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In that state of confusion, in a very few months after the date of the memorial I have just read to you, things were found, when the Nabob's troops, famished to feed English soucars, instead of defending the country, joined the invaders, and deserted in entire bodies to Hyder Ali.
Being asked, Whether he was not frequently obliged to borrow money, in order to pay the instalments of the annual payments, and such parts as he paid of the deposit? he said, Yes, he was. Being asked, Where he borrowed the money? he said, He believes principally from soucars or native bankers, and some at Madras, as he told him.
The Nabob falls into an arrear to the Company. The Presidency presses for payment. The Nabob's answer is, "I have no money." Good! But there are soucars who will supply you on the mortgage of your territories.
But his troops were not to be so paid, or so disbanded. They wanted bread, and could not live by cutting and shuffling of bonds. The Nabob still kept the troops in service, and was obliged to continue, as you have seen, the whole expense to exonerate himself from which he became indebted to the soucars.
But what principally induces me to leave the affair of the territorial dispute between the Nabob and the Rajah to another day is this, that, both the parties being stripped of their all, it little signifies under which of their names the unhappy, undone people are delivered over to the merciless soucars, the allies of that right honorable gentleman and the Chancellor of the Exchequer.
In fine, by opening an avenue to the irruption of the Nabob of Arcot's creditors and soucars, whom every man, who did not fall in love with oppression and corruption on an experience of the calamities they produced, would have raised wall before wall and mound before mound to keep from a possibility of entrance, a more destructive enemy than Hyder Ali is introduced into that kingdom.
Thus their false moderation, and their affected purity, by the natural operation of everything false and everything affected, becomes pander and bawd to the unbridled debauchery and licentious lewdness of usury and extortion. In consequence of this double game, all the territorial revenues have at one time or other been covered by those locusts, the English soucars.
The point fit for the House to know is, who are these soucars to whom this security on the revenues in favor of the Nabob's creditors is to be given? The majority of the House, unaccustomed to these transactions, will hear with astonishment that these soucars are no other than the creditors themselves.
This again, by payments in advance, by extorting deposits of additional sums to a vast amount for the benefit of their soucars, and by an endless variety of other extortions, public and private, is loaded with a debt, the amount of which I never could ascertain, but which is large undoubtedly, generating an usury the most completely ruinous that probably was ever heard of: that is, forty-eight per cent, payable monthly, with compound interest.
The soucars were at hand: that is, private English money-jobbers offered their assistance. Messieurs Taylor, Majendie, and Call proposed to advance the small sum of 160,000l. to pay off the Nabob's black cavalry, provided the Company's authority was given for their loan. This was the great point of policy always aimed at, and pursued through a hundred devices by the servants at Madras.
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