New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-02-09

tor Of Indian Bonds ~ the LDDcon mAtaet H-
oue,, which wac granted TO the amount OF t',Vj'-
1cO s,erng 70 be issued IN BOOds bear1g per
con, interest and secured only on the Indian StaIe
reyenues At the commencement OF the outbreak
in India, this bOnd-dcb stood at f3 "a, 40 steT'
ling and the very necessity Of again applying ~
Parliament shows the East India Company 10 have,
during the course Of the ludian nsurpction, eX'
Lausted It's legal powers OF borrowing at bone.
Now il is 10 secret that before recurring 10 THIS
,tep the East India Company had opened Ioan al
Calcutta, which, however, turned out a complete
failure. This proves on the one hand, mat lhdiah
capitalists are far from considering tbc prospects o.
British supremacy in India in the same 'anguihe
spirit which distinguishes the London Press; and,
on the other hand, eXacerbates the feelings Oh JOhh
Bull 10 an uncommon pitch, since b. u aware oil l
immense hoardngs of capital having gone on Tor the
lat seven wears IN India hitb"r, according
10 a statement recently published by Messrs.
Hargard d Pixley, there has been shipped III 100
and lrj7 from the port Of London alone, bullion ~
tie amount Of f2I, 100000 The L0hi0H I"aos'
In most persuasive strain, has taught rs readers
that of all the incentives 10 the loyalty OF the M
-. tivcs. that Of making them our creditors was
e" the least doubtiul while, on the other hand,
among an impulsiye, sccrctlve and aVarc0u7
people no temptation to discomfort Or trcacAery
could be- stronger than that created by The ldra
that they were annually taxed to send dividends
TO wealthy claimants IN other countries"
The Indians, however, appear not 10 understand
the beauty Of plan which would not only restore
English supremacy at the expense Of INDIAN capital
but at the same time, in circuitOus way, open the
native boards TO British commerce. Ii, indeed the
Indian capitalists were as fond of British rule as
every true Engishman thinks article Of faith to
assert DO better opportunity could have been at
forded them of exhibiting their loyalty and getting
rid of their silver. The Indian capitalists shutting
up their hoards John Bull must open his m.nd TO
the dire necessity Of defraying himself IN the hr7
instance, at lea6t, the expenses OF the
Indian instruction, without any support on
the part of the natives. The Impending
loan constitutes, moreover, precedent only and
looks like the first leaf in book, bearing the title
Anelo-Indi0n Home Debt. II is 10 secret that what
the East India Company wants are not eight mil
lions rten millions, but twenty-five 10 thirty MILLIONS
pounds, and even these as first instalment only,
not for expenses to be incurred but for debts already
due. The deficient revenue for the last three years
amounted to IS, coo 600; the treasure pmndcred by
the insurgents up TO the 18th October last to 60
600, COO, according to The statement Of the PhGHtI
an Indian governmental paper: the loss of revenue
i'll the Northeastern provinces, consequent upon the
rebellion to $4,000, 900, and the war expenses 10
at least f10,OCOG00.
1t is true that successive loans by the Indian
Company, in the London Money Market, would
raise the value of money and prevent the increasing
depreciation Of capital; that is to say, the further
fall in the rate of interests but such fall is exactly
required for the revival of British industry and
commerce. Any artificial check put upon the
downward movement of the rate Of discount is
equivalent 10 an enhancement in the cost of prcduc
ton and the terms of credit, which, in It's present
weak state English trade feels itself unable to bear
Hence the general cry Of distress at the announce
ment of the Indian loan. Though the Parliamentary
sanction adds no imperial guarantee to the loan of
the Company, that guarantee too, must be con-
ceded, if money is not 10 be obtained on other
terms and pte all fine distinctions, us soon as
the East Indian Company is supplanted by the
British Government its debt viii be merged into the
British debt a further increase of the large
tonal debt seems therefore, one of the first 6uan-
cial consequences u the Indian Revolt.