On this hint the Company acted:  they came at once to a resolution of getting rid of the difficulties which arose from the complication of their trade with their revenue; a step which despoiled them of their best defensive armor, and put them at once into the power of administration.  They threw their whole stock of every kind, the revenue, the trade, and even their debt from government, into one fund, which they computed on the surest grounds would amount to 800,000_l._, with a large probable surplus for the payment of debt.  Then they agreed to divide this sum in equal portions between themselves and the public, 400,000_l._ to each.  This gave to the proprietors of that fund an annual augmentation of no more than 80,000_l._ dividend.  They ought to receive from government 120,000_l._ for the loan of their capital.  So that, in fact, the whole, which on this plan they reserved to themselves, from their vast revenues, from their extensive trade, and in consideration of the great risks and mighty expenses which purchased these advantages, amounted to no more than 280,000_l._, whilst government was to receive, as I said, 400,000_l._

This proposal was thought by themselves liberal indeed; and they expected the highest applauses for it.  However, their reception was very different from their expectations.  When they brought up their plan to the House of Commons, the offer, as it was natural, of 400,000_l._ was very well relished.  But nothing could be more disgustful than the 80,000_l._ which the Company had divided amongst themselves.  A violent tempest of public indignation and fury rose against them.  The heads of people turned.  The Company was held well able to pay 400,000_l._ a year to government; but bankrupts, if they attempted to divide the fifth part of it among themselves.  An ex post facto law was brought in with great precipitation, for annulling this dividend.  In the bill was inserted a clause, which suspended for about a year the right, which, under the public faith, the Company enjoyed, of making their own dividends.  Such was the disposition and temper of the House, that although the plain face of facts, reason, arithmetic, all the authority, parts, and eloquence in the kingdom, were against this bill; though all the Chancellors of the Exchequer, who had held that office from the beginning of this reign, opposed it; yet a few placemen of the subordinate departments sprung out of their ranks, took the lead, and, by an opinion of some sort of secret support, carried the bill with a high hand, leaving the then Secretary of State and the Chancellor of the Exchequer in a very moderate minority.  In this distracted situation, the managers of the bill, notwithstanding their triumph, did not venture to propose the payment of the civil list debt.  The Chancellor of the Exchequer was not in good humor enough, after his late defeat by his own troops, to co-operate in such a design; so they made an act, to lock up the money in the exchequer until they should have time to look about them, and settle among themselves what they were to do with it.