With these facts in mind, hard-headed American merchants, to whom the Company applied for information about the state of the tea trade in the colonies, assured the directors that the Americans drank a great deal of tea, which hitherto had been largely smuggled from Holland; and that, although they were in principle much opposed to the tax, "mankind in general are bound by interest," and "the Company can afford their teas cheaper than the Americans can smuggle them from foreigners, which puts the success of the design beyond a doubt."
The hard-headed merchants were doubtless much surprised at the universal outcry which was raised when it became known that the East India Company was preparing to import its teas into the colonies; and yet the strenuous opposition everywhere exhibited rather confirmed than refuted the philosophical reflection that "mankind in general are bound by interest." Neither the New York and Philadelphia merchants who smuggled tea from Holland, nor the Boston and Charleston merchants who imported dutied tea from England, could see any advantage to them in having this profitable business taken over by the East India Company. Mr. Hancock, for example, was one of the Boston merchants who imported a good deal of dutied tea from England, a fact which was better known then than it has been since; and at Philadelphia John Adams was questioned rather closely about Mr. Hancock's violation of the non-importation agreement, in reply to which he could only say: "Mr. Hancock, I believe, is justifiable, but I am not certain whether he is strictly so." Justifiable or not, Mr. Hancock would not wish to see the entire tea trade of America in the hands of the East India Company.
And indeed to whose interest would it be to have an English company granted a monopoly of a thriving branch of American trade? To those, doubtless, who were the consignees of the Company, such as the sons of Thomas Hutchinson, or Mr. Abram Lott of New York. Certainly no private merchant "who is acquainted with the operation of a monopoly ... will send out or order tea to America when those who have it at first hand send to the same market." And therefore, since the Company have the whole supply, America will "ultimately be at their mercy to extort what price they please for their tea. And when they find their success in this article, they will obtain liberty to export their spices, silks, etc." This was the light in which the matter appeared to the New York Committee of Correspondence.