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A58251 Reasons humbly offered against grafting or splicing and for dissolving this present East-India Company, or joint-stock, and erecting and establishing a new national joint-stock or company, more extensive and universal, on a better constitution and terms of settlement. 1690 (1690) Wing R522A; ESTC R36699 7,645 8

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of them have declared themselves upon all Accounts Friends to Arbitrary Power and Tyranny and have been paltry Tools of State in the late Reigns To whom do we owe the grand Invasion of our Liberties and Properties the fatal Violation of the Privileges and Rights of this great City and all the direful unbless'd Consequences that succeeded but to some of the prime Adventurers and Managers amongst them who have signalized their Zeal to a Government in Church and State neither agreeable to the Laws of our Land Good and Liberty of the Subject or to the pure undefiled Protestant Religion And will the Wisdom of the Nation think fit to put so great a Power and Interest into the Hands of the late King's Tools How great mischiefs might thence arise to the Nation on sundry Accounts is better to be imagined and provided against than tryed and felt therefore may there be no Grafting but a Dissolution which infallibly secures us in that respect Seventhly This present Company or Joint-Stock grafted upon will no ways answer the End designed of making the Trade or Management thereof more Diffusive and National according to the Constitution of this Kingdom and Native Right and Liberty of the People but will still be a sore Monopoly to the great Grievance of the Subject The Proposal of Enlargement being only to one Million and the old Stock being calculated tho not really worth one Groat to amount to three parts of four of it the new to be joined thereto it follows must amount to no more than a fourth part of the whole or a third part of the present Nominal Stock so that the old Adventures will be three to one before any new Subscriptions and most probably four or five to one after Subscriptions for their own engrossing policy will oblige them to subscribe largely to keep it in their own Hands and then what sort of Enlargement or Grafting will this be What considerable part of the Nation will have room to come in And what kind of persons must those few be seeing it will not be the Interest of either wise politick men nor of honest good men to engage so that it will necessarily remain in the hands of the same arbitrary persons it 's now already in and this Grafting or Splicing will make no Alteration in the Management neither for as they have projected the Business by the ten Votes which is the same in this respect as two hundred tho they should be all new Men chat come in and graft yet they can make no Balance with the old ones no not to make one Committee-Man therefore of course it must fall into the hands of the same numerical persons and having the same Managers there will be the same Fruits and so continue as hitherto it hath been an intolerable Burthen an unsupportable Yoke of Iron under which the whole Nation complains and groans and have their Eyes fixed upon the Parliament for redress before whom the Case is spread Eighthly The present Company or Joint-Stock have enjoyed this Trade of India solely to themselves exclusive to all others in a Monopoly upward of thirty years to their vast advantage and surely such have no reason to complain of Injustice or any hard usage if the Nation should after their so long an Enjoyment resume the Trade into its own Hands and dissolve their Society more especially seeing they may all come in and partake of the New Joint-Stock in a National Way by becoming Subscribers thereto Ninthly The dissolving this present Company or Joint-Stock and erecting a new one is the most likely probable ready way to retrieve our lost decayed Trade of India and procure and settle a firm lasting Peace on good Terms with the Indians What Peace will they grant or keep so long as those that have been the Causes and Executors of all the Mischiefs that have befallen be continued in power Or what assurance can they have of those that have broken all Faith and good Manners with them Tenthly The Dissolution of this present Company or Joint-Stock and Establishing a new National One will greatly enlighten the Nation and make no mean Discovery of hidden Works of Darkness useful to be known to the publick the grand Dispute of the Greatness of their Stock will then be at an end all will appear manifest and open If it prove as they say the Benefit will be their own but if otherwise the People will be undeceived and see what Imposals they have been under and what Dangers they are delivered from the whole Intrigue of the Management will be made apparent how they have complyed with and crouched to an inslaving Court to establish in themselves a Despotick Power only to satisfie their own corrupt inclinations help forward settle and bind on the Subject of England a Court designed Tyranny and many other Nests of Villany which then will not any longer be concealed Eleventhly The dissolving this present Company or Joint-Stock and establishing a new National One will much tend be a great help and go far towards a full entire Settlement of the Nation it being a Concern of such extent as an eighth or sixth part of the Foreign Trade of the Kingdom Twelfthly The dissolving this present Joint-Stock and establishing a new National One is that which agrees and falls in with the Genius of the most considerable part of the Nation at this Day and in publick Reformations it hath generally seemed expedient to the Wisdom of Parliaments to proceed in and take such Methods as are most agreeable to the Constitution of the Nation the Laws of the Land Right of the Subject and consonant to the Bent and Spirit of the best and most thinking part of the People which seems absolutely against confirming any illegal or grafting clouting patching splicing any weak doubted failing drooping Nominal Stock but wholly for a Bran-New One erected by new Subscriptions established and settled by Parliament upon such a Basis and Constitution as may make it most Nationally extensive according to the Birthright of the Subject and most suitable and advantageous for the said Commerce Much more might be added upon this Subject but what is already offered if well weighed is conceived will fully evince what was undertaken and therefore to sum up all seeing the present Company appears to have only an imaginary Stock for the carrying on the Trade and that its Constitution is illegal and pernicious founded on Arbitrary Power and accordingly have acted so as to bring themselves under dismal Obloquies by unlawful Dispossessions and girding themselves with the Blood of the Subject without any remorse ready to act the same over again tho under the Judgment of the Nation condemned by the House of Commons therefore never to be trusted more so that it will neither consist with the Justice Honor or Security of the Nation to have this Company continued nor the Wisdom Honesty Integrity Genius and Spirit of any true English Men to graft thereon seeing it can make no Alteration in its Constitution Management or Managers nor any ways wipe off that Obloquy it lies under in the sight of the Nation Therefore it●s necessary it be dissolved being its Dissolution is no injury to the concerned they having enjoyed the same to the Nations damage thirty years and upward and it being the most probable means of restoring the Trade and settling a firm lasting Peace with the Indians and is that which will bring to light many hidden Works of Darkness to the Satisfaction as well as Benefit of the Subject tend much to the settling the Nation is suitable to the Laws of the Land Liberty of the Subject and to the present Inclination of the sober considerable part of the People Surely none that have any love for their Country and can prefer a vast lasting National publick Utility and Advantage but must absolutely conclude against Graftings and entirely for dissolving this present Company and erecting and establishing a new National Joint-Stock more Extensive and Universal on a better Constitution and Terms of Settlement Which is the earnest Desire of all true hearted English Men and the sole Design of this Paper London January 3 1689 90. FINIS
REASONS Humbly offered against GRAFTING or SPLICING And for Dissolving this Present East-India Company OR JOINT-STOCK And ERECTING and ESTABLISHING A NEW National Joint-Stock or Company More Extensive and Universal on a better Constitution and Terms of Settlement First THis present Company or Joynt-Stock is only an imaginary Fund not having any real Stock of its own left to carry on the Trade according to the general Judgment of all that have Knowledge and are most intuitous in that Affair as also of many the concerned and so can upon no Account be conceived a suitable Foundation to build or graft so large and National a Trade upon Nor will it suit with the Wisdom of Persons versed in Trade to join Stocks with any in a hazardous low weak bankrupt Condition having but a bare nominal Stock Nor will it be agreeable with the Foresight and Prudence of so Serene and August an Assembly as the Honorable House of Commons to entrust so vast a Trade in the hands of such as have no Stock therein and permit them to reap the whole or chief benefit thereof And it would seem injurious to the rest of the Subjects of England that those that have had the benefit thereof so long and have received all if not much more than all their real principal Stock out by Dividends should yet have the same benefit continued to them on account of an imaginary Stock to the excluding and depriving all the rest of the Subjects of England who desire to partake thereof according to their Birthright Nor is it the effect of Modesty Ingenuity or Publick Spiritedness but the direct contrary in any to desire or propose any such Project That this present Company is in so bad and mean a Condition may be concluded from several Topicks as by their studious Endeavours to conceal the true State of their Stock as seems manifest by that dark general unmercantile Account they lately gave in to the Honorable Committee of Parliament to whom in respect of their Kindness and Patience to them if Authority had no sway they might have given one more candid and probably they had if their State would have admitted of a more clear and particular Inspect for tho it were so that they want three or four Years Books from India which by the way is an impardonable Crime and renders their Servants worthy of severe Castigation and not such high Encomiums given them unless it were by direction yet they might have produced a more fair clear particular satisfying Account if so it had pleased them for had they brought in the Balance of their last Books from India with an Account of what quick Stock hath been sent out and Goods received thence since and their Debts and quick Stock here some Computation might have been made somewhat more or less and that it hath been omitted argues all is not right But admitting the Account as given in by which they would have it believed they have much about the Sum of 700000 l. yet thence being deducted the several Sums and Articles omitted to be mentioned in the said Account and what is over-rated therein in their own favour being truly valued their Stock will not be found to be other than merely imaginary if not vastly behind-hand which if so Justice will require of the Adventurers as for instance Their Goods in Englamd for Money they have none they value at 635155 l. 11 s. 10 d. they are it seems very exact these Goods in all Mens Opinions conversant therein will not yield 400000 l. so they have in this Article overvalued themselves at least 200000 l. Freight and Demorage on Ships returned more than acknowledged in their Account not less than 40000 l. Servants Wages due not put down in their Account cannot be computed less than 15000 l. Damages to the Subjects of England for Seisures Force Oppressions Violences Rapines c. at a moderate Computation 150000 l. Freight and Demorage for about 12000 Tuns of Shipping now abroad which cannot amount to so little a Sum as 300000 l. Owing at Interest in India many Years at 9 12 and 15 per Cent. notable good Husbandry at least 400000 l. Satisfaction to the Indians for all Damages and to procure a Peace upon former Terms a very vast Sum. l. Desperate and bad Debts in India which amounts to no small Sum and the constant Expence there l. Satisfaction to the Relations to such of the English Subjects as have been murthered by their Power and Orders which possibly may most affect the Managers that signed the Instructions and procured the Orders and the price of Blood being invaluable it 's left in Blank Satisfaction to the Nation and State for all the Wrongs Abuses to the Subject assuming Despotick Power and Sovereign Authority and exercising the same in Captures Violences Rapines Piracies Murthers c. 500000 l. If any be aggrieved at the last Article let him consider what Sums were laid upon a World of People in the last Reigns upon Actions between Subject and Subject for Trifles meer Words some perhaps only imaginary as in the Case of the present Lord Mayor Sir Thomas Pilkinton Doctor Oates Sir Trevor Williams Mr. Arnold Mr. Colt and others and many upon Indictments of the State as Sir Samuel Barnardiston Sir William Williams Mr. Hambden Mr. Sacheverel and the Guild-Hall Rioters c. whose blessed fortune it was that the Appellation of Rebels instead of Rioters was not blundered upon but that Error was rectified with a witness upon the poor S. Helenians and then this Sum how bulky soever it may look at first sight will doubtless be judged a very moderate calculation even by the Company themselves more especially if any of the Members thereof have been so severe and had the conscience upon such slight matters to accept of Verdicts for such vast Sums on their private account as the Defendants were no way able to pay and to take out Execution and lay them in Jayl for their lives these sure with their Friends and Adherents of all others cannot think much of paying their Quota of the above-mentioned Sum or a greater which as designed may deter others from committing the like for the future and be a help and ease to the Nation in reducing Ireland and extirpating Arbitrary Government Now if after these Reasons assigned for this Fine the Age should yet be so prodigally merciful as to pardon or mitigate it the Company will notwithstanding still appear to be in a very ill plight And as it was no mean Affrontery to the Nation so it brought a dismal Cloud upon the Reputation of the Stock rendering it more than suspected that the Company at such a season under high Accusations and upon Inquisition thereinto by Parliament should unreasonably make a Dividend as was done lately of 50 per Cent. which is the entire first principal Stock whenas they had not at the same time Money enough in England to pay it what could be the meaning hereof