things.

The right hon. Gentleman spoke of the Indian debt coming upon the people
of this country, expressing the opinion that if the Government of India
were transferred to the Crown--which assuredly it ought to be--the debt
ought so to be transferred. The debt is not in the present Budget,
indeed, but it will certainly come before the House. I have already
referred to a memorable speech of the late Sir Robert Peel on this
subject, in 1842, just after he had come into office, and when, finding
the country left by the Whigs with an Exchequer peculiarly discouraging
to a Chancellor of the Exchequer, he was about to propose that temporary
income-tax which has since become permanent. He said, after referring to
the affairs of Canada and China--

'For the purpose of bringing before the House a full and complete
view of our financial position, as I promised to do, I feel it to
be my duty to refer to a subject which has of late occupied
little attention in the House, but which I think might, with
advantage to the public, have attracted more of their regard--I
refer to the state of Indian finance, a subject which formerly
used to be thought not unworthy of the consideration of this
House. I am quite aware that there may appear to be no direct and
immediate connexion between the finances of India and those of
this country; but that would be a superficial view of our
relations with India which should omit the consideration of this
subject. Depend upon it, if the credit of India should become
disordered, if some great exertion should become necessary, then
the credit of England must be brought forward to its support, and
the collateral and indirect effect of disorders in Indian
finances would be felt extensively in this country. Sir, I am