Note 26 — SPEECH.

In Sir Thomas Rumbold's letter to the Court of Directors, March 15th, 1778, he represents it as higher, in the following manner:—"How shall I paint to you my astonishment, on my arrival here, when I was informed, that, independent of this four lacs of pagodas [the Cavalry Loan], independent of the Nabob's debt to his old creditors, and the money due to the Company, he had contracted a debt to the enormous amount of sixty-three lacs of pagodas [2,520,000l.]. I mention this circumstance to you with horror; for the creditors being in general servants of the Company renders my task, on the part of the Company, difficult and invidious." "I have freed the sanction of this government from so corrupt a transaction. It is in my mind the most venal of all proceedings to give the Company's protection to debts that cannot bear the light; and though it appears exceedingly alarming, that a country on which you are to depend for resources should be so involved as to be nearly three years' revenue in debt,—in a country, too, where one year's revenue can never be called secure, by men who know anything of the politics of this part of India." "I think it proper to mention to you, that, although the Nabob reports his private debt to amount to upwards of sixty lacs, yet I understand that it is not quite so much." Afterwards Sir Thomas Rumbold recommended this debt to the favorable attention of the Company, but without any sufficient reason for his change of disposition. However, he went no further.