ONE:On the death of Stanhope, Sir Robert Walpole was left without a rival, and he received his commission of First Lord of the Treasury on the 2nd of April, and from this period down to 1742 he continued to direct the government of Great Britain. His chief anxiety now was to restore the public credit. He drew up, as Chairman of the Committee of the Commons, a report of all that had been lost in the late excitements, and of the measures that had been adopted to remedy the costs incurred. Amongst these were the resolutions of the House respecting the seven and a half millions the directors of the South Sea Company had agreed to pay to Government; more than five had been remitted, and we may add that on the clamorous complaints of the Company the remainder was afterwards remitted too. The forfeited estates had been made to clear off a large amount of encumbrance, the credit of the Company's bonds had been maintained, and thirty-three per cent. of the capital paid to the proprietors. Such were the[49] measures adopted by the Commons, and these being stated in the report to the king, a Bill was brought in embodying them all. Many of the proprietors, however, were not satisfied. They were very willing to forget their own folly and greediness, and charge the blame on the Government. On the second reading of Walpole's Bill they thronged the lobby of the House of Commons. The next day the Bill was carried, and gradually produced quiet; but Walpole himself did not escape without severe animadversions. He was accused of having framed his measures in collusion with the Bank, and with a clear eye to his own interest; but he had been strenuously vindicated from the charge, and on the whole the vigour and boldness with which he encountered the storm and quelled it deserve the highest praise, and may well cover a certain amount of self-interest, from which few Ministers are free.But we have far overshot the contemporary history of Bengal. The Presidency thought it had greatly benefited by the reforms of Clive; yet it had since been called upon to furnish large supplies of men and money to support the unprincipled transactions at Madras, which we have briefly detailed, and the India House, instead of paying the usual dividends, was compelled to reduce them. Further, a terrible famine devastated Bengal, and more than half the population are said to have been swept away. This state of things compelled Parliament to turn its attention to India. General Burgoyne, now active in the Opposition, moved and carried, on the 13th of April, 1772, a resolution for the appointment of a select Committee of thirteen members to inquire into Indian affairs; and Burgoyne, who was extremely hostile to Clive, was appointed chairman. The committee went actively to work, and presented two reports during the Session. After Parliament met again in November, Lord North, who had conversed with Clive during the recess, called for and carried a resolution for another and this time a secret committee. As the Company was in still deeper difficulties, and came to Lord North to borrow a million and a half, he lent them one million four hundred thousand pounds, on condition that they should keep their dividends at six per cent. until this debt was repaid, and afterwards at eight per cent. He at the same time relieved them from the payment of the four hundred thousand pounds per annum, imposed by Lord Chatham, for the same period. This was done in February, 1773, and in April he brought in a Bill at the suggestion of Clive, who represented the Court of Proprietors at the India House as a regular bear-garden, on account of men of small capital and smaller intelligence being enabled to vote. By North's Bill it was provided that the Court of Directors should, in future, instead of being annually elected, remain in office four years; instead of five hundred pounds stock qualifying for a vote in the Court of Proprietors, one thousand pounds should alone give a vote; three thousand pounds, two votes; and six thousand pounds, three votes. The Mayor's Court in Calcutta was restricted to petty cases of trade; and a Supreme Court was established, to consist of a Chief Justice and three puisne judges, appointed by the Crown. The Governor-General of Bengal was made Governor-General of India. These nominations were to continue for five years, and then to return to the Directors, but subject to the approval of the Crown. Whilst the Bill was in progress, the members of the new Council were named. Warren Hastings was appointed the first Governor-General; and in his Council were Richard Barwell, who was already out there, General Clavering, the Honourable Colonel Monson, and Philip Francis.[323] Another clause of Lord North's Bill remitted the drawback on the Company's teas for export to America, an act little thought of at the time, but pregnant with the loss of the Transatlantic colonies. By these "regulating acts," too, as they were called, the Governor-General, members of Council, and judges, were prohibited from trading, and no person in the service of the king or Company was to be allowed to receive presents from native princes, nabobs, or their ministers or agents. Violent and rude, even, was the opposition raised by the India House and all its partisans to these two Bills.