[The History of England from the Accession of James II. by Thomas Babington Macaulay]@TWC D-Link bookThe History of England from the Accession of James II. CHAPTER XVIII 57/295
In a luminous and powerfully written paper he exposed the absurdity of the expedients which the House of Commons had devised.
To limit the amount of stock which might stand in a single name would, he said, be most unreasonable.
Surely a proprietor whose whole fortune was staked on the success of the Indian trade was far more likely to exert all his faculties vigorously for the promotion of that trade than a proprietor who had risked only what it would be no great disaster to lose.
The demand that saltpetre should be furnished to the Crown for a fixed sum Child met by those arguments, familiar to our generation, which prove that prices should be left to settle themselves. To the demand that the Company should bind itself to export annually two hundred thousand pounds' worth of English manufactures he very properly replied that the Company would most gladly export two millions' worth if the market required such a supply, and that, if the market were overstocked, it would be mere folly to send good cloth half round the world to be eaten by white ants.
It was never, he declared with much spirit, found politic to put trade into straitlaced bodices, which, instead of making it grow upright and thrive, must either kill it or force it awry. The Commons, irritated by Child's obstinacy, presented an address requesting the King to dissolve the Old Company, and to grant a charter to a new Company on such terms as to His Majesty's wisdom might seem fit.
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