The Express.
London, England, 1861-03-29 00:00:00

INDIA.

By the arrival of the overland mail we receive
intelligence from Calcutta to Feb. 22, Madras to
Feb. 27. The chief topics in the Calcutta papers
are the famine and Mr. Laing's new Currency Bill.
With regard to the latter the Friend of India
Says :

As misapprehension exists regarding some of the leading
provisions of the bill, we deem it necessary to state that
there will be no competing issues by the presidency hanks.
Their right of issue, it is iimbable, will cease simultaneously
with the inturuntion of the government issue ; if not, the
hanks can enjoy such a privilege for twelve months
oily atter notice from government of withdrawn'
has been given. It has been stated further that
the proposed amount of four millions of notes
is to be issued against the Treasury balances. Such is not
the fact. Every note will be primarily issued against corn
only, but until experience shall have determined how far
with safety the limit may be extended, a Axed and nnvary•
tag portion not exceeding four millions (which may be fairly
taken as the present minim= circulation of the presidency
banks) will be used for the purchase and withdrawal of a
csirroepoinling amount of government securities, which will
he further protected by the Treasury balances in cane of
seed. Otherwise there is no limit to the amount of note'
to be issued from the mint, but they must be issued against
silver and gold alone. Such is the leading principle of the
Act of 1,44.

WilSM's proposal was to the effort that there should
be a minimum reserve of one-third bullion, and that the
remaining two-thirds, however large the amount of issues,
should at the direction of the commiaeioners be invested in
government securities. Mr. Ling argued that with a legal
tender issue pushed out by government an inflated state of
biodaLfollowed by • collapse, would be the inevitable result.
adhering to the principle of the English currency, as
WI down in Sir Charles Wood's despatch, he believed that
government would be saved the certain loss and discredit
which would arise in times of pressure or with • contract-
ing currency, from forcing their own securities ow •
sensitive and comparatively limited market. The fun-
&manta changes otherwise are, that power is given in the
bill to issue up to one-fourth part of the circulation which
is represented by actual coin or bullion, against gold at a
rate to be axed 'by the government from time to time and
not altered without six months' notice. In the expectation
that the introduction of au auxiliary gold currency will im-
mediately supply the lose of the present 10 raps, note
circulation and ultimately take a wider range, the
lowest denomination of issue has been flied at 20rs. in-
stead of 5 rs. as psoporeil in Mr. Wilson's hill. The Pre-
sidency Banks in Calcutta, Bombay, and Madras are to be
the agents of government in the management of the Woes,
undertaking in the ordinary aurae of business to exchange
silver for Dotes and give notes for silver, and generally to
deal with the public in regard to the government issues,
as they do at present with their own. By this ar-
anagenvint *lineal all expenses beyond those presently
Micorred at the mint will be saved to government.
As regards the system of circles proposed by the original
NI it is hoped that they will be superseded by the retab-
lbausat et bench banks at the seats of the principal
treasuries throughout the different presidencies, and that
=l,allbsugh net Loll the notes of the various
11M, without the exaotie. of Nitta, pass current
through the stoke eoustry just ee Bank of England notes
at
sr the solo et the Scotch banks are everywhere received
loam

The following is from the same journal :
We publish a third versios of the budget of the financial
year which is about to expire, which may finally be accep-
ted as correct. After allowing 1,017,530 i. for the Income
and Pwjamb trade twee, and spending only 741,066/. out
et them illion sterling granted OA compensation for losses
by the nustiy, the deficit is 6,611,007 i., or nearly half a
Wake mere than Mr. Wilson calculated on in his estimates
published lest Jena. Against the gloomy preepect
of tivitwilistr the approaching financial year in debt,
or with cash hokum below the normal level ; of heavy
losses by the famine; ef depressed trade, and of heavy pay-
ments for the prise tnemy and Mysore family, we have to
set a most exidnewed om revesse, approaching eight
millions sterling. sad wesidembly more from the Stamp
Act than lated. But with the three millions loan
taken up at hems, the inability of the railways to rinse
snowy, and the famine, 1861.62 will be another dark finan-
cial year. Mr. Ining's budget is looked forward to with
"(wan& The local governments are now sending in the
materials to the Board of Audit.
Famine is still the main feature in the news ,
from the North-Wen. Committees and meetings for
relief were still briskly at work, and considerable
suing of money had been spent in providing food for
those who chose to come and eat it. The recent
rains in the Punjaub hail not as yet had the antici-
, petal beneficial effect, and the reports sent
lln from that district are by no moan, cheering.
They are full of harrowing tales of wayside
suffering, abandoned children, and hungry
women fighting with vultures over the carcase of a
starved bullock. The attention of the natives in
the Upper Provinces at last seem, to be attracted
to the sufferings of their countrymen. A meeting had
been held atßenares, and a considerable sum collected.
One point, however, is rather curious, and that is,
that out of more than 900 leading native ciliates
levited, not more than forty-three attended. Ac-
counts from Delhi, Agra. and Jullundur record no
improvement in the state of affairs.
Canning returned to Calcutta on the 17th,
and resumed the presidency of his council.