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money into your treasury, we prefer the mode of borrowing at interest to that Chap. VII.

of granting bills upon us: We therefore permit you to take up such sums on v v'

interest, for one year certain, as will answer your various demands, which are

to be paid off at the expiration of that period, or as soon after as the state of

your treasury will admit of. You are therefore to confine your drafts upon us,

by the ships to be dispatched from your Presidency in the season of 1769, to the

same amount as we allowed last year, viz. 70,000/."*

When the amount of the sums which it was the desire of individuals to send home exceeded the amount which it was permitted to the government in India to receive, in other words to draw bills for upon the Company at home, the parties who were deprived of this channel of remittance betook themselves to the French and Dutch factories, and paid the money into their treasuries for bills upon their respective companies, payable in Europe. This, from an early period of Mr. Verelst's administration, had constituted a heavy subject of complaint; as making these subordinate settlers to abound with money, while the English were oppressed with want. As he ascribed the financial difficulties of the Company's government merely to a defect of currency, not of revenue, so he ascribed the defect of currency to the remittances which were forced into the Dutch and French channels; though neither of these nations carried any specie out of India, and were only saved to a certain extent the necessity of importing bullion. To him it appeared surprising that the Dutch and French Companies should find it easy to pay the bills which were drawn upon them for money received in India; but that the English Company should find it impossible; and he ascribed the restrictions which they imposed to a timid and narrow spirit. f

* Eighth Report from the Committee of Secrecy, 1773, Appendix, No. i. In their letter 17th March, 1769, they so far modify their former directions as to say, "Upon reconsidering the subject of remittances, we find it so connected with that of the investment, that the increase of the former must always depend on that of the latter. The produce of our sales here is the only channel of our receipts; and our flourishing situation in India would not avail us, if we were to suffer ourselves to be drawn upon to the amount of the cost of our homeward cargoes. In order therefore to unite the advantages of the Company and their servants, we do permit you to increase your remittances, by the ships dispatched from Bengal in the season of 1769, beyond the limitation in our letter of the 11th November last, so far as one half of the sum which your investment sent home in that season shall exceed the amount of sixty lacks. But if you do not send home an investment exceeding that sum, you must then confine your drafts upon us agreeably to our said letter of the 11th November last."

f In his letter to the Directors, dated 26th September, 1768, he says, "The extent of the Dutch and French credit exceeds all conception, and their bills are even solicited as favours. The precise sums received by them for some years I have endeavoured to ascertain, though VOL. II. 2 M

Book IV. One circumstance, however, which constituted a most important difference, he v "^^~~>was ill situated to perceive. The French and Dutch Companies were chiefly •commercial; and whatever money was received in India was laid out in the purchase of goods; these goods were carried to Europe, and sold before the bills became due; the bills were paid out of the proceeds; and a great trade was thus carried on upon English capital. The English Company, on the other hand, was become a regal, as well as a commercial body; the money which was paid for remittance into their treasury in India was absorbed in the expense of the government; and so much only as could be spared was employed in the purchase of investment. This was one cause undoubtedly of the comparative inability of the English Directors to pay the bills which were drawn upon them.

In the Consultation of the 23d of October, in consideration of great exigency, it was resolved, that the Board would receive all monies tendered to the Company's treasury from that day to the 1st of November, 1770; and at the option of the lenders, grant, either interest notes payable in one year; or receipts bearing interest at eight per cent. for bills to be granted at the sailing of the first ship after the 22d of November, 1770, payable, with three per cent. interest, in equal proportions on each tender, at one, two, and three years sight. And as a resource to the Directors, it was resolved to enlarge the investment by purchasing, not with ready money, but with bonds at eight per cent., and one year's credit. This was the last considerable act in which the Governor was Mr. Verelst engaged. He resigned his office on the 24th of December, and was succeeded

resigns the office of Presi

succeeded1by hitherto without success; but if we only form our idea from the bills drawn this year from Mr. Cartier. Europe on individuals here and Madras, the amount will appear prodigious and alarming. Advices of drafts and letters of credit have been already received to the amount of twenty-eight lacks on Bengal, and ten on Madras; and I have the most certain information that their treasuries at Pondicherry and Chandernagore are amply furnished with all provision for both their investments and expenses for three years to come. You have often complained of the increase and superiority of the French and Dutch investments; but your orders and regulations have furnished them with the most extensive means of both. It is in vain to threaten dismission from your service, or forfeiture of your protection, for sending home money by foreign cash, while you open no door for remittances yourselves. Such menaces may render the practice more secret and cautious; but will never diminish, much less remove the evil." Verelst's Appendix, p. 118. So much did Mr. Verelst's imagination deceive him, in regard to the prosperity of the English rivals, that the exclusive privileges of the French Company, after they had struggled for some time on the verge of bankruptcy, were suspended by the King, and the trade laid open to all the nation. They were found unable to extricate themselves from their difficulties; and resigning their effects into the hands of government, for certain government annuities to the proprietors of stock, the Company.were in reality dissolved. Raynal, liv. viii. sect. 26, 27.

by Mr. Cartier. A new treaty had been concluded with Suja Dowla, which Chap. VII. allayed whatever suspicions the ambiguous conduct of that Governor had raised, and Mr. Verelst left the three provinces in profound tranquillity.* * The principal materials, before the public, for the history of Verelst's administration, are found in the Reports of the Two Committees of 1772, and in the Appendix to his own View of Bengal. Information, but demanding to be cautiously gleaned, is obtained from the numerous Tracts of the day.

CHAP. VIII.

Subahdar of Deccan dethroned by his BrotherThe English take possession of the Northern CircarsMake a Treaty with the Subahdar of Deccan— Which embroils them with Hyder AH—History of Hyder AliHyder's first war with the EnglishNew Treaty with the SubahdarPeace with Hyder.

Book IV. Carnatic remained but a short time free from the pressure of the neighbouring powers. In the superior government of Deccan, Nizam Ali, who had The Subahdar resumed, upon the departure of Bussy, the commanding station which he formerly throned°by his ^"p^* made no delay in employing all his advantages to effect the dethronebrother.ment of his feeble-minded brother. On the 18th of July, 1761, he committed the Subahdar to a prison; and invested himself with the full powers and insignia of the government.

The treaty, by the provisions of which the pretensions of England and France were at this time adjusted, affords a singular illustration of the obvious and neglected truth, that the knowledge requisite for good government in India cannot be possessed by rulers sitting and deliberating in Europe. By the treaty of Paris, concluded on the 10th of February, 1763, Salabut Jung was acknowledged as lawful Subahdar of Deccan, after he had been nearly two years dethroned, and another reigning in his stead. This instrument indeed, which recognised Salabut Jung as a great sovereign, was the immediate cause of his death; for Nizam Ali, who had been withheld by dread of the restoration of the French power in India, no sooner received intelligence of the treaty of Paris, by which the French resigned Carnatic and appeared to abandon the contest, than he felt himself delivered from all restraint, and ordered his brother to be murdered in September, 1763.

With little concern about Bassalut Jung, who nevertheless was elder brother of Nizam Ali, that usurper, at once a regicide and fratricide, now grasped, without a rival, the power of Subahdar of Deccan. The personal title or name of himself and his father have by the English been converted into the appellative of his sovereignty; and it is under the title of the Nizam, that the Subahdar of Deccan is commonly known.

In the beginning of the year 1765, the English and Mahomed Ali their Chap. VIII. Nabob were summoned to action, by the irruption of Nizam Ali into Carnatic. Hq*' With a great army, which seemed to have no object in view but plunder and The usurper destruction, he laid waste the open country with a ferocity, even greater than Jjj^6S Car~ the usual barbarity of Indian warfare. The troops of the English and Nabob were put in motion from Arcot, under the command of Colonel Campbell, and came in sight of the enemy at the Pagoda of Tripetti. The Nizam felt no desire to fight: His army was reduced to great distress for provisions and water: He decamped accordingly on a sudden, and marching forty miles in one day evacuated Carnatic by way of Colastria and Nelore.

It was at this time that Lord Clive, on his passage from Europe to Bengal, The phirmaun arrived at Madras. The ascendancy of the English over the Mogul, the unfor- gives6 ttTtta tunate and nominal Emperor Shah Aulum, rendered it extremely easy to pro- ^medVuTgocure from him those imperial grants which, however little respected by the ^TMNortheni sword, still gave the appearance of legal right to territorial possession within Circars; and

• • • n mr A i v • that of Carna

the ancient limits of the Mogul empire. A phirmaun was solicited and obtained tic to Mahomfor the maritime districts, known by the title of the Northern Circars. Like ed Al1"the rest of India this tract was held by renters, responsible for a certain portion of revenue. Of these some were of recent appointment; others were the ancient Rajahs and Polygars of the country; a set of men who were often found to be the most convenient renters, and who, on the regular payment of the expected revenue, were seldom displaced. The country fell within the government of the Subahdar of Deccan, and was managed by a deputy or commissioner of his appointment. After the English, however, had expelled from it the French, the authority of the Subahdar had been rather nominal than real. The English held possession of their factories and forts; the Rajahs and Polygars assumed a species of independence; Salabat Jung had offered it to Mahomed Ali at the time of his quarrel with Bussy at Hyderabad; and Nizam Ali himself had proposed to surrender it to the English, on the condition of military assistance against Hyder Ali and the Mahrattas. The advantage of possessing the whole line of coast which joined the English territories in Carnatic to those in Bengal, suggested to Clive the importance of obtaining it on permanent terms. A phirmaun was accordingly received from the Emperor, by which, as far as the formality of his sanction could extend, the Northern Circars were freed from their dependance upon the Subahdar of Deccan, and bestowed upon the English. Nor was this the only diminution which the nominal empire of the Nizam sustained; for another phirmaun was procured from the Emperor, by which

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