OCR Text |
Show Etmt IutSluu Finances. London, 22. Half of the $25,000,-000 $25,000,-000 which the Marquis of Salisbury is authorized to raise tor the Indian deficit de-ficit will bo added to the IndiAn funded debt. Lord Salisbury is empowered em-powered to raise the other half on treasury bills., Lord Hamilton.under-secretary Hamilton.under-secretary lor India, stated in the house of commons thaf government accepted this latter power on the distinct dis-tinct understanding that it should only be used when they could not possibly Bell their bills. By that means they would on the one hand no aoie to Keep Biiver sieauy, anu on the other would not add to the permanent per-manent Indian debt in this country. He pointed out that bills sold here by the Indian government for all prac-1 ticable purposes might bo regarded as silver. The Indian government was in this unfortunate position, that if they forced their silver upon the market when there was no demand tor it they reduced the price of silver and gave rise to fluctuations which were most injurious to the eastern trade, and if they borrowed money in this country they only put ofT the evil day, Il has been, therefore, suggested sug-gested that they should issue treasury bills, renewable from time to time. |