and I
trust he thinks that as I respect his character, and in general admire
his conduct, I am one of those who feel no common interest in his
reputation. Yet I do not hesitate wholly to disallow the calculation of
1781, without any apprehension that I shall appear to distrust his
veracity or his judgment. This peace estimate of revenue was not
grounded on the state of the Carnatic as it then, or as it had recently,
stood. It was a statement of former and better times. There is no doubt
that a period did exist when the large portion of the Carnatic held by
the Nabob of Arcot might be fairly reputed to produce a revenue to that,
or to a greater amount. But the whole had so melted away by the slow and
silent hostilities of oppression and mismanagement, that the revenues,
sinking with the prosperity of the country, had fallen to about L800,000
a year even before an enemy's horse had imprinted his hoof on the soil
of the Carnatic. From that view, and independently of the decisive
effects of the war which ensued, Sir Eyre Coote conceived that years
must pass before the country could be restored to its former prosperity
and production. It was that state of revenue (namely, the actual state
before the war) which the directors have opposed to Lord Macartney's
speculation. They refused to take the revenues for more than L800,000.
In this they are justified by Lord Macartney himself, who in a
subsequent letter informs the court that his sketch is a matter of
speculation; it supposes the country restored to its ancient prosperity,
and the revenue to be in a course of effective and honest collection. If
therefore the ministers have gone wrong, they were not deceived by Lord
Macartney: they were deceived by no man. The estimate of the directors
is nearly the very estimate furnished by the right honorable gentleman
himself, and published to the world in one of the printed reports of his
own committee; but as soon as he obtained his power, he chose to abandon
his account. No part of his official conduct can be defended on the
ground of his Parliamentary information.

FROM THE SPEECH ON 'THE FRENCH REVOLUTION'

When ancient opinions and rules of life are taken away, the loss cannot
possibly be estimated. From that moment we have no compass to govern us;
nor can we know distinctly to what port we steer. Europe, undoubtedly,
taken in a mass, was in a flourishing condition the day on which your
revolution was completed. How much of tha