urposely obscured, and fairly stating
what it was necessary for him to misrepresent. For this purpose, it is
necessary you should know, with some degree of distinctness, a little of
the locality, the nature, the circumstances, the magnitude of the
pretended debts on which this marvellous donation is founded, as well as
of the persons from whom and by whom it is claimed.

Madras, with its dependencies, is the second (but with a long interval,
the second) member of the British empire in the East. The trade of that
city, and of the adjacent territory, was not very long ago among the
most flourishing in Asia. But since the establishment of the British
power it has wasted away under an uniform gradual decline, insomuch that
in the year 1779 not one merchant of eminence was to be found in the
whole country.[5] During this period of decay, about six hundred
thousand sterling pounds a year have been drawn off by English gentlemen
on their private account, by the way of China alone.[6] If we add four
hundred thousand, as probably remitted through other channels, and in
other mediums, that is, in jewels, gold, and silver, directly brought to
Europe, and in bills upon the British and foreign companies, you will
scarcely think the matter overrated. If we fix the commencement of this
extraction of money from the Carnatic at a period no earlier than the
year 1760, and close it in the year 1780, it probably will not amount to
a great deal less than twenty millions of money.

During the deep, silent flow of this steady stream of wealth which set
from India into Europe, it generally passed on with no adequate
observation; but happening at some periods to meet rifts of rocks that
checked its course, it grew more noisy and attracted more notice. The
pecuniary discussions caused by an accumulation of part of the fortunes
of their servants in a debt from the Nabob of Arcot was the first thing
which very particularly called for, and long engaged, the attention of
the Court of Directors. This debt amounted to eight hundred and eighty
thousand pounds sterling, and was claimed, for the greater part, by
English gentlemen residing at Madras. This grand capital, settled at
length by order at ten per cent, afforded an annuity of eighty-eight
thousand pounds.[7]

Whilst the Directors were digesting their astonishment at this
information, a memorial was presented to them from three gentlemen,
informing them that their friends had lent, likewise, to