change of a word.

To read you all the expressions of wrath and indignation fulminated in
this dispatch against the meritorious creditors of the right honorable
gentleman, who according to him have been so fully approved by the
Company, would be to read the whole.

The right honorable gentleman, with an address peculiar to himself,
every now and then slides in the Presidency of Madras, as synonymous to
the Company. That the Presidency did approve the debt is certain. But
the right honorable gentleman, as prudent in suppressing as skilful in
bringing forward his matter, has not chosen to tell you that the
Presidency were the very persons guilty of contracting this
loan,--creditors themselves, and agents and trustees for all the other
creditors. For this the Court of Directors accuse them of breach of
trust; and for this the right honorable gentleman considers them as
perfectly good authority for those claims. It is pleasant to hear a
gentleman of the law quote the approbation of creditors as an authority
for their own debt.

How they came to contract the debt to themselves, how they came to act
as agents for those whom they ought to have controlled, is for your
inquiry. The policy of this debt was announced to the Court of Directors
by the very persons concerned in creating it. "Till very lately," say
the Presidency, "the Nabob placed his dependence on the Company. Now he
has been taught by ill advisers that an interest out of doors may stand
him in good stead. He has been made to believe that _his private
creditors have power and interest to overrule the Court of
Directors_."[10] The Nabob was not misinformed. The private creditors
instantly qualified a vast number of votes; and having made themselves