ormation,
positively refused to recall them, and supported those who had fallen
under the just censure of this House with new and stronger marks of
countenance and approbation.

The late House, discovering the reversed situation of the Company, by
which the nominal servants are really the masters, and the offenders are
become their own judges, thought fit to examine into the state of their
commerce; and they have also discovered that their commercial affairs
are in the greatest disorder; that their debts have accumulated beyond
any present or obvious future means of payment, at least under the
actual administration of their affairs; that this condition of the East
India Company has begun to affect the sinking fund itself, on which the
public credit of the kingdom rests,--a million and upwards being due to
the customs, which that House of Commons whose intentions towards the
Company have been so grossly misrepresented were indulgent enough to
respite. And thus, instead of confiscating their property, the Company
received without interest (which in such a case had been before charged)
the use of a very large sum of the public money. The revenues are under
the peculiar care of this House, not only as the revenues originate from
us, but as, on every failure if the funds set apart for the support of
the national credit, or to provide for the national strength and safety,
the task of supplying every deficiency falls upon his Majesty's faithful
Commons, this House must, in effect, tax the people. The House,
therefore, at every moment, incurs the hazard of becoming obnoxious to
its constituents.

The enemies of the late House of Commons resolved, if possible, to bring
on that event. They therefore endeavored to misrepresent the provident
means adopted by the House of Commons for keeping off this invidious
necessity, as an attack on the rights of the East India Company: for
they well knew, that, on the one hand, if, for want of proper regulation
and relief, the Company should become insolvent, or even stop payment,
the national credit and commerce would sustain a heavy blow; and that
calamity would be justly imputed to Parliament, which, after such long
inquiries, and such frequent admonitions from his Majesty, had neglected
so essential and so urgent an article of their duty: on the other hand,
they knew, that, wholly corrupted as the Company is, nothing effectual
could be done to preserve that interest from ruin, without taki