sition delivered by the directors, which has been sent to Bath. The proposals I have seen, which I believe are nearly, if not the same sent to your Lordship, are most unreasonable; may I say, insolent. They must look on those they are treating with as knaves or fools. The moment such a proposal meets with the approbation of parliament, India stock will mount to five hundred, and in a few weeks will be blown up to a greater extent than the South Sea bubble; to the ruin of public and private credit. Mr. George Grenville declared yesterday, he was resolved to insist on as good a bargain as possible for the public, when the right was determined. Certainly, the matter of right seems to be the first question to be decided: if the public has no right, there is an end of the inquiry, unless the misuser is to be agitated; which would infallibly overset the Company, for that can be proved beyond contradiction. What am I to move on Friday se'nnight? for a motion must be made, either to postpone the consideration, by desiring the matter to be referred to a committee of the whole House, or a committee who are to state and report matters of fact, or else resolve, "that all districts, provinces, and revenues, acquired by the East India Company since the year 1748, the period the troubles in India commenced, do not, of right, belong to the said Company." The stock of the Company is constantly fluctuating, to the great discouragement of all other business. It has risen and fallen not less than eight or nine per cent. in twenty-four hours. Men's minds are in a ferment: your presence would make every passion subside. I shall not enjoy a moment's peace of mind till I have the happiness of telling you, viva voce, that I am, my dear Lord, your ever faithful and affectionate humble servant, WILLIAM BECKFORD. P. S. The devil has possessed the minds of the North Americans. George Grenville and his stamp act raised the foul fiend: a prudent firmness will lay him, I hope, for ever. (') (1) On the subject of American taxation, Mr. Gerard Hamilton, in a letter written at this time to Mr. Calcraft, gives the following opinion:-"As to America, I wish we may not burn our fingers, and do our enemies, work for them, by quarrelling among ourselves. There are, in the different provinces, above a million of people, of which we may suppose at least 200,000 men able to bear arms; and not only able to bear arms, but having arms in their possession, unrestrained by any iniquitous game act. In the Massachusetts government particularly, there is an express law, by which every man is obliged to have a musket, a pound of powder, and a pound of bullets always by him: so there is nothing wanting but knapsacks (or old stockings, which will do as well) to equip an army for marching, and nothing more than a Sartorius or a Spartacus at their head requisite to beat your troops and your custom-house officers out of the country, and set your laws at defiance. There is no saying what their leader may put them upon; but if they are active, clever people, and love mischief as well as I do peace and quiet, they will furnish matter of consideration to the wisest among you, and perhaps dictate their own terms at last, as the Roman people formerly in their famous secession upon the sacred mount. For my own part, I think you have no right to tax them, and that every measure built upon this supposed right stands upon a rotten foundation, and must consequently tumble down, perhaps, upon the heads of the workmen." THE DUKE OF GRAFTON TO THE EARL OF CHATHAM. Grosvenor Square, Sunday afternoon, MY DEAR LORD, I MUST put into as few words as possible what passed at the cabinet last night, on the consider. ation of the paper from the directors which I sent to your Lordship some days ago. Every one agreed that it was so general and unintelligible, that no one would venture to pronounce even an opinion on what they protested they did not understand. To all it appeared extremely objectionable; to most, totally inadmissible; to some, insidious, nay almost impertinent, considering the time they had taken to make up so incoherent a proposition, and which was for the consideration of the King's servants. On the whole, it was agreed that explanation being necessary, even for a dismission of the proposition, such questions should be put to the directors for their answer, as the dark part of it required. It was doubted whether the questions agreed upon and herein enclosed were such as could allow them to continue a negotiation; but as they were necessary to be asked, in justification of the decision of the King's servants, the consequences were to turn out as they might; for it would have been indeed sufficient, and a good handle for opposition, to have heard the ministers declare that they had decided on proposals they understood not, without requiring an explanation. I have written, by the direction of the cabinet, to desire the chairman and deputy to call upon me to-morrow, when I am to deliver a copy of the enclosed (1) in writing; it being determined, that if they choose to complain of the treaty with them being broken off, they should at the same time be obliged to confess, that they had throughout met with the most regardful reception from administration. I will only add, that the whole passed last night with a cordiality which cabinets of late have not shown, and owing greatly, as I think, to the presence of my Lord President, whose manly conduct and experience have been of the greatest service. "February 14, 1767. (1) "His Majesty's servants, before whom the proposition of the committee of treasury of the East India House, dated February 6, 1767, has been laid, are of opinion, that the different articles are so general, that they require a more particular state and explanation, before their Lordships can form any judgment thereon, particularly on the following heads: "In what sense and extent is the word annexed to be understood, as it is used in the paper? "What is the amount of the civil and military establishments proposed to be defrayed? "What is the sum to be deducted for contingent payments, and what the nature of those payments? "What is the sum or proportion proposed to be allowed to the proprietors for profits of trade, and other purposes? "How are the several matters above mentioned to be ascertained? "And what is the sum thought necessary to be borrowed, beyond the 500,000l. mentioned in the paper, and for what purposes?" I am of opinion, that the explanation of their sense of the word annexation will puzzle the gentlemen so much who hoped to be screened under it, that your Lordship will find this affair going on under a parliamentary inquiry, and the only one in which it can end properly for the advantage of the public. I am very anxious for your Lordship's return; which I am confident you are not less concerned about yourself. Believe me to be, with the truest esteem and respect, my dear Lord, Your most faithful humble servant, GRAFTON. THE EARL OF SHELBURNE TO THE EARL OF MY LORD, Hill Street, Monday morning. [February 16, 1767.] THE King's commands, and the importance of whatever determination is taken in regard to America, must excuse me to your Lordship for breaking in upon you, when I know your intention is to be in town, if well enough; if not, that the same reason which detains you may make business altogether inconvenient. In the last case, I hope you will make no scruple to lay aside my letter. It is the general opinion, that the present packet should not go to America without some determination of government, after the imprudent |