He next proceeded to animadvert on the misconduct of the Directors, who after having, in the highest terms, applauded the conduct of the Select Committee, who had extricated their affairs from anarchy and confusion, and raised them to a degree of prosperity never before enjoyed nor anticipated, had counteracted the beneficial effects of their exertions by dropping the prosecutions against those gentlemen whose conduct the Committee had censured: that from that instant they destroyed their own power; their servants abroad looked upon all covenants as so many sheets of blank paper; and then began that relaxation of Government so much complained of, and so much to be dreaded. That this step they followed up by destroying the powers of the Committee, by dividing them between the Committee and Council. The natural consequence was an uninterrupted series of disputes, to the detriment of the service. That not content with this, the Court restored almost every civil and military transgressor who had been dismissed. "And now," continued his Lordship, "as a condemnation of their own conduct, and a tacit confession of their own weakness, they come to Parliament with a bill of regulations, in which is inserted a clause to put such practices as much as possible out of their power for the future."
He lastly censured the violent proceedings of General Courts, as concurring with the acts of the Directors, in removing all dread of responsibility from their servants abroad. He argued, that the whole of these evils were aggravated by the system of annual elections; that one half of the year was employed by the Directors in freeing themselves from the obligations contracted by their last election; and the second half wasted in incurring new obligations, and securing their election for the next year, by daily sacrifices of some interest of the Company. The orders sent out had, in consequence of the unsettled state of the Direction, been so fluctuating, that the servants (who say the truth have generally understood the interest of the Company much better than the Directors,) in many instances followed their own opinion, in opposition to theirs.
He concluded a speech of singular power and intelligence by observing, that it was not his intention to trouble the House, at that time, with the remedies for these evils. He chose rather to defer them till the bill came into the House.[177]