Sullivan offer'd to give 14 per 
 cent, upon an enlarged capital. 
 
 We come next to the objection of no 
 
 ballot being taken : again it is anfwer'd, 
 
 there is no law, cuftom or practice 
 
 which necefTarily requires a ballot to 
 
 give validity to a refolution of a general 
 
 court : On the contrary, every queftion 
 
 which paries without fuch a proceeding, 
 
 mufl be deemed a better determination 
 
 than by ballot, becaufe it actually proves 
 
 there was not nine men in the court 
 
 who difTented from the refolution. The 
 
 prefent bill directs a ballot in future, 
 
 and if it fhould unfortunately pafs into 
 
 a law, it will be neceiFary ; but to require 
 
 it before, is both unjuil and abfurd; 
 
 more efpecially, as in looking into all 
 
 the- alterations of dividend which have 
 
 taken
 
 ( 13 ) 
 
 taken place, iince the beginning of the 
 Company, there is only one that was de- 
 termined by ballot. And here I beg leave 
 to remark by the bye, that the charter 
 (with a due regard to juftice and com- 
 mon fenfe) requires all queflions to be 
 determined by a majority of the mem- 
 bers prefent, and the method by ballot, 
 being only a bye-law, it cannot nor 
 ought not to alter the principles of the 
 charter. The .original intention of bal- 
 lot was only to take the vote in a fecret 
 manner, thereby fecuring the indepen- 
 dency of the voter ; and accordingly at 
 the commencement, we find all ballots 
 were taken on the fpot. It is fomewhat 
 remarkable to hear the fame fet of men 
 infill that papers muft be read on the one 
 hand, and yet that the queflion muft be 
 determined by Proprietors at a diftance on 
 the other, who never heard either fuch 
 papers read, or the merits of the caufe 
 debated. 
 
 We come now to the 115 transfers the / 
 day before the vote was pafs'd. If gen- 
 tlemen will look to the day of fhutting 
 before the election, they will find 206 
 
 transfers,
 
 ( '4 ) 
 
 transfers, and yet no fuperior judge has 
 ever thought of vacating the election on 
 that account. The fact is, that in the 
 one cafe as in the other, both fides ex- 
 erted themfelves j but furely this proves 
 nothing againft a vote that was unani- 
 mous, where the numbers were 456, 
 where the moft refpectable Proprietors 
 wefe prefent, and where, in fpite of the 
 lies (for they deferve no milder name) 
 which have been utter'd, and the malice 
 which has prevailed, the utmoil good 
 fenfe and decency was apparent in the 
 court. If this objection was to have 
 been made, it fhould have been applied 
 againft the vote of 400,000!. which ad- 
 miniftration received without the fmalleft 
 objection, from the very men they have 
 fmce perfecuted, in a manner unparal- 
 leled before in this country, and after 
 breaking through the moil folemn afTu- 
 ranees in that tranfaction. 
 
 Yet fuch are the characters who in 
 the jumble of politicks are brought to 
 rule this iminenfc empire at a time 
 when the greateil talents and integrity 
 are required. 
 
 I come
 
 I come now to the laft accufation: 
 you have affronted Adminiflration ; how 
 durft you take up this matter when Par- 
 liament had your affairs under confider- 
 
 ation ? 
 
 I fliould have been very happy, if in 
 the courfe of my converfation I could 
 ever have been able to have fixed the 
 particular affront which Adminiflration 
 is faid to have received on this occafion : 
 if it was in acting after the Proprietors 
 had received an interdictory meflage in 
 their name, why Adminiflration has 
 denied that ever they fent fuch a mef- 
 fage, or that they ever wifhed to inter- 
 meddle with the dividend ; and there- 
 fore there can be no offence on that ac- 
 count, if any credit is to be given to 
 this their mofl folemn denial. I fhall 
 endeavour to confider this point in two 
 lights. Firft, I will confider it, fuppofmg 
 the denial true, and fecondly, fuppofmg 
 the denial falfe, and the meffage to be 
 true. 
 
 If Adminiilration never fent any fuch 
 meffage, how then can we excufe them 
 for the adulation and flattery, and fup- 
 4 pore
 
 ( 16 ) 
 
 port which they have lavifhed on the 
 dulleft clods of clay that ever were ani- 
 mated with human breath, after they 
 had thus falfely ufed their names to 
 fuch wicked purpofes ? 
 
 And again, if the menage never was 
 lent, the 12! per cent, will Hand part of 
 the propofitions, as agreed to by Ad- 
 miniflration, and therefore the Pro- 
 prietors (according as the matter ftands 
 upon the very account of Admi- 
 niftration themfelves) were vindica- 
 ted, nay invited to do what they did; 
 for it mull ever be remembered, that 
 fuppoiing 12.1 or any other dividend, is 
 to take place at a certain period, the 
 fooner it is declared the fairer the tranf- 
 action muft appear refpedting the pub- 
 lick ; and that the anfwer of adminiftra- 
 tion was thus underftood by the Direc- 
 tors themfelves, appears from their own 
 words, viz. But having laft night re- 
 ceived a meiFage from Adminiftration, 
 which materially altered the whole of the 
 propofitions, they had therefore defer- 
 red printing, fac. How then could the 
 meflage refpedting the ten per cent, ma- 
 terially
 
 ( I* ) 
 
 terially alter, if it was not before under- 
 flood that 124. was to take place ? So that 
 whether the mefTage was fent, or was 
 not fent, it is clear the idea of 124 p&r 
 cent, was fixed in every man's mind, as 
 far as publick faith or publick tranfac- 
 tions could fix it, until eighteen hours 
 before it was voted : and what renders 
 this undubitable, is the proportions of 
 the court of Diredlors themfelves, where 
 are thofe words : And out of the profits 
 there mall be firfl deducted the fum of 
 400,000 /. to be applied and difpofed of 
 in dividends to the Proprietors, or in 
 fuch manner as fliall be agreed by them. 
 And upon the whole, they are of opinion, 
 that a certain fum referved in England 
 to the Proprietors, equal to a dividend 
 6fi,2*.ft6rcenf. with the profpecl: of 3, 
 future increafe and advantages, will be 
 more eligible to the Proprietors than a 
 dividend of 14 psr cent, paid in India. 
 And alfo, the proportions number, 11. 
 from whence the proportions of the 
 court of Directors were taken, where 
 are the fame words. Now it is certain 
 that thefe proportions., number 1 1. were 
 D rcyifed
 
 ( 1* ) 
 
 revifed and appro ved by Adm migration, 
 and even handed about as their propo 
 fitions. 
 
 I fhall now fuppofe the denial falfe, 
 and the meflage to be true. Can the Pro- 
 prietors of India Stock be blamed for re- 
 garding with a proper contempt fuch an 
 infolent and unconilitutional a meflage, 
 that even the parties who fent it dare not 
 now avow it ? Was it not the bufmefs of 
 every good fubject to bring the dividend 
 to fome fixt point, to prevent flock-job- 
 bing, agreeable to the flourifhingfituation 
 and the future promts of the company, 
 and according to a jufl regard to the 
 Company's Creditors on the one hand, 
 and the Proprietors on the other ? Had 
 nqt the Directors themfelves, by their 
 proportions, acknowledge^ 124. percent, 
 fo be this medium, and do they not 
 there confefs that the half of the profits 
 of the furplus was a fufficient fund for 
 discharging even 500,000!. more of debt 
 than is now owing ? Had not the admi- 
 niflration acquiefced to thefe truths till 
 1 8 hours before, had not the flock rofe 
 
 in
 
 in confequence ? Would it not have been 
 the vileft deception on foreigners and the 
 public, if a majority of the Proprietors 
 could have changed their opinions thus 
 publicly pledged, without any alteration 
 of circumftances, merely at the unhal- 
 lowed found of changeling miniilers ? 
 
 I come laftly to confider the affront of- 
 fered to parliament. Every one muft ac- 
 knowledge the deference and refpect 
 which is due to either of the branches 
 of the legislation ; but how an exercife 
 of juft and legal powers, in a decent? 
 proper, and constitutional manner, in 
 order to prevent ftock-jokbmg, fraud, 
 and injuilice, can be conftrued an affront 
 on the guardians of our rights and pri- 
 vileges, is more than I can conceive. 
 
 I have heard of Maflbniella, a fifher- 
 man, getting poffeffion of the city of 
 Naples by a public heat of his own fo- 
 menting ; but the people perceived the 
 abfurdity in live or fix days. I remem- 
 ber our army at Carthagena being 
 thrown into the utmoft panic, when 
 many were drowned, and numbers kil~ 
 D 2 led, 
 
 3548
 
 led, by the approach of two negroes and 
 a white horfe in the night j yet aflbon as 
 day-light returned, the people recovered 
 their fenfes. 
 
 But of all the delations by which 
 mankind have been affected, and for fo 
 long a time, this of the affront offered 
 to parliament is the moil extraordinary* 
 becaufe, by the utmoft ftretch of imagi- 
 nation, I defy the world to point out 
 from whence it can be deduced. 
 
 Before I conclude, I will fay fome- 
 thing on the allufions which have been 
 made to the tranfadlions of the South-Sea 
 company, in the year 1720. What com- 
 parifons can be drawn between a com- 
 pany railing their dividend to 60 per 
 cent, without any vilible means of an- 
 fwering fuch declarations, and a com- 
 pany acknowledged to be the richeft in 
 the whole world, and in pofleflion of 
 kingdoms bigger and more opulent than 
 Britain, and whofe trade alone yields a 
 profit of 600, ooo 1. a-year, taking to 
 themfelves, upon their former fmall ca- 
 pital, 
 o
 
 pital, a dividend of 124 per cent, and this 
 at a time when even the Dutch and Swe- 
 difh Eaft-India companies are dividing 
 upwards of 20 per cent, on their capitals. 
 I leave this to every impartial man to 
 determine. 
 
 Some gentlemen may imagine by this 
 Unufual interpofition of parliament to 
 correct what they may call the deficiency 
 of the law, that they are doing good fer- 
 vice to their country ; this indeed would 
 be carrying the doctrine of the difpeniing 
 power to every branch of the legiflature. 
 To fuch men I lhall only apply what 
 Tacitus fays of Tiberius, after telling us 
 of the popularity he had acquired by 
 frequently fitting in judgment and cor- 
 recting the rigour of the law : 
 
 Ceterum dum veritati confulitur 
 Libertas conmpebatur. 
 
 FINIS.
 
 2735
 
 University of California 
 
 SOUTHERN REGIONAL LIBRARY FACILITY 
 
 Return this material to the library 
 
 from which it was borrowed. 
 
 REC'D LO-URl 
 
 AUG 121988
 
 Universi 
 South 
 Libi