The Sun.
London, England, 1833-03-26 00:00:00

SPIRIT' OF THE PUBLIC JOURNALS

The present era may be distinguished by immense
political improvements, and must, at any rate, be
celebrated for great political changes. Not only
has the first reformed Parliament within its power
and competence the suggestion and execution of
measures which former Parliaments possessed,—
not only can it alter the laws of the realm, under
the ordinary description of national economy, trade,
and finance,—not only can it commute tithes in
England, and abolish tithes in Ireland,—not only
can it review our whole system of taxation, and
apportion the burdens of the people more equally
to their means of supporting the public revenue,—
but it has received a mission to decide on the exis-
tence or condition of two important national mono-
polies, which have been protected from Parlia-
mentary interference by special charters for more
than the last twenty years. Our readers will, of
course, anticipate us in concluding that we allude
to the Bank charter and the charter of the
East India Company. In neither of these ewes
can we, perhaps, look for great immediate
benefits from an entire revolution of system,—in
both, perhaps, our hopes are too sanguine to be
realized to their full extent ; hut there can be no
faith reposed in general principles,—there can be no
reliance placed on the soundest maxims of enlight-
ened policy, if a more genr-ral participation in the
benefits of both trades do not lead to a great in-
crease of our national prosperity, and a considerable
addition to the general comforts of the people. We
hope that the Minister will not enter into any corn-
promi-e with the great corporation in Threadneedle
street till the nation, as well as the Bank Propiie-
tors, have had sufficient time to to flee' on the con-
ditions of the treaty ; and we are pleased to find
that the great sister corporation of Leadenhall is not
to renew its lease of governing a mighty empire,
and of conducting an exclusive trade, as formerly
by merely paying a slight fine upiin renewal.
hatever importance we attach to the question of
the currency in its connection with the privileges of
an exclusive corporation of bankers,—whatever we
may expect from the modification or abolition of the
power of i-suing notes by one sinele joint stock
company in the metropo'is—a company which
has often abused its tiust, and led the nation
to the brink of ruin,—whatever alteration may
be effected in its gains or management,
if it is to be preserved as the Govern-
ment agent for pitying the dividend-, and
the source of paper issues to the capi'al, we reckon
the question of the East India ( barter as far more
important than that of the Batik of England. Lord
Liverpool, in 1826, told the Bank that exclusive
privileges of all kinds were " now our of fashion,"
and whatever engagement may be made with that
corporation, they will at least have no right con-
ferred upon them to limit the number of partners or
to direct the mode of management of other banking
establishments. Thus, if Government is not imme-
diately prepared to take advantage of the immense
"take placed in its hands, and to become in future
the bank, as it is now the mint of the nation, it will
not grant any privilege which may act as a restraint
upon i.s oval powers, when such a policy shall be
theught advisable. But the charter of the East India
Company is not simply a question of trade or of
commercial advantage, and its settlement comot be
left to the same uncertain contingency. It relates
to the sovereignty and government of an immense
empire, and to great exclusive commercial privileges
only as a means of maintaining the political power of
extending the political patronage of the Company. It
relates to the appointment of civil servants,—to the
command of armies—to the administration of provinces
and kingdoms—to the establishment and maintenance
of a jud'cial, civil, political, anti financial system fir
100,000,000 of British subjects, differing from us
in habits, laws, and language, and removed from us
by more titan half the globe. The renewed delega-
tion of power, in such a case, to an exclusive com-
pany ought to be a work of great caution, if not of
solemn awe. It would be presumptuous in us, in
such circumstances, while the scheme of the Go-
vernment has only just been declared to the Com-
pany, to pronounce an opinion on its merits ; the
inquiry, howevet, into the situation of our Indian
empire—into the resources of the Company's domi-
nions—into their mode of governing their native
subjects and English servants, having gone on for
the last three years, and the proceedings of the
Committee having been printed,—nobody need pre-
tend ignorance of the result to which it would lead.
In its main features the project of Government
agrees with the previous demands and expectations
of the country. The trade to China is to be
thrower open, and colonizition in India is to be
allowed under regulations which we trust will be
found more liberal in their development than
in the outline of the measure. Thus are
two points gained for which we have been
contending ever since the renewal of the Company's
Charter had become a subject of discussion. As the
trade of the Company to the continent of India has
avowedly been long carried on at a loss, anti as,
when deprived of the monopoly of the tea trade,
their commercial intercourse with China in their
corporate capacity would cease to yield a profit,
Geivernmeet deprives them of nothing by stripping
them of their commercial character, and securing
their present dividend. The proprietors of India
stock will still receive their 10i per cent. on their
capital till the nation redeems it at par at a remote
fixed period ; they will still be able to elect their
Directors—the Directors will mill have the disposal
of patronage;lodian they will still have the ap-
pointment of their civil arid m litaty officers, and
may think themselves exalted by being relieved
from superietending sales of tea, or swearing in su-
pet cargoes.
The following are the chief points of the pro-
posed change :--
" 1. The China monopoly to cease.
"2. The East India Company to retain its political
functions.
" 3. The Company's assets, commercial and territorial, to
be assigned to the Crown, on behalf of the territorial Govern-
ment of India.
" 4. An annuity of 630,000/. to be granted to the Com-
pany, payable in England half-yearly, to be charged on the
territorial revenue of England, not to be redeemable before
the 25th of April,
option of Parliament, on the payment of 100/ for every 5/. ss.
of annuity.
" 5. The revenue of India to be chargeable with all the ex-
penses incurred on account of that country, either at home or
abroad.
" 6. The new annuitants to retain their character of a joint-
stock company; the qualification and right of voting to re-
main as at present.
" 7. The number of the Court of Directors to be one-fourth
going out, in rotation, every year.
" 8. The patronage, civil and military, to remain with the
Directors, as at present.
• • • • • • •
" 10. The Directors to fill tip the vacancies each year ; each
Director to appoint in his turn.
• • • • • •
" 12. Every British subject to have the right of going to,
and settling at, either of the Presidencies without license;
hut the right of going into, trading, or settling in the interior,
to be subject to such restraints and regulations as the local
Government might require.
" 13. The Board of Control to have the right of altering
despatches; and, on the refusal of the Court of Directors to
send them out, to have the power of sending out such de-
spatches themselves.
" 14. The appointment of Governors to remain, as at pre-
sent, with the King. The veto still to continue with the Court
of Directors."
'lbis plan has the advantage of creating no very
xtensive immediate alters ions, except such as are
made in favour of a free trade with China and a free
intercourse with India. To the tea trade the Direc-
,ors seem to have dreg with the greatest pertoia-
city, probably us a source of power and patronage