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Updated: May 21, 2025
When a soucar, that is, a money-dealer, becomes security for any native prince, the course is for the native prince to counter-secure the money-dealer, by making over to him in mortgage a portion of his territory equal to the sum annually to be paid, with an interest of at least twenty-four per cent.
They order the Nabob, out of the revenues of the Carnatic, to allot four hundred and eighty thousand pounds a year, as a fund for the debts before us. For the punctual payment of this annuity, they order him to give soucar security.
George, in respect to the responsibility of the soucar security, or the times and terms of the instalments, it is our pleasure that you pay obedience to the orders and resolutions of our Governor-General and Council of Bengal in respect thereto, not doubting but the Nabob will in such case consent to abide by the determination of our said supreme government.
The interest to be paid for this security, according to the most moderate strain of soucar demand, comes to 118,000l. a year, which, added to the 480,000l. on which it is to accrue, will make the whole charge amount to 598,000l. a year, as much as even a long peace will enable those revenues to produce.
Paul Benfield, for instance, without property upon which any one would lend to themselves a single shilling, are enabled at once to take provinces in mortgage, to make princes their debtors, and to become creditors for millions. But it seems the right honorable gentleman's favorite soucar cavalry have proved the payment before the Mayor's Court at Madras! Have they so?
What Lord Macartney thought sufficient to deter the very agents and partakers with Benfield in his iniquities was the inducement to the two right honorable gentlemen to order this very soucar security to be given, and to recall Benfield to the city of Madras from the sort of decent exile into which he had been relegated by Lord Macartney.
He found that Lord Macartney, in order to frighten the Court of Directors from the project of obliging the Nabob to give soucar security for his debt, assured them, that, if they should take that step, Benfield would infallibly be the soucar, and would thereby become the entire master of the Carnatic.
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