Imágenes de páginas
PDF
EPUB

though by the repeal of the stamp act the exercife of the right of internal taxation was allowed to be virtually relinquifhed, the claim of external taxation was affirmed ftill to remain in full force. The Americans by this act were reduced to a moft grievous and vexatious political embarraffment. It had been ever uniformly acknowledged that Great Britain pos-" feffed the right of commercial regulation and control-it could not be denied that port duties had been at former periods impofed for the purpose of commercial regulation, particularly by the act paffed in the fixth year of the reign of the late king, on the importation of foreign rums, sugars, and melaffes, from the Weft Indies. It could not be pretended with confiftency and plaufibility that the fame power did not now inhere in the British parliament, but it was at the fame time impoffible not to difcern that this power was in the present inftance exercised with a very different intention, and for the accomplishment of a very different object; and that by a fpecies of artifice unworthy of a great nation, an attempt was now made to inveigle them into the payment of that revenue which could not be extorted by means more direct and unequivocal. When the intelligence of this new plan of ftate policy reached America, a sudden and angry gloom instantly and univerfally took place of the hilarity and good humour which had predominated fince the fuppofed relinquishment of the plan of American taxation; and the intrigues of courts being to the Americans happily unknown myfteries, it was to them inconceivable how fuch men as those who compofed the present administration could now act in a manner fo diametrically oppofite to their former profeffions. Mercantile combinations immediately became general, not to import those articles on which the new duties were laid the trivial amount of which did not diminish the odium attending them-the Americans comparing these duties to an entering wedge, defigned to make way for others which would be greater and heavier,

1

The

The last business of national importance which occupied the attention of parliament during this long and interesting feffion, related to the affairs of the Eaft India company. The prodigious acquifitions recently made by the company in the Eaft, and the princely fortunes accumulated by thofe who occupied the higher departments in its fervice, ftrongly attracted the attention, as may easily be fuppofed, both of the proprietary and the parliament.

At a general court held at the India house, it was affirmed by many of the proprietors to be highly reasonable, that a larger dividend fhould be declared by the directors, and that the whole body fhould participate in the advantages of their late fucceffes; infifting, that fo low a dividend as fix per cent. agreed but ill with the prefent flourishing state of the company's finances. It was plaufibly urged, that the Dutch East India company divided twenty per cent. upon its capital, though their poffeffions and revenues were in no degree equal to those of the English. The directors, who, by the superior fagacity of their conduct, have frequently expofed the dangerous fallacy of a confident reliance on the collective wisdom of a popular affembly, combined as it must neceffarily be with their collective ignorance and folly, replied with good fenfe and prudence, “ that although great advantages had certainly been gained, it was not less true, that vaft expences had been incurred by the unexampled extent and duration of their military operations. The profits of the company, they faid, were comparatively remote and precarious; their debts urgent and certain. Juftice and good policy, therefore, concurred in recommending the previous discharge of incumbrances ere they thought of appropriating the profits. Recall, faid they, the tranfactions of the South Sea year, and confider the pernicious effects of the fraudulent arts then used for raifing the value of that ftock. Will not this premature attempt be attended with fimilar confequences? A confiderable augmentation of dividend will raife the price of our fund to an extraordinary height, at which it cannot poffibly

be fupported. Thus fresh fuel will be added to the ardor for gaming, a wider field will be opened for stock-jobbing, and all the mysterious iniquities of Change-Alley. By your precipitance you will create a new South Sea bubble, which will ultimately burst upon your own heads."

The proprietary, far from being fatisfied with these reafonings, greatly refented what they ftyled "the invidious mention of the South Sea bubble," and reproached the directors with an intention to monopolife the riches of the company, and, by their futile and abfurd cavils, prevent all increase of dividend to fwell their own enormous heaps. A dividend of twelve and a half per cent. was accordingly declared; when the parliament, in confequence of an application from the company for the renewal of their charter, entered into a ferious investigation of the ftate of the company's affairs. It was without hefitation afferted, that a commercial company could not legally acquire territorial rights; and that the revenues annexed to those rights appertained folely to the crown. The company, dreading the confequences of a competition fo formidable, voluntarily offered an annual fum of 400,000l. to the government, in lieu of all other claims; and a temporary agreement for two years only was concluded upon these terms, the queftion of right remaining undecided. A bill, which the urgency of the cafe only could warrant, was at the fame time brought into the house, RESCINDING, by an high exertion of legislative authority, the late refolution of the general court, and confining the dividends of the company to ten per cent. during the continuance of the agreement made with the government, which paffed with much oppofition; the fecretary of ftate and the chancellor of the exchequer, on this occafion, to the aftonishment of the public, voting in the minority. This important bill originated with, and was fupported by the powerful patronage of the noble duke at the head of the treasury, who clearly difcerned the neceffity of adopting timely and decifive meafures of prevention, in oppofition to the daring and nefari

1

ous

ous designs of those perfons, who hoped, by declaring an enormous dividend, and advancing the transfer price of the stock to a proportionate height, to take the fame advantage of the public delufion, as their predeceffors in the ever memorable year 1720. General Conway, from motives free from any taint of fufpicion, oppofed the bill in queftion, under the too fcrupulous apprehenfion of its establishing an arbitrary precedent. But Mr. Townshend, whofe character with far more difficulty repelled the fhafts of calumny, did not escape the fevereft animadverfion. The oppofition to this bill in the house of lords was truly formidable. The Rockingham and Grenville parties united in the reprobation of it. The divifions in the diffent ftages were uncommonly close; and the minifter, who defended the meafure in person with undaunted resolution and great ability, was able on two fucceffive trials to command a majority of three voices only-more than 120 Peers being present. At length it paffed on a divifion of 59 to 44 voices, A proteft, drawn with fingular acutenefs and energy, and confifting of no less than fixteen fpecific articles of diffent, was figned by nineteen peers against this bill; lord Rockingham and lord Temple being of the number. The most remarkable clause of this proteft is that which refers to a propofal made by the company, of fubmitting to a reftriction of dividend at the rate of twelve and a half per cent.; and extending that reftriction during the temporary agreement; "which," fay their lordships, "would have secured every good end propofed by this bill, and have obviated all the mischiefs which they deprecate, as fuch restriction, with the company's confent, would have been liable to no objections of injustice or violence.” Whether the end proposed might not have been accomplished in a milder and more conciliatory mode, may perhaps admit of doubt; but, at this diftance of time, there can scarcely exift a difference of opinion as to the effential rectitude and wisdom of the measure itself.

The

The ideas of lord Chatham, who ftill maintained an intimate and confidential intercourfe with the duke of Grafton, went to an abfolute and unqualified denial of the legal and constitutional right of the company to the territorial revenuc, and the political jurisdiction annexed to it, as utterly incompatible with their commercial capacity, and totally foreign to the nature of the privileges vefted in them by charter. Unfortunately, by a too timid and wavering policy, the natural refult of the minifterial jealoufies and animofities too evidently fubfifting, the company was left in the poffeffion of powers, which they in the fequel exercised extremely to their own detriment, and the infinite diftrefs and oppreffion of the nations and provinces fubjected to their dominion.

If it was not without labor and difficulty that the minifter was able to carry the refcinding bill into a law, in another great and favorite measure he was abfolutely and most unexpectedly defeated. Since the termination of the war, the land-tax had been wifely continued at four fhillings in the pound; and the duke of Grafton was anxiously folicitous that no reduction fhould at this time take place, as it would materially obstruct the grand arrangements formed for the liquidation of the public debt. But when the ufual landtax bill was brought forward by the chancellor of the exchequer, it was vehemently opposed by the country gentlemen, who infifted upon its being reduced to three fhillings in the pound, according to the invariable practice of former adminiftrations in time of peace. The original motion was very faintly fupported by the chancellor of the exchequer, whofe conduct wore upon this, as on many other occafions, the appearance of unaccountable negligence, or the moft infidious duplicity: and the amendment propofed was carried in oppofition to the court by a very decifive majority. Many perfons augured from hence the speedy and inevitable downfall of the prefent miniftry; but the oppofition of the country gentlemen, in this inftance, being prompted

folely

« AnteriorContinuar »