§ Considered in Committee.
§ (In the Committee.)
§
Motion made, and Question proposed,
That it is expedient to authorise the Secretary of State in Council of India to raise in the United Kingdom any sum or sums of money, not exceeding £10,000,000, for the service of the Government of India, on the security of the Revenues of India.
§ MR. E. STANHOPE, in moving the Resolutions, asked leave to say a few words on a point as to which some misunderstanding had arisen. He wished to make it clear upon what grounds the Government thought it necessary to refuse their assent to the proposition of the Indian Government with regard to the depreciation of silver. He mentioned that when these propositions were received, the Government thought they ought to be looked at not solely with reference to India, but with regard to the other interests to be considered. What he intended to convey to the House was, that they did consider not only what he might call Imperial interests, but the suitability of these propositions themselves to the special circumstances of the case—that was to say, they considered the propositions upon their merits. On both these grounds, after looking carefully into the matter, the Committee considered it their duty to recommend the rejection of the propositions of the Government of India. He had only now to ask leave to substitute five for ten in the proposed Resolution.
§ Amendment proposed, to leave out "£10,000,000," in order to insert "£5,000,000,"—(Mr. Edward Stanhope,)—instead thereof.
§ Question proposed, "That'£10,000,000' stand part of the proposed Resolution."
§ SIR GEORGE CAMPBELLasked, whether the Correspondence would be given to the House which contained 1200 the despatch to the Government of India in regard to their proposals?
§ MR. E. STANHOPEreplied, that the Correspondence was not yet complete, but the despatch would shortly be sent. He was afraid for that reason it would not be possible at that moment to lay it before the House.
§ MR. GOSCHENasked whether it would be possible for the Government to furnish the House with the latest information from the Consuls or other authorities abroad with regard to the production of silver in other countries? Investigations were made, bringing the information down to a certain date, and it would afford great satisfaction if Papers could be laid on the Table giving further information. Perhaps, also, during the Whitsuntide Recess the Government could obtain some fresh, distinct, official information from their Representatives in Berlin with regard to the stock of silver in Germany, and the sales of the German Government. He knew that a certain amount of secrecy had been observed in regard to this matter; but if an authentic statement could be placed before the House of the actual amount of silver sold up to the present time, it would be exceedingly advisable that that should be done. He would, indeed, go further, and ask the Government to give the House all the information in its possession on the subject of silver.
§ MR. E. STANHOPEreplied, that the Government recently took steps to collect and systematize all the information on the subject in their possession. He did not know whether there were any further Papers on the subject which be would be able to lay on the Table; but he would look over those in his possession, and if he could give the House any further information he should be very glad to do so.
§ MR. ONSLOWsuggested that the report of the Currency Commission of 1866, which elicited a great deal of very valuable information, should also be laid on the Table of the House.
§ Question put, and negatived.
§ Question, "That '£5,000,000' be inserted, instead thereof," put, and agreed to.
§ Main Question, as amended, put.
§ Resolved, That it is expedient to authorise the Secretary of State in Council of India to raise 1201 in the United Kingdom any sum or sums of money, not exceeding £5,000,000, for the service of the Government of India, on the security of the Revenues of India.
§ Resolution to be reported upon Monday next.