far from an intention of seizing upon the
possessions of the Company. Administration, they said, was sensible,
that the idea was in every light full of absurdity; and that such a
seizure was not more out of their power, than remote from their wishes;
and therefore, if the Company would come in a liberal manner to the
House, they certainly could not fail of putting a speedy end to this
disagreeable business, and of opening a way to an advantageous treaty.

On this hint the Company acted: they came at once to a resolution of
getting rid of the difficulties which arose from the complication of
their trade with their revenue; a step which despoiled them of their
best defensive armor, and put them at once into the power of
administration. They threw their whole stock of every kind, the revenue,
the trade, and even their debt from government, into one fund, which
they computed on the surest grounds would amount to 800,000_l._, with a
large probable surplus for the payment of debt. Then they agreed to
divide this sum in equal portions between themselves and the public,
400,000_l._ to each. This gave to the proprietors of that fund an annual
augmentation of no more than 80,000_l._ dividend. They ought to receive
from government 120,000_l._ for the loan of their capital. So that, in
fact, the whole, which on this plan they reserved to themselves, from
their vast revenues, from their extensive trade, and in consideration of
the great risks and mighty expenses which purchased these advantages,
amounted to no more than 280,000_l._, whilst government was to receive,
as I said, 400,000_l._

This proposal was thought by themselves liberal indeed; and they
expected the highest applauses for it. However, their reception was very
different from their expectations. When they brought up their plan to
the House of Commons, the offer, as it was natural, of 400,000_l._ was
very well relished. But nothing could be more disgustful than the
80,000_l._ which the Company had divided amongst themselves. A violent
tempest of public indignation and fury rose against them. The heads of
people turned. The Company was held well able to pay 400,000_l._ a year
to government; but bankrupts, if they attempted to divide the fifth part
of it among themselves. An _ex post facto_ law was brought in with great
precipitation, for annulling this dividend. In the bill was inserted a
clause, which suspended for about a year the right, which, under the
public faith