Historical Sketches of Politics and Public Men, 1812 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1813 Excerpt: ... CHAPTER IX. THE EAST INDIA COMPANY. L HE commerce of India was, from the ear liest ages, considered as one of the prime sources of European wealth. The discovery of a western world, and the progress made by Europe itself in all the arts, diminished greatly its relative importance. It remains, however, still very considerable. Now then, that Britain has obtained the exclusive possession of this trade, and is in danger of being excluded from almost every other, the enquiry, how it may best be conducted, becomes of very serious importance. The question respecting the renewal of the Company's charter, resolves itself into two parts. It respects, 1. Their commercial monopoly.--- 2. Their territorial jurisdiction. In the first establishment of any branch of commerce, which is attended with great difficulties and obstacles, there seems a necessity for granting some extraordinary encouragement. The persons who undertake it encounter risks and hardships; and it is just that a reward should be secured to them in case of success. The manufacturer who invents anew process, receives for a certain period, the exclusive right of employing that process.--He who opens a new branch of trade seems entitled to a similar privilege. And if such a claim could in any case exist, it certainly did in that of the East India Company. A traffic to be carried on upon so distant a theatre, with returns so remote, in opposition to hostile natives, and European rivals still more hostile, necessarily required an uncommon share of vigour and enterprize.--The Company at that time were, we think, justly entitled to the exclusive privilege which they obtained. But there is, undoubtedly, a period, when every such monopoly ought to cease. The present one has in fact been protracted beyond th...