New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-04-30
cprIT TROUBLE IN INDAN FINANCES.
v-n,n Occasional Correspondent

shares with the war runners ana the eiecuoheeIihe
AGITATION in the privilege of absorbing public III
,.rest in England must be considered in double
,oirt If view. It involves both temporary neces-
sit, aud permanent difficulty
Oh the 18th of February Lord Stanley brought
IN bill in the House of Commons authorizing the
Government to raise a loan of f7,000,0O0 in En-
gland. in order to adjust the extra expenditure Of
the Indian administration for the current year
About six weeks later John Bulls sclf-cOngratu'i-
tons as TO the small cost OF the Indian rebellion
we're roughly interrupted by the arrival Of the
Overland Mail, conveying cry OF financial distress
from tLe Governmental Calcutta. On March %,
Lord DERBY rose in the House OF Lords TO
State that further loan for India of E5,OOO,O0O,
:, addition 10 the $1,000 900 loSn now be-
faro Parliament, would be required to NEE
the demands Of the present year, aud that
evan then certain csia,s for compensation and prize
money. amounting TO E2, coo, 600 at least, would
remain 10 be paid from some source not yet Sppa-
rent. To maize thngs pleasant, LORD StaD'ey oad,
in hi. Fl, Sc statement. only provided for the wants
Of the Indian Treasury ut London, leaving the BRIT
isb Government in India to It's Own Resources,
vhi,h from the dispatches received, be could not
hut know 10 be far from sufficient. Quite apart
from the excuses of the Home GOyernm. ut or the
Indian administration at London, Lord Csn0lns
estimated the deficit of the Government at Cal
cutta for the current year OF loo9-6O al
cI2OOO 600, after allowing an Increase ia
the ordinary revenue of GbUOUo ana
decrease On miltsry charges Of tx 90 OOO.
Such was his penuIy that he had stopped paying
mart OF hjs civil service; such WAS BIS credit that
tbe Government per cents were quoted at IL per
Gene discount; AID such ~as bis distress that be
could onl, be- saved from bankruptcy by the ship
Drut from England t. IDdia OF Is, 900 600 OF silver
within h few months. Three po nts thus become
evident Fret: Lord StsnIey's original state
meDt was a d" dodge" and 80 tar fiOm embracing
all the Indian liabilities, did not even touch the i'm
nediats wants of the luoian Government IN India.
Secondly: during the whole period OF the ihsuriec.
ton, if we except the seuding from London m
1877 of e. COZ 900 OF silver to India, the
Calcutta Government Was lett to shift for Itself, to
provide out Of its own resOurces tor the m7in part
Of The extraordinary ~aT charges which, Of
course had to be dlsbursed III India. Tor
tb. barrark accommodation Of some 60,OV0 ad-
dtons Europeans, for the restoration OF the treas
ures plupdeied and for the replacing of all the rev.
eDues of the local Administrations which hal been
swept away Thirdly: There is, apart from the
waits of the Home Guvernment, dchcit OF tl2,-
600. COO to be met in the present year. By OPera-
tons the questionable nature u winch VIC iorbear
to dwell upop Oh sum ia TO be reduced 10 I9,-
OC0, Coo, If which sum $4,000, OVOare to be Dor.
rowrd in India and "a 900 600 IN England. or
the latter. G. 000, 600 in silver bullion has aready
been shipped to Calcutta from London, and e.
OO,1OO more is to be dispatched in the shortest
possible period.
IL will be seen from this sucenct statement that
the Indian Government WAS very unfairly dealt
with by ts English masters, who lett 1t IN the
lurcb, ID order to throw dust III the eyes OF John
Bull but it must, Oh the other lmnd, be admitted
thai The iuapcial operations of Lard Gaming sur
pass in aukwardness even his military and political
exploits Up to the en- Of January, 1859, he had
eoptrjved ~ rai.e toe necessary means by loans Ia
India, issued partly in Government st0ck', partly
in TIeasuIy bills; but, strange to say, Shre his
efforts bad xefed during the epoch of the revo'
luton, they tailed cntirel, from the moment Eh'
slisb authority was restored by the force OF srns.
And not only did they IA |, but there was panic
in regard 10 Government securities; there was an
uDpyecedented depreciation IN all funds, with
d Oiests from the Chambers OF Commerce at
Bombay and Calcutta, and, In the latter town,
public meetings. Composed OF English and ma
tive None, -mOugcr., denouDcinR Lac Vaclha'on'
tbe arbitrary pslure aud the helpless imbecilty
of the Government measures. Nav, the loanaoe
capital of India which up 10 January 1851 had
supped the Government with fu0ds, bessn u fali
after that period, when the power of borrowing
seems Ia have been exceeded. In point OF fact the
oppr. gete leafs which from 1s4l IT, 1857 amounted
b f2l OOO, OtO absorbed 10 the two years ot lroI
and 1856 alone about G9,tUU,WU, equal 10 alnlost
half Of The money borrowed during the previous
sixteen years. Such failure of resources, while
accounting fer the necess ~ ofsuccessvely screw
ing up toe rate Of interest Government loans from
" per cent is, OF course, far from eXpiaiohg the
cor, Inrreial panic in the Indian security market,
and The utter inability Of the Governor General IN
met the mist urgent requirements. The fiddle Is
solved by the fact that il has become regular
maDSuyer with Lord Canning Ia bring out nev
~ hiuh. rata Of IN
on existing opes loans without any previ-
Gus notice ~ toe public, and with the
utmost uncertainty prevailing as Ia the
further fuaucial operstisns contemplated. The
depreciation of the funds III consequence OF there
msneuvers has been calculated at not less than
Ell,0OO,UO0. Punched by the poverty OF the Tx
chrqarr, frightened By the psolc IN tue stock
ma, k-t aud Ioused by the protects on the part OF
the Chambers OF Commerce and the Calcutta
meetings, Lord Canning thought best {" DO q good
boy aud to try 10 come up la the dcsteTatn al the
monetary mind; but bis t,tcation of tue 2lst of
February, 1859, shows sgan that the buman IN.
deIstaldug dues moi depend on human will Whist
was be- required to do' Not To open simultaneous
ly two loans on different conditions, aud to tcl the
monetary public st once the sum required for the
current year. instead Of drc-iyius them by
sive announcements contradictory Of tue other.
Aud what does he do IN his notiicatlon In the
6rt instance be says that there is to be raised nv
losD in the Indian market for the year lS59-'60
E5 OOO, GOO, Mt d per cent and that - when this
amount shah have been realized. the Ian of 1859
I" co shall be closed, and no further loan will be
"Open.d 10 lndis during that year." In the very
same proclamation, sweeping away the entire value
Of the assurances just gwen he proceeds: No loan
" tsrrtsag higher rate u istsrsst will be opeued