rivate debts
of the Nabob; _and we cannot but acknowledge_ that the origin and
justice, both of the loan of 1767, and the loan of 1777, commonly called
the Cavalry Loan, appear to us clear and indisputable, agreeable to the
true sense and spirit of the late act of Parliament.

In speaking of the loan of 1767, we are to be understood as speaking of
the debt as constituted by the original bonds of that year, bearing
interest at 10_l._ per cent; and therefore, if any of the Nabob's
creditors, under a pretence that their debts made part of the
consolidated debt of 1767, although secured by bonds of a subsequent
date, carrying an interest exceeding 10_l._ per cent, shall claim the
benefit of the following orders, we direct that you pay no regard to
such claims, without further especial instructions for that purpose.

With respect to the consolidated debt of 1777, it certainly stands upon
a less favorable footing. So early as the 27th March, 1769, it was
ordered by our then President and Council of Fort St. George, that, for
the preventing all persons living under the Company's protection from
having any dealings with any of the country powers or their ministers
without the knowledge or consent of the Board, an advertisement should
be published, by fixing it up at the sea-gate, and sending round a copy
to the Company's servants and inhabitants, and to the different
subordinates, and our garrisons, and giving it out in general orders,
stating therein that the President and Council did consider the
irreversible order of the Court of Directors of the year 1714 (whereby
their people were prohibited from having any dealings with the country
governments in money matters) to be in full force and vigor, and thereby
expressly forbidding all servants of the Company, and other Europeans
under their jurisdiction, to make loans or have any money transactions
with any of the princes or states in India, without special license and
permission of the President and Council for the time being, except only
in the particular cases there mentioned, and declaring that any wilful
deviation therefrom should be deemed a breach of orders, and treated as
such. And on the 4th of March, 1778, it was resolved by our President
and Council of Fort St George, that the consolidated debt of 1777 was
not, on any respect whatever, conducted under the auspices or protection
of that government; and on the circumstance of the consolidation of the
said debt being ma