Indian Finance Currency And Banking

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123 John Bright spoke frankly and fearlessly on the mutiny expenditure. " I think, " he said, " that the 40 millions which the revolt will cost is a grievous burden to place upon ithe people of India. It has come from the mismanagement of the Parliament and the people of England. If every man had what was just, he had no doubt that 40 millions would have to be paid out of the taxes levied upon the people of this country. "!
A popular error prevails in England that the whole of the Indian Debt a
...rose out of the capital spent by England for the conquest and administration of India and for the development of her resources. These facts clearly show that that was not the genesis of the Indian Debt up to 1858.
India had paid for her conquest and administration : also for the frequent wars of annexation and conquest in India.
When the East India Company ceased to be the rulers of India, they had piled up an Indian Debt of 70 millions sterling. The Act for the better government of India of 1858 provided for the direct administration of India by the Crown.


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