l of their
charter. This had been the former method of transacting with that body.
Government having only leased the monopoly for short terms, the Company
has been obliged to resort to it frequently for renewals. These two
parties had always negotiated (on the true principle of credit) not as
government and subject, but as equal dealers, on the footing of mutual
advantage. The public had derived great benefit from such dealing. But
at that time new ideas prevailed. The ministry, instead of listening to
the proposals of that Company, chose to set up a claim of the crown to
their possessions. The original plan seems to have been, to get the
House of Commons to compliment the crown with a sort of juridical
declaration of a title to the Company's acquisitions in India; which the
crown on its part, with the best air in the world, was to bestow upon
the public. Then it would come to the turn of the House of Commons again
to be liberal and grateful to the crown. The civil list debts were to be
paid off; with perhaps a pretty augmentation of income. All this was to
be done on the most public-spirited principles, and with a politeness
and mutual interchange of good offices, that could not but have charmed.
But what was best of all, these civilities were to be without a farthing
of charge to either of the kind and obliging parties. The East India
Company was to be covered with infamy and disgrace, and at the same time
was to pay the whole bill.

In consequence of this scheme, the terrors of a parliamentary inquiry
were hung over them. A judicature was asserted in Parliament to try this
question. But lest this judicial character should chance to inspire
certain stubborn ideas of law and right, it was argued, that the
judicature was arbitrary, and ought not to determine by the rules of
law, but by their opinion of policy and expediency. Nothing exceeded the
violence of some of the managers, except their impotence. They were
bewildered by their passions, and by their want of knowledge or want of
consideration of the subject. The more they advanced, the further they
found themselves from their object.--All things ran into confusion. The
ministers quarrelled among themselves. They disclaimed one another. They
suspended violence, and shrunk from treaty. The inquiry was almost at
its last gasp; when some active persons of the Company were given to
understand that this hostile proceeding was only set up _in terrorem_;
that government was