The alterations were indeed small; but the alteration even of a letter was tantamount to a declaration of independence. Several addresses were voted without a division. The King was entreated to discourage all encroachments of subordinate powers on the supreme authority of the English legislature, to bring to justice the pamphleteer who had dared to question that authority, to enforce the Acts which had been passed for the protection of the woollen manufactures of England, and to direct the industry and capital of Ireland into the channel of the linen trade, a trade which might grow and flourish in Leinster and Ulster without exciting the smallest jealousy at Norwich or at Halifax.
The King promised to do what the Commons asked; but in truth there was little to be done. The Irish, conscious of their impotence, submitted without a murmur. The Irish woollen manufacture languished and disappeared, as it would, in all probability, have languished and disappeared if it had been left to itself. Had Molyneux lived a few months longer he would probably have been impeached. But the close of the session was approaching; and before the Houses met again a timely death had snatched him from their vengeance; and the momentous question which had been first stirred by him slept a deep sleep till it was revived in a more formidable shape, after the lapse of twenty-six years, by the fourth letter of The Drapier.
Of the commercial questions which prolonged this session far into the summer the most important respected India. Four years had elapsed since the House of Commons had decided that all Englishmen had an equal right to traffic in the Asiatic Seas, unless prohibited by Parliament; and in that decision the King had thought it prudent to acquiesce. Any merchant of London or Bristol might now fit out a ship for Bengal or for China, without the least apprehension of being molested by the Admiralty or sued in the Courts of Westminster. No wise man, however, was disposed to stake a large sum on such a venture. For the vote which protected him from annoyance here left him exposed to serious risks on the other side of the Cape of Good Hope. The Old Company, though its exclusive privileges were no more, and though its dividends had greatly diminished, was still in existence, and still retained its castles and warehouses, its fleet of fine merchantmen, and its able and zealous factors, thoroughly qualified by a long experience to transact business both in the palaces and in the bazaars of the East, and accustomed to look for direction to the India House alone. The private trader therefore still ran great risk of being treated as a smuggler, if not as a pirate. He might indeed, if he was wronged, apply for redress to the tribunals of his country. But years must elapse before his cause could be heard; his witnesses must be conveyed over fifteen thousand miles of sea; and in the meantime he was a ruined man. The experiment of free trade with India had therefore been tried under every disadvantage, or, to speak more correctly, had not been tried at all. The general opinion had always been that some restriction was necessary; and that opinion had been confirmed by all that had happened since the old restrictions had been removed. The doors of the House of Commons were again besieged by the two great contending factions of the City. The Old Company offered, in return for a monopoly secured by law, a loan of seven hundred thousand pounds; and the whole body of Tories was for accepting the offer. But those indefatigable agitators who had, ever since the Revolution, been striving to obtain a share in the trade of the Eastern seas exerted themselves at this conjuncture more strenuously than ever, and found a powerful patron in Montague.
That dexterous and eloquent statesman had two objects in view.
One was to obtain for the State, as the price of the monopoly, a sum much larger than the Old Company was able to give. The other was to promote the interest of his own party. Nowhere was the conflict between Whigs and Tories sharper than in the City of London; and the influence of the City of London was felt to the remotest corner of the realm. To elevate the Whig section of that mighty commercial aristocracy which congregated under the arches of the Royal Exchange, and to depress the Tory section, had long been one of Montague's favourite schemes. He had already formed one citadel in the heart of that great emporium; and he now thought that it might be in his power to erect and garrison a second stronghold in a position scarcely less commanding. It had often been said, in times of civil war, that whoever was master of the Tower and of Tilbury Fort was master of London. The fastnesses by means of which Montague proposed to keep the capital obedient in times of peace and of constitutional government were of a different kind. The Bank was one of his fortresses; and he trusted that a new India House would be the other.