atmosphere*, the project was revived, incredible as it may seem, of drawing a revenue from America, in a mode not indeed in all respects analogous to that which had been fo recently abandoned, but which in her prefent irritable state of mind equally ferved to rekindle thofe alarms and jealoufies which might reasonably be supposed rather allayed than extinguished. Mr. Charles Townfhend, chancellor of the exchequer, in one of his vain and capricious moods (if his apparent levity of conduct is not rather to be attributed to an higher and lefs fortuitous fource) boafted in the house of commons, "that he knew how to draw a revenue from the colonies without giving them offence." Mr. Grenville inflantly and eagerly urged this minifter, yet in the noviciate of his office, to pledge himfelf to the execution of this fine project; which he hesitated not in the most decisive manner to do General Conway, fecretary of state, listening with filent aftonishment. When this engagement came under fubfequent difcuffion in the cabinet, it was warmly supported by a certain defcription of its members, and reluctantly affented to by others, who dreaded a fatal divifion in the administration fhould they obftinately refuse their acquiefcence. Unfortunately Lord Chatham was not at this time capable of attending the cabinet councils, nor was he at all confulted in his present state of health by the minifters on this or any other business. From this period, indeed, that nobleman perceived himself, or from his excess of jealousy fancied himfelf, become a mere cypher in the administration. His opinions, even after his partial reftoration to a capacity for bufinefs, were according to the general report and belief over-1 ruled or difregarded; his perfon treated with rudeness and neglect; and having loft the confidence of the people, he now became the object of the contempt of the court. In a remarkable debate which took place in the house of lords at a fubfequent periodt, lord Chatham expreffed with Faucibus effundens fupra ad convexa ferebat," -talis fefe halitus atris † March 2, 1770. out VIRGIL out referve the sensations he had experienced in the fituation he then occupied. He fpake in indignant terms of “the secret influence of an invifible power-of a favorite, whose pernicious counfels had occafioned all the present unhappinefs in the nation-who had ruined every plan for the public good, and betrayed every man who had taken a responsible office. He said that there was no fafety, no fecurity, against his power and malignity-that he himself had been duped, he confeffed with forrow-that he had been duped when he Jeaft fufpected treachery-at the time when the prospect was fair, and the appearances of confidence were ftrong-when he had with great pains, attention, and deliberation, formed fchemes highly interefting, and of the utmost importance to this country. These schemes had been propofed and approved in council, and afsented to by the king; but on his return from a fhort, and in his state of health a necessary abfence at Bath, he found his plans all vanished into air-into thin air In the clofet he faid he had invariably found every thing gracious and amiable-he had received the most condefcending PROMISES OF SUPPORT. I own, faid this illuftrious statesman, I was credulous, I was duped, I was deceived. I foon found there was no original adminiftration to be fuffered in this country. A long train of infidious prac→ tices at length unwillingly convinced me that there is fomething behind the throne GREATER than the THRONE ITSELF." On another occafion he affirmed, "that the late good old king poffeffed the feelings of humanity and amongst many other princely virtues, was endowed with justice, truth, and SINCERITY, in an eminent degree. He had fomething about him by which it was poffible for you to know whether he liked you or disliked you." Matters being in this ftate, a bill was in the courfe of the prefent feffion introduced and paffed, with the appearance, it must be confeffed, of general approbation, for the impofition of certain duties on glass, tea, paper, and painters' colors, imported from Great Britain into the colonies; for though though by the repeal of the stamp act the exercise of the right of internal taxation was allowed to be virtually relinquished, the claim of external taxation was affirined ftill to remain in full force. The Americans by this act were reduced to a moft grievous and vexatious political embarrassment. It had been ever uniformly acknowledged that Great Britain poffeffed the right of commercial regulation and control-it could not be denied that port duties had been at former periods impofed for the purpose of commercial regulation, particularly by the act paffed in the fixth year of the reign of the late king, on the importation of foreign rums, sugars, and melaffes, from the Weft Indies. It could not be pretended with confiftency and plaufibility that the fame power did not now inhere in the British parliament, but it was at the fame time impoffible not to difcern that this power was in the present inftance exercifed with a very different intention, and for the accomplishment of a very different object; and that by a fpecies of artifice unworthy of a great nation, an attempt was now made to inveigle them into the payment of that revenue which could not be extorted by means more direct and unequivocal. When the intelligence of this new plan of state policy reached America, a fudden and angry gloom instantly and univerfally took place of the hilarity and good humour which had predominated fince the fuppofed relinquishment of the plan of American taxation; and the intrigues of courts being to the Americans happily unknown myfteries, it was to them inconceivable how fuch men as those who compofed the prefent adminiftration could now act in a manner so diametrically oppofite to their former profesfions. Mercantile combinations immediately became general, not to import those articles on which the new duties were laid the trivial amount of which did not diminish the odium attending them-the Americans comparing these duties to an entering wedge, defigned to make way for others which would be greater and heavier, The The last business of national importance which occupied the attention of parliament during this long and interefting feffion, related to the affairs of the Eaft India company. The prodigious acquifitions recently made by the company in the Eaft, and the princely fortunes accumulated by those who occupied the higher departments in its service, strongly attracted the attention, as may eafily be fuppofed, both of the proprietary and the parliament. At a general court held at the India houfe, it was affirmed by many of the proprietors to be highly reafonable, that a larger dividend fhould be declared by the directors, and that the whole body fhould participate in the advantages of their late fucceffes; infifting, that so low a dividend as fix per cent. agreed but ill with the prefent flourishing state of the company's finances. It was plaufibly urged, that the Dutch Eaft India company divided twenty per cent. upon its capital, though their poffeffions and revenues were in no degree equal to thofe of the English. The directors, who, by the fuperior fagacity of their conduct, have frequently expofed the dangerous fallacy of a confident reliance on the collective wisdom of a popular affembly, combined as it must neceffarily be with their collective ignorance and fully, replied with good fenfe and prudence, “ that although great advantages had certainly been gained, it was not lefs true, that vaft expences had been incurred by the unexampled extent and duration of their military operations. The profits of the company, they faid, were comparatively remote and precarious; their debts urgent and certain. Juftice and good policy, therefore, concurred in recommending the previous discharge of incumbrances'ere they thought of appropriating the profits. Recall, faid they, the tranfactions of the South Sea year, and confider the pernicious effects of the fraudulent arts then ufed for raifing the value of that stock. Will not this premature attempt be attended with fimilar confequences? A confiderable augmentation of dividend will raife the price of our fund to an extraordinary height, at which it cannot poffibly be be fupported. Thus fresh fuel will be added to the ardor for gaming, a wider field will be opened for stock-jobbing, and all the mysterious iniquities of Change-Alley. By your precipitance you will create a new South Sea bubble, which will ultimately burft upon your own heads." The proprietary, far from being satisfied with these reafonings, greatly resented what they styled "the invidious mention of the South Sea bubble," and reproached the directors with an intention to monopolife the riches of the company, and, by their futile and abfurd cavils, prevent all increase of dividend to fwell their own enormous heaps. A dividend of twelve and a half per cent. was accordingly declared; when the parliament, in confequence of an application from the company for the renewal of their charter, entered into a serious investigation of the state of the company's affairs. It was without hesitation afferted, that a commercial company could not legally acquire territorial rights; and that the revenues annexed to those rights appertained folely to the crown. The company, dreading the confequences of a competition fo formidable, voluntarily offered an annual fum of 400,000l. to the govern→ ment, in lieu of all other claims; and a temporary agreement for two years only was concluded upon these terms, the question of right remaining undecided. A bill, which the urgency of the cafe only could warrant, was at the fame time brought into the house, RESCINDING, by an high exertion of legislative authority, the late refolution of the general court, and confining the dividends of the company to ten per cent, during the continuance of the agreement made with the government, which paffed with much oppofition; the secretary of ftate and the chancellor of the exchequer, on this occafion, to the aftonishment of the public, voting in the minority. This important bill originated with, and was fupported by the powerful patronage of the noble duke at the head of the treasury, who clearly difcerned the neceffity of adopting timely and decifive meafures of prevention, in oppofition to the daring and nefari ous |