Sulivan, agent to the Nabob and his creditors, stated at 2,800,000_l._,
which, if the Cavalry Loan and the remains of the debt of 1767 be
subtracted, leaves it nearly at the amount originally declared at the
Durbar in 1777: but then there is a private instruction to Mr. Sulivan,
which, it seems, will reduce it again to the lower standard of
1,400,000_l._

Failing in all my attempts, by a direct account, to ascertain the extent
of the capital claimed, (where in all probability no capital was ever
advanced,) I endeavored, if possible, to discover it by the interest
which was to be paid. For that purpose, I looked to the several
agreements for assigning the territories of the Carnatic to secure the
principal and interest of this debt. In one of them,[28] I found, in a
sort of postscript, by way of an additional remark, (not in the body of
the obligation,) the debt represented at 1,400,000_l._: but when I
computed the sums to be paid for interest by instalments in another
paper, I found they produced an interest of two millions, at twelve per
cent; and the assignment supposed, that, if these instalments might
exceed, they might also fall short of, the real provision for that
interest.[29] Another instalment-bond was afterwards granted: in that
bond the interest exactly tallies with a capital of 1,400,000_l._:[30]
but pursuing this capital through the correspondence, I lost sight of it
again, and it was asserted that this instalment-bond was considerably
short of the interest that ought to be computed to the time
mentioned.[31]

Here are, therefore, two statements of equal authority, differing at
least a million from each other; and as neither persons claiming, nor
any special sum as belonging to each particular claimant, is ascertained
in the instruments of consolidation, or in the installment-bonds, a
large scope was left to throw in any sums for any persons, as their
merits in advancing the interest of that loan might require; a power was
also left for reduction, in case a harder hand, or more scanty funds,
might be found to require it. Stronger grounds for a presumption of
fraud never appeared in any transaction. But the ministers, faithful to
the plan of the interested persons, whom alone they thought fit to
confer with on this occasion, have ordered the payment of the whole mass
of these unknown, unliquidated sums, without an attempt to ascertain
them. On this conduct, Sir, I leave you to make your own reflections.