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The Works of the Right Honourable Edmund Burke, Vol. 03 (of 12) by Edmund Burke
page 70 of 516 (13%)
have no money." Good! But there are soucars who will supply you on the
mortgage of your territories. Then steps forward some Paul Benfield,
and, from his grateful compassion to the Nabob, and his filial regard
to the Company, he unlocks the treasures of his virtuous industry, and,
for a consideration of twenty-four or thirty-six per cent on a mortgage
of the territorial revenue, becomes security to the Company for the
Nabob's arrear.

All this intermediate usury thus becomes sanctified by the ultimate view
to the Company's payment. In this case, would not a plain man ask this
plain question of the Company: If you know that the Nabob must annually
mortgage his territories to your servants to pay his annual arrear to
you, why is not the assignment or mortgage made directly to the Company
itself? By this simple, obvious operation, the Company would be relieved
and the debt paid, without the charge of a shilling interest to that
prince. But if that course should be thought too indulgent, why do they
not take that assignment with such interest to themselves as they pay to
others, that is, eight per cent? Or if it were thought more advisable
(why it should I know not) that he must borrow, why do not the Company
lend their own credit to the Nabob for their own payment? That credit
would not be weakened by the collateral security of his territorial
mortgage. The money might still be had at eight per cent. Instead of any
of these honest and obvious methods, the Company has for years kept up a
show of disinterestedness and moderation, by suffering a debt to
accumulate to them from the country powers without any interest at all;
and at the same time have seen before their eyes, on a pretext of
borrowing to pay that debt, the revenues of the country charged with an
usury of twenty, twenty-four, thirty-six, and even eight-and-forty per
cent, with compound interest,[48] for the benefit of their servants. All
this time they know that by having a debt subsisting without any
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