80*]

not be much left for redrefs, by the time that it could take place.

But the great force of the argu- ments on this fide, was principally directed to the prefent untilltal and extraordinary ltretch of parliamen- tary authority; it was acknowledg- ed that a fupreme undefined power was ultimately lodged in the le- giflattzre; but it was itifilied, that fuch an exertion ofit could only be juftified by the molt urgent ne- cefiity; and that as no fuch ne- cefiity now exifted, itwas a wanton violation of public faith, law, and the conltitution, without an equi- table motive. That it was the in- valion otia right, which parliament had not granted, but fold; a right for which the faith of the nation was pledged, and which could not be taken away without an act of forfeiture in the Company; nor even in that cafe without due com- penfzttioti. That this violent and dangerous exertion of power, mutt not only deitr y the credit ofthe India’ Company; but allo affect the Bank, the South-Sea, and all other public companies, none of which could have any other fecu- rities than thofe which were now violated; that whenever a war took place, the efFePt-s of this unjult and pernicious meaiure, upon tire na- tional credit in general, would be too late and too fatally experienced; and that it t: as not leis dangerous in its principle, nor mifchievous in its precedent, to the city of Lon- don, and all the other corporate bodies in the Britilh empire.

A particular charge was alfio made upon adminiliration, with re- gard to their motives for this ful- penfion. It was {aid that they had arbitrarily and capricicufly fuf- pended the legal courfe of bufincfs

1n the court of proprietors, and

ANNUAL REGISTER,

I773-

forced this matter into parliament only to gratify a private refent- ment ; that the Company had been ofiicially informed by their chair- man, and deputy-chairman, (the only medium through which they could have any communication with government) that the mea- fures relative to the "fupervifion were approved of by adminiltra- tion; but that as foon as it was found that the Company did not chufe to intrult their affairs in the hands of thofe who were nominated for that purpofe by the minifiers, they immediately fet their face againli the whole meafure, and now had the fortune to find the Houfe f0 compliant as to adopt their re- fentments. , '

lt was obfervable, that many of thofe, who either in themfelves or their families, were under great obligations to the Company, and particularly fuch as had obtained vall fortunes in her fervice, now joined adminiflration in this bill. The el-‘Eeéts of the party difputes with refpeét t0 the appointment of fuprrvilors, were alfo very vilible upon this occafion. Though the quefiion was debated warmly and ably by the oppofition, fuch was the force of the general odium in which the Company flood, and fuch the weaknefs arifing from its internal diiienlions, that the num-

hers againli the bill were very tri- a

fling. Befides, many of the oppo- fition had not then come to town. Upon a divifion late at night, and not a very thin Houfe, the bill was carried by a majority of more than five to one, the numbers being 153, to 28, only. '

The rellraining bill was pre- (ented thexnext day to the Houfe of Lords, and it being f0 near the holidays, was carried through wiltlh

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