If any of them gave a bribe, he gave it out of his own pocket, with little chance of being reimbursed. But the Old Company, though surrounded by dangers, still held its exclusive privileges, and still made its enormous profits. Its stock had indeed gone down greatly in value since the golden days of Charles the Second; but a hundred pounds still sold for a hundred and twenty-two.180 After a large dividend had been paid to the proprietors, a surplus remained amply sufficient, in those days, to corrupt half a cabinet; and this surplus was absolutely at the disposal of one able, determined and unscrupulous man, who maintained the fight with wonderful art and pertinacity.
The majority of the Commons wished to effect a compromise, to retain the Old Company, but to remodel it, to impose on it new conditions, and to incorporate with it the members of the New Company. With this view it was, after long and vehement debates and close divisions, resolved that the capital should be increased to a million and a half. In order to prevent a single person or a small junto from domineering over the whole society, it was determined that five thousand pounds of stock should be the largest quantity that any single proprietor could hold, and that those who held more should be required to sell the overplus at any price not below par. In return for the exclusive privilege of trading to the Eastern seas, the Company was to be required to furnish annually five hundred tons of saltpetre to the Crown at a low price, and to export annually English manufactures to the value of two hundred thousand pounds.181A bill founded on these resolutions was brought in, read twice, and committed, but was suffered to drop in consequence of the positive refusal of Child and his associates to accept the offered terms. He objected to every part of the plan; and his objections are highly curious and amusing. The great monopolist took his stand on the principles of free trade. In a luminous and powerfully written paper he exposed the absurdity of the expedients which the House of Commons had devised. To limit the amount of stock which might stand in a single name would, he said, be most unreasonable. Surely a proprietor whose whole fortune was staked on the success of the Indian trade was far more likely to exert all his faculties vigorously for the promotion of that trade than a proprietor who had risked only what it would be no great disaster to lose. The demand that saltpetre should be furnished to the Crown for a fixed sum Child met by those arguments, familiar to our generation, which prove that prices should be left to settle themselves. To the demand that the Company should bind itself to export annually two hundred thousand pounds' worth of English manufactures he very properly replied that the Company would most gladly export two millions' worth if the market required such a supply, and that, if the market were overstocked, it would be mere folly to send good cloth half round the world to be eaten by white ants. It was never, he declared with much spirit, found politic to put trade into straitlaced bodices, which, instead of making it grow upright and thrive, must either kill it or force it awry.
The Commons, irritated by Child's obstinacy, presented an address requesting the King to dissolve the Old Company, and to grant a charter to a new Company on such terms as to His Majesty's wisdom might seem fit.182 It is plainly implied in the terms of this address that the Commons thought the King constitutionally competent to grant an exclusive privilege of trading to the East Indies.
The King replied that the subject was most important, that he would consider it maturely, and that he would, at a future time, give the House a more precise answer.183 In Parliament nothing more was said on the subject during that session; but out of Parliament the war was fiercer than ever; and the belligerents were by no means scrupulous about the means which they employed.
The chief weapons of the New Company were libels; the chief weapons of the Old Company were bribes.
In the same week in which the bill for the regulation of the Indian trade was suffered to drop, another bill which had produced great excitement and had called forth an almost unprecedented display of parliamentary ability, underwent the same fate.