b._, 473,
474.]

[Footnote 322: Governor Hutchinson, in a note, referring to the
mercantile English letters which contained the suggestion not to allow
the landing of the tea of the East India Company, says:

"These letters were dated in England the beginning of August, and were
received in America the latter end of September and the beginning of
October."

Mr. Bancroft states as follows the causes and circumstances of this
disastrous tea agreement between the British Ministry and East India
Company:

"The continued refusal of North America to receive tea from England had
brought distress upon the East India Company, which had on hand, wanting
a market, great quantities imported in the faith that that agreement (in
the colonies, not to purchase tea imported from England) could not hold.
They were able to pay neither their dividends nor their debts; their
stock depreciated nearly one-half; and the Government must lose their
annual payment of four hundred thousand pounds.

"The bankruptcies, brought on partly by this means, gave such a shock to
credit as had not been experienced since the South Sea year, and the
great manufacturers were sufferers. The directors came to Parliament
with an ample confession of their humbled state, together with
entreaties for assistance and relief, and particularly praying that
leave might be given to export tea free of all duties to America and to
foreign ports. Had such leave been granted in respect of America, it
would have been an excellent commercial regulation, as well as have
restored a good understanding to every part of the empire. Instead of
this, Lord North proposed to give to the Company itself the right of
exporting its teas. The existing law granted on their exportation to
America a drawback of three-fifths only of the duties paid on
importation. Lord North now offered to the East India Company a drawback
of the whole. Trecothick, in the committee, also advised to take off the
import duty in America of threepence the pound, as it produced no income
to the revenue; but the Ministry would not listen to the thought of
relieving America from taxation. 'Then,' added Trecothick in behalf of
the East India Company, 'as much or more may be brought into revenue by
not allowing a full exemption from the duties paid here.' But Lord North
refused to discuss the right of Parliament to tax America, insisting
that no difficulty could arise; that under the new regulation America
would b