HC Deb 27 June 1893 vol 14 cc149-51
MR. EVERETT (Suffolk, Woodbridge)

I beg to ask the First Lord of the Treasury whether, now that the value of rupees is about to be artificially raised by closing the Mints of India to their free coinage, any compensation will be given to those debtors in India who had entered into contracts to pay rupees, not knowing that the former free supply of them was to be stopped, and so their value raised and debts contracted in them made heavier; and whether the people of India were consulted before a change was made which affects all contracts in existence there?

THE FIRST LORD OF THE TREASURY (Mr. W. E. GLADSTONE, Edinburgh, Midlothian)

In answer to my hon. Friend's question, I have to say that all measures altering or modifying the state of the currency may, no doubt, have effect upon pecuniary advances so far as to influence current transactions, but I am not aware that it is, or ever has been, the usage to make these alterations the subject of inquiry with a view to giving compensation as suggested in the question, and I do not see how such a usage could beneficially be established. Then, with regard to the second part of the question, we have every confidence that the Government of India used every means in their power to ascertain the public sentiment before taking this step. But of course, I need not say, they are wholly without means of ascertaining that opinion in a formal manner.

MR. GOSCHEN (St. George's, Hanover Square)

I have to ask the Prime Minister a question of some importance, and if he wishes I will give him notice. I do not think it is quite clear whether the Indian Government will have the power to coin rupees, if if they should consider there would be a scarcity of them, without gold being presented. I understand that when gold is presented they are to give rupees in exchange. Will they retain the power to coin rupees as need may present itself?

MR. W. E. GLADSTONE

I think, as my right hon. Friend does not find the Report perfectly clear on the subject, I had better communicate with the India Office before giving a reply; but I do not myself entertain much doubt as to what the reply will be.

SIR SEYMOUR KING

I beg to ask the Under Secretary of State for the Colonies whether it is proposed to extend to Ceylon the principle of the Amendment of the Indian Coinage Act, 1870, and the Paper Currency Act, 1882?

THE UNDER SECRETARY OF STATE FOR THE COLONIES (Mr. S. BUXTON, Tower Hamlets, Poplar)

Ceylon at present uses the rupee currency of India, and therefore, unless and until any change were made in the currency of Ceylon, Indian rupees would continue to circulate in Ceylon as in India.

SIR SEYMOUR KING

At the present rate of currency?

MR. S. BUXTON

I presume so.