As public outrage against the East India Company intensified, the authorities—who had initially planned only to reform the company's governance structure—could no longer ignore public opinion.
Moreover, the deeper the parliamentary investigation went, the more absurd and illegal evidence continued to surface. The option of issuing mild punishments and moving on simply disappeared.
As the situation escalated to this point, even members of Parliament began to wonder why the board of directors had cooperated with the investigation at all.
"Did these people seriously believe none of this would be discovered?"
"Perhaps they didn't realize there was an internal whistleblower."
"That must be it. The opium hidden in India and the slush funds deposited in the banks were decisive evidence…"
Newspapers dug up corruption within the East India Company every single day.And once the investigation truly began, new evidence of misconduct appeared endlessly.
The company had been accumulating wealth in India for more than a century.
With such enormous power exercised beyond the law for so long, how much corruption must have accumulated?
Whenever investigators asked themselves Could they have done this as well? the answer was almost always yes.
Even when hard evidence was lacking, circumstantial evidence was everywhere.
Illegal enrichment.Embezzlement.Breach of trust.Bribery.
The charges could be interpreted in countless ways.
For newspapers, the scandal became an inexhaustible source of headlines.
But people quickly grew accustomed to sensational news.
At first, the press enthusiastically attacked the East India Company.
Yet over time, the impact began to fade.
Many citizens still gathered in groups to criticize the company, but they wanted something new to fuel their anger.
When I judged that the time was ripe, I quietly encouraged The Morning Post to shift the blame slightly toward the government.
[Is the problem not also the system that allowed the East India Company to run wild? Condemn the irresponsibility of Parliament, which granted the company its privileges!]
[What has the Governor appointed by the government been doing? Parliament and the government must create mechanisms to protect citizens' wealth!]
Strictly speaking, Parliament had already been gradually reducing the company's authority for decades.
But that was no longer enough to excuse them.
If anything, critics argued that those reduced powers merely pushed the company to move money through backdoor channels, while the government officials responsible for oversight had done nothing.
Some newspapers even began questioning whether powerful figures in Parliament or the government had maintained cozy relationships with the East India Company.
Suddenly finding itself under attack as well, Parliament was stunned.
Yet the criticism was not entirely wrong.
And Parliament's reputation had already declined after a recent incident involving me, making the accusations easier for the public to believe.
A growing sentiment spread across London:
Those politicians are perfectly capable of something like that.
In such circumstances, Parliament had only one option.
They had to destroy the East India Company completely to prove that Parliament would never protect it.
But outrage alone could not solve the problem.
If the company were destroyed, what would happen to India afterward?
Many MPs had initially intended only to replace the chairman and the governor-general.
Now their heads were beginning to ache.
To discuss the future, Benjamin Disraeli—representing the governing party—William Gladstone representing the opposition, and I representing the royal family gathered together.
"This situation is becoming much larger than expected," Disraeli said.
"Indeed it is," Gladstone replied.
"Hmmm."
In truth, there was only one person in that room who didn't fully understand what was happening.
Gladstone.
Disraeli and I were doing our best to look troubled and thoughtful.
It felt almost like we were participating in a hidden camera prank.
I was accustomed to such acting.
But I had worried that Disraeli might give something away.
Surprisingly, he maintained his composure quite well.
Considering that his long-time rival Gladstone was wandering blindly while we knew the entire plan, it must have taken considerable effort not to laugh.
"The deeper the investigation goes," I said gravely, "the more corruption emerges. At the same time, public opinion is shifting toward the belief that Parliament and the government allowed the East India Company too much freedom. If we wish to resolve this crisis, we must take the strongest measures possible. What do you think?"
"I agree, Your Highness," Disraeli said. "The Conservatives have already requested the Prime Minister to dismiss the Governor-General, and he has accepted. We also intend to summon the directors involved in this affair to a hearing and pursue legal charges. Does the opposition have any objections?"
"None," Gladstone replied. "Within our party there is also strong support for strict measures against the company. However, if the East India Company is dissolved, what will happen to the banks that provided large loans?"
"The company's assets will naturally be liquidated to repay them."
If Baring Bank collapsed, it would damage the Whig Party.
But destroying the Baring family entirely was still premature.
What I wanted was merely for Rothschild Bank to surpass Baring in influence—not for one of them to vanish completely.
The Rothschilds were loyal to me for now.
But allowing a single family to dominate Britain's financial system would be unwise.
Besides, Francis Baring had personally asked for my help.
Granting his request would place him in my debt.
Ideally, Rothschild would become the instrument through which I controlled the financial world, while Baring Bank served as a counterbalance.
That balance of power would be perfect.
"But Your Highness," Gladstone continued, "the East India Company's role extends beyond commerce. It governs India. Even if corruption is proven, a court might rule that dissolving the company is excessive."
"Mr. Disraeli raises a valid point," I said. "Until now, the investigation has focused only on corruption. I recommend that we call one more witness."
"Another company official?"
"No."
"A witness who can prove that the East India Company has also failed in its primary mission."
"Conveniently, he is currently in London."
In truth, I had already asked him to come to London on leave before this scandal erupted.
But there was no need to mention that.
"If he is a key witness, we must certainly summon him," Gladstone said. "Who is he?"
"The commander of the Indian army who distinguished himself during last year's rebellion—Field Marshal Hugh Gough."
The hearing that summoned the East India Company's core directors soon became a one-sided condemnation.
"Look at this evidence! There is so much proof before us, and you still claim ignorance?!"
"We are innocent! We know nothing about any illegal slush funds!"
"Then how do you explain the large sums deposited in banks under your names? The timing coincides exactly with the ship contracts. And the amounts match the deposits down to the last pound."
"I… I told you, I know nothing about that! Someone must have deposited the money under my name! Surely you know that banks allow deposits from third parties!"
The directors protested desperately.
But the MPs remained cold.
Disraeli, once again enjoying the attention of the public, scoffed.
"So according to you, someone deposited the exact amount of the contract deposit into Indian banks simply to frame you?"
"Yes! That must be it!"
"Then how did they know the exact amount of the deposit—without even a one-pound error? Only a very limited number of people would know such details."
"That… that must have been the people who created that fake shipping company—"
"Directors! Do you think this is some kind of joke? We already have overwhelming evidence that the fake shipping company was connected to the East India Company. How long do you intend to continue telling such obvious lies?"
The trap had been layered too carefully.
There was no escape.
Every denial only made the audience angrier.
"We truly know nothing!"
"Very well. Even if we overlook this matter entirely—if you had successfully governed India and maintained stability, we might have considered leniency. But according to the investigation committee's report, the East India Company is pushing India toward ruin."
Disraeli placed a thick stack of documents on the table.
Everything written there was entirely true.
The Rothschild brothers' operation had merely been the bait that brought the company to trial.
The charges that could condemn them were already more than sufficient.
Strictly speaking, Parliament and the government had tolerated much of it.
But that was how the world worked.
Turning a blind eye did not make something legal.
The company had embezzled enormous sums.
It had mismanaged India—the Empire's most important colony.
For a Parliament hungry for political achievements, there could be no better target.
Even if I had been sitting among them, I would probably have torn into the company just as eagerly.
"At present," Disraeli continued, "public opinion in India toward Britain is extremely hostile. It is never easy for colonized people to admire their rulers, but India is crossing a dangerous threshold. Rebellions occur regularly. Last year's uprising was particularly large."
"W-wait!" one director shouted. "Those policies were approved by the Governor-General! Wasn't it the Empire's policy to extract the maximum profit from India?"
This time the accusation was based entirely on truth.
The directors could not simply deny it.
They turned pale.
They tried to spread the blame.
But both political parties had already agreed to destroy the East India Company.
"Yes," Disraeli said calmly. "Maximizing Britain's benefit from India is indeed the Empire's policy. But let me ask you something. Has your management actually maximized Britain's benefit?"
"Well… that is…"
"You failed to maintain local stability. You failed to suppress rebellions quickly. Those two failures alone caused enormous losses last year. Meanwhile the government had to provide large financial assistance to your company. How exactly does that serve Britain's interests?"
Silence fell.
"Anyone can squeeze profits from a colony," Disraeli continued. "Even a fool could do that. Yet the board claims that everything it has done was in Britain's best interest. However, we have a witness who can prove otherwise."
He turned toward the witness stand.
"Field Marshal Hugh Gough, please speak."
Gough rose slowly.
Our eyes met briefly.
At my subtle signal, he inhaled deeply and began speaking.
"During last year's rebellion, the East India Company did not provide competent support. On the contrary, they repeatedly clashed with the local army and hindered operations."
"And what is the army's opinion of the company?"
"Extremely negative. Most soldiers in the Indian army are Sepoys—local recruits. The East India Company does not treat them properly. In other words, Indians are systematically marginalized in every sector, and resentment continues to grow."
He paused.
"If such discrimination continues—even within the army—it is possible that the next rebellion may originate from the army itself."
Gough had exaggerated slightly.
But it was a future that would eventually come true.
For now the soldiers merely received poor treatment.
But in a few years their wages would be reduced.
Even their small pensions might disappear.
As Gough continued speaking, the atmosphere in the chamber grew colder and colder.
Corruption.
Incompetence.
With both charges proven, the East India Company had no chance of survival.
"There is nothing more to hear!"
"The East India Company has failed not only to justify its actions but even to justify its continued existence!"
MPs who had suddenly donned the masks of patriotic guardians of the Empire began passionately declaring that India must be reformed for Britain's supremacy to continue.
And then—
Without a single vote of opposition—
Parliament passed a bill redeeming the company's shares and dissolving the East India Company.
From that moment onward, the East India Company was finished.
Its service had ended.
Which meant only one thing.
The throne of India now stood empty—
Waiting for a new ruler to claim it.