EAST INDIAN LOAN—REPORT. (Hansard, 21 February 1859)

§ MR. SLANEY

said, he rose to express his dissent from the gloomy views taken the other night by the right hon. Member for Halifax (Sir C. Wood) and others of the prospects of Indian finance. The debt of India amounted before the mutiny to but two years' revenue—a state of things calculated, when they considered the boundless and undeveloped resources of that country, to inspire confidence rather than despondency for the future. The people of India, who had been ground down for many centuries by successive conquerors, only required fair play and good Government to render them happy and prosperous, and to secure their attachment to our rule. The present condition of the Natives of that country was very unsatisfactory. Essentially an agricultural people, they were the worst paid, the worst clothed, and the worst fed people on the face of the earth. No less than three-fourths of the produce of the land was exacted from them in the shape of rent; whereas in this country the landlord's share did not exceed one-fourth or one-fifth. If they were properly treated there would, he believed, be an ample revenue. To develop the resources of the country, nothing more was needed than good government and security; when that was done, the large capital secreted amongst the Natives would start forth. The country possessed boundless resources. which only required capital to develop them. There was, however, an immense amount of capital in this country seeking investment, and it would find a boundless field in India. The result would be advantageous to both countries; India would furnish raw produce, and in exchange take a large quantity of manufactured goods. Under such circumstances we should hold our empire, not by fraud and force, but by the ties of mutual interest and gratitude; our revenue would materially increase, and the people of India would rise through material and moral improvement to that religious advancement which all must wish them. He had no doubt but that under the Government of the noble Lord every facility would be given for the employment of the 661 Natives in those positions for which they were suited, and nothing would tend more to their social improvement. The establishment of guaranteed notes, or some such circulating medium, would be a great advantage, and as the country prospered, the customs would increase sufficiently to meet any change on them. He thought that too gloomy a view bad been taken of the financial position of the country, but in any case they should remember that this was not a mere matter of debtor and creditor, they had to provide for the welfare of 150 millions of people.