HC Deb 15 June 1893 vol 13 cc1068-9
MR. CHAPLIN (Lincolnshire, Sleaford)

I beg to ask the Chancellor of the Exchequer, in reference to the reported recommendation by the Indian Currency Committee — namely, that the Indian Mints should be closed to the free coinage of silver, whether he is aware that the present Financial Secretary to the Government of India gave evidence before the Gold and Silver Commission to the effect that the uncoined silver in possession of the Native population of India was estimated to amount to probably at least £130,000,000 sterling; whether he has considered that a further fall in the value of the uncoined metal will follow upon the closing of the principal market in the world which still remains open to silver, and that the value of the whole of this enormous Native property will be prejudiced thereby; and whether, in view of the alarm which uncontradicted reports as to the closing of the Mints are calculated to arouse in the minds of that population, he will reconsider his decision, and allow the true facts of the case to be published without further delay?

SIR W. HARCOURT

I do not doubt that the silver question is one of supreme consequence to India. It is for that reason that we desire to have the judgment of the Indian Government upon the matter before any change is resolved upon or announced. To publish the Report, without at the same time announcing a decision, would tend to create rather than discourage alarm and speculation.

MR. CHAPLIN

Is the House to understand from the answer of the right hon. Gentleman that it is not to have an opportunity of considering the subject before the Government came to a decision?

SIR W. HARCOURT

I have not said that at all. What I did say was that before Her Majesty's Government could take any further steps they must know the decision of the Indian Government.

SIR W. HOULDSWORTH (Manchester, N.W.)

I beg to inquire whether the right hon. Gentleman has received communications from Chambers of Commerce and other Commercial Bodies protesting against the closing of the Mints in India, and whether, under the circumstances, he will not give a promise that no final steps shall be taken without a Report being laid before Parliament?

SIR W. HARCOURT

I cannot give any promise on the subject.