The Present State of the British Interest in India

No nation nor state ever acquired an accession of dominion so truly valuable and beneficial, as are the acquisitions lately made by Britain in India. But the particular situation of her circumstances at the time when these acquisitions fell into her hands, enhanced the real and intrinsic value of them to Britain. Oppressed by a grievous debt, the annual interest of which, exceeding four millions and a half sterling, was levied by taxes, which raised the price of each manufacture, her commerce labouring under such disadvantages was daily sinking into decay; whilst a considerable part of this annual interest being paid to foreigners, created such a drain of specie, as the balance of her trade could not supply; so that, in proportion as her expence increased, the means of defraying it diminished; and she was every 6year approaching towards a state of national poverty and bankruptcy.