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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A31150 The Case of the East India Company 1694 (1694) Wing C1067; ESTC R236599 4,511 1

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by a Legal Trial was proposed yet it was declined Some of the Powers in their former Charters were acknowledged to be unlawful by the Company 's own Council whereupon it was desired they might be distinguish'd in their new Charters from those which were lawful but for want of such a distinction of the lawful from the unlawful Powers it is left to the Company their Factors Servants and Mariners to determine which Powers may and which may not be lawfully used and if one may judge by their Proceedings they will account them all lawful as it 's plain they have done by the Petition given into Council the 21 October to stop the Ship Redbridge by which they claimed the sole Trade to the East-Indies granted them by Charter and pretended that the lawful Trading thither of others their Fellow Subjects was a Contempt of their Majesties Government and of the known Laws of the Land Upon this Petition and bare Allegation of the Company the said Ship was stopt By which Proceeding its evident what Construction is now put on the Confirmation of their former Charters by these new Grants which may further appear by the not granting Protection for Four hundred Seamen to go to the East-Indies this Season upon the several Petitions which were delivered into Council and the granting to them Protections for Twelve hundred Men even whilst they were no Company nor had any Charter And how contradictory such an Exclusion of Trade without an Act of Parliament is to the Laws of the Land may appear by the several Judgments which have been given in Westminster-Hall since their Majesties happy Accession to the Crown upon Actions brought against several Persons for seizing Ships and Goods for Trading within the limits of the East-India and African Company 's Charter and is likewise demonstrated by the Petition which the Company delivered to the Honourable House of Commons in the former Sessions praying to be confirmed by an Act of Parliament And further appears by the time which was spent in Settling that Trade during the two last Sessions of Parliament which would have been needless if the King by his Charter could have legally excluded his Subjects without an Act of Parliament which is a Power His Majesty seems to disclaim in the aforesaid Message sent the House of Commons last Sessions for therein it is expresly declared That the Concurrence of the Parliament is necessary to make a compleat and useful Settlement of that Trade And if their Concurrence is necessary its plain the King cannot do it by his own Authority alone without their Concurrence and the Company 's being established contrary to their repeated desires it 's humbly supposed can never be thought an Inducement for the Parliament to confirm them Having thus given an Account of the Means of obtaining their New Charters it may not be improper to consider how they have put it in Execution and especially as to the raising the additional Stock of Seven hundred forty four thousand Pounds Wherein the Ways and Methods which they have practised to draw in others to Subscribe are so extraordinary that they are worth observing as may apppear by the manner of their Addressing to those who need perswading to Subscribe to this or the like Effect Sir If you will write into the East-India Stock you shall have Security to your own Satisfaction That you shall have Ten per Cent. Profit for what Money you think fit to Subscribe and your Money paid you at a Twelve Months end or else have liberty then to keep the Stock if you please And because all Men have not Money by them there is an Expedient found out for that too Thus Sir If you are pleased to be concerned in the East-India Company 's Stock on these Terms though you have no Money by you that shall be no Objection for you shall have it provided for you And these Methods have produced an extraordinary effect in changing some Mens Minds and convincing others Vnderstanding and this has been the particular Province of some of that Committee who are but late Converts themselves and who have been so Zealous in this matter and so Publick and General in their Proposals of this Nature that they are become Notoriously Famous for it This is the easiest and cheapest way they have ever yet had of making Friends for if a Hundred and Fifty Thousand Pounds should be under-written on these Terms the Ten per cent Profit would amount to but Fifteen Thousand Pound of which the Interest for a Year comes to Seven Thousand Five Hundred Pound So that it would only cost Seven Thousand Five Hundred Pounds which may easily be slid into an Account of Promiscuous Charges and Secret Services among other greater Articles and this besides engaging so many new Friends is done as a means to draw in double as much to be Subscribed by others who know nothing of such Bargains but are induced to Subscribe by the Influence of such Examples The Joining Seven Hundred Forty Four Thousand Pound to the Companies Imaginary Stock is in effect the giving them at least one half of it which is Three Hundred and Seventy Thousand Pounds for an Admittance into this Trade Whereas it notwithstanding the Right which the Subject has to the Freedom of this Trade by Law the Priviledge of the admittance into the Exercise of it were a thing which was necessary to have been Purchased of a Subject it would have been a much Cheaper Bargain to have given Fifty Thousand Pounds for a new Company as was Proposed than to give them Three Hundred and Seventy Thousand Pounds or more for the Priviledge of Coming into the Old One but such a Purchasing of a Subject the Priviledge of this Trade for Fifty Thousand Pounds might well have been accounted a Prejudice to the Peoples Right thereunto as well as a diminution of the Respcet and Authority due to the Proceedings of the Honourable House of Commons who its not to be doubted will be very Cautious of giving any seeming Countenance to a Proceeding wherein the Property of the Subject is so highly Concerned as that of being deprived of the Right which they have to the Freedom of Trade without an Act of Parliament