The History of England, from the Accession of James II — Volume 4. Томас Бабингтон Маколей

corporation were now its weakness and its shame. The King who had been one of its members was an exile. The judge by whom all its most exorbitant pretensions had been pronounced legitimate was a prisoner. All the old enemies of the Company, reinforced by those great Whig merchants whom Child had expelled from the direction, demanded justice and vengeance from the Whig House of Commons, which had just placed William and Mary on the throne. No voice was louder in accusation than that of Papillon, who had, some years before, been more zealous for the charter than any man in London. 170 The Commons censured in severe terms the persons who had inflicted death by martial law at Saint Helena, and even resolved that some of those offenders should be excluded from the Act of Indemnity. 171 The great question, how the trade with the East should for the future be carried on, was referred to a Committee. The report was to have been made on the twenty-seventh of January 1690; but on that very day the Parliament ceased to exist.

      The first two sessions of the succeeding Parliament were so short and so busy that little was said about India in either House. But, out of Parliament, all the arts both of controversy and of intrigue were employed on both sides. Almost as many pamphlets were published about the India trade as about the oaths. The despot of Leadenhall Street was libelled in prose and verse. Wretched puns were made on his name. He was compared to Cromwell, to the King of France, to Goliath of Gath, to the Devil. It was vehemently declared to be necessary that, in any Act which might be passed for the regulation of our traffic with the Eastern seas, Sir Josiah should be by name excluded from all trust. 172

      There were, however, great differences of opinion among those who agreed in hating Child and the body of which he was the head. The manufacturers of Spitalfields, of Norwich, of Yorkshire, and of the Western counties, considered the trade with the Eastern seas as rather injurious than beneficial to the kingdom. The importation of Indian spices, indeed, was admitted to be harmless, and the importation of Indian saltpetre to be necessary. But the importation of silks and of Bengals, as shawls were then called, was pronounced to be a curse to the country. The effect of the growing taste for such frippery was that our gold and silver went abroad, and that much excellent English drapery lay in our warehouses till it was devoured by the moths. Those, it was said, were happy days for the inhabitants both of our pasture lands and of our manufacturing towns, when every gown, every hanging, every bed, was made of materials which our own flocks had furnished to our own looms. Where were now the brave old hangings of arras which had adorned the walls of lordly mansions in the days of Elizabeth? And was it not a shame to see a gentleman, whose ancestors had worn nothing but stuffs made by English workmen out of English fleeces, flaunting in a calico shirt and a pair of silk stockings? Clamours such as these had, a few years before, extorted from Parliament the Act which required that the dead should be wrapped in woollen; and some sanguine clothiers hoped that the legislature would, by excluding all Indian textures from our ports, impose the same necessity on the living. 173

      But this feeling was confined to a minority. The public was, indeed, inclined rather to overrate than to underrate the benefits which might be derived by England from the Indian trade. What was the most effectual mode of extending that trade was a question which excited general interest, and which was answered in very different ways.

      A small party, consisting chiefly of merchants resident at Bristol and other provincial seaports, maintained that the best way to extend trade was to leave it free. They urged the well known arguments which prove that monopoly is injurious to commerce; and, having fully established the general law, they asked why the commerce between England and India was to be considered as an exception to that law. Any trader ought, they said, to be permitted to send from any port a cargo to Surat or Canton as freely as he now sent a cargo to Hamburg or Lisbon. 174 In our time these doctrines may probably be considered, not only as sound, but as trite and obvious. In the seventeenth century, however, they were thought paradoxical. It was then generally held to be a certain, and indeed an almost selfevident truth, that our trade with the countries lying beyond the Cape of Good Hope could be advantageously carried on only by means of a great Joint Stock Company. There was no analogy, it was said, between our European trade and our Indian trade. Our government had diplomatic relations with the European States. If necessary, a maritime force could easily be sent from hence to the mouth of the Elbe or of the Tagus. But the English Kings had no envoy at the Court of Agra or Pekin. There was seldom a single English man of war within ten thousand miles of the Bay of Bengal or of the Gulf of Siam. As our merchants could not, in those remote seas, be protected by their Sovereign, they must protect themselves, and must, for that end, exercise some of the rights of sovereignty. They must have forts, garrisons and armed ships. They must have power to send and receive embassies, to make a treaty of alliance with one Asiatic prince, to wage war on another. It was evidently impossible that every merchant should have this power independently of the rest. The merchants trading to India must therefore be joined together in a corporation which could act as one man. In support of these arguments the example of the Dutch was cited, and was generally considered as decisive. For in that age the immense prosperity of Holland was every where regarded with admiration, not the less earnest because it was largely mingled with envy and hatred. In all that related to trade, her statesmen were considered as oracles, and her institutions as models.

      The great majority, therefore, of those who assailed the Company assailed it, not because it traded on joint funds and possessed exclusive privileges, but because it was ruled by one man, and because his rule had been mischievous to the public, and beneficial only to himself and his creatures. The obvious remedy, it was said, for the evils which his maladministration had produced was to transfer the monopoly to a new corporation so constituted as to be in no danger of falling under the dominion either of a despot or of a narrow oligarchy. Many persons who were desirous to be members of such a corporation, formed themselves into a society, signed an engagement, and entrusted the care of their interests to a committee which contained some of the chief traders of the City. This society, though it had, in the eye of the law, no personality, was early designated, in popular speech, as the New Company; and the hostilities between the New Company and the Old Company soon caused almost as much excitement and anxiety, at least in that busy hive of which the Royal Exchange was the centre, as the hostilities between the Allies and the French King. The headquarters of the younger association were in Dowgate; the Skinners lent their stately hall; and the meetings were held in a parlour renowned for the fragrance which exhaled from a magnificent wainscot of cedar. 175

      While the contention was hottest, important news arrived from India, and was announced in the London Gazette as in the highest degree satisfactory. Peace had been concluded between the great Mogul and the English. That mighty potentate had not only withdrawn his troops from the factories, but had bestowed on the Company privileges such as it had never before enjoyed. Soon, however, appeared a very different version of the story. The enemies of Child had, before this time, accused him of systematically publishing false intelligence. He had now, they said, outlied himself. They had obtained a true copy of the Firman which had put an end to the war; and they printed a translation of it. It appeared that Aurengzebe had contemptuously granted to the English, in consideration of their penitence and of a large tribute, his forgiveness for their past delinquency, had charged them to behave themselves better for the future, and had, in the tone of a master, laid on them his commands to remove the principal offender, Sir John Child, from power and trust. The death of Sir John occurred so seasonably that these commands could not be obeyed. But it was only too evident that the pacification which the rulers of the India House had represented as advantageous and honourable had really been effected on terms disgraceful to the English name. 176

      During the summer of 1691, the controversy which raged on this subject between the Leadenhall Street Company and the Dowgate Company kept the City in constant agitation. In the autumn, the Parliament had no sooner met than both the contending parties presented petitions to the House of Commons. 177 The petitions were immediately taken into serious consideration, and resolutions of grave importance were passed.