It was much to be lamented, indeed.

How far it will furnish justification, extenuation, or palliation of his conduct, when we come to examine that conduct, will be seen.
These circumstances in the system have in a great degree vitiated and perverted what is in reality (and many things are in reality) excellent in it.

They have rendered the application of all correctives and remedies to abuse, at best, precarious in their operation.

The laws that we have made, the covenants which the Company has obliged its servants to enter into, the occasional orders that have been given, at least ostensibly good, all have proved noxious to the country, instead of beneficial.
To illustrate this point, I beg leave to observe to your Lordships, that the servants of the Company are obliged to enter into that service not only with an impression of the general duty which attaches upon all servants, but are obliged to engage in a specific covenant with their masters to perform all the duties described in that covenant (which are all the duties of their relation) under heavy penalties.

They are bound to a repetition of these covenants at every step of their progress, from writer to factor, from factor to junior merchant, and from junior merchant to senior merchant.