"Nowhere is the investment of income more certain of good
return, or more likely to be blessed than here. India has boundless resources,
which merely require to be developed. If she has been hitherto a smaller
producer than she might have been, it is owing to her being destitute of
accessible markets for her surplus productions, in consequence of the rudeness
of her productions. Every process, both in agriculture and manufactures,
has been conducted with immense waste and want of ingenuity. The most simple
methods of saving toil have been unknown. Husbandry is in a backward condition,
and the implements both rude, primitive, and of the clumsiest construction. In
fact, almost everything that is the produce of Indian rural labor is, when
compared with that of people in a more civilized and favorable state of
society, crude and unmarketable.
There is, probably,
no country in the world that has made such slow progress as India, when her
antecedents are considered. Formerly, the natives of the soil, both morally and
intellectually, stood higher than they do now, and excelled in all departments
of science. But from this they have so completely, and for such a length of
time declined, that it is difficult to believe that improvements in agriculture
and manufactures were of very great antiquity in the provinces of Bengal.
Indeed, were there not evidences of the truth of this statement, it would be
scarcely possible to view it in any other light than as a jest, so completely
have the implements of husbandry and agriculture, as well as the manufactures of
the country, been stationary for centuries.
The state of the useful arts is scarcely more advanced than
agriculture—probably little more so than it was a hundred years back:—and it is
hopeless to expect much improvement until European skill and science shall be
more extensively diffused over the country. There is, however, no absence of
natural genius, nor want of conception in the people; and if only they will not
allow their caste, (another name for idleness,) and their absurd religious
prejudices, to raise difficulties and bar out the instructions of English
science, an altered state of things may be anticipated. Until prohibitory rates
of duty were placed on Dacca muslins—until Manchester and Paisley fabrics, of
the same class, were admitted at lower rates of duty—what could compete with
the former manufactures and the shawls of Cashmere, exquisitely delicate, and
alike tasteful in fabrication and design? And what ingenuity could surpass the
chaste workmanship of Delhi, Benares, Cuttack, and Trichinopoly in the precious
metals?
"But for the future welfare of India," says a
writer, "there is hope." When the steam engine shall have traversed
the country from one end to the other, satisfactory results may be looked for.
New wants will be created: her myriads will look to our work-shops and
factories for the implements of toil and the adornments of luxury: capital,
which is necessary to promote production, will find an outlet: opportunities
will be afforded of employing it safely and profitably; and internal trade will
consequently be stimulated and enlarged. It is from the absence of capital,
properly directed, and from the want of those aids and appliances which are
absolutely essential to the success of every country, that the resources of India
remain to this day almost unknown. Until the commercial and agricultural
interests of the country are properly advanced: until a considerable
improvement take place in the products of the soil and in the implements of
labor—her manufactures have little chance of being placed on a par with those
of Europe.
And, foremost in the rank of those means that require to be
used for a thorough development of India's resources, railroads must, as
already stated, take a prominent stand. Before this mighty innovator, the
oppressive barriers of caste will be thrown down; races, hitherto unknown to
each other, will be approximated; and the internal commerce of the country, for
many years depressed, will be fully opened out. Under the vivifying influence
of British energy and capital, which a wider colonization will introduce; with
good roads, good tramways, good feeders, and a sufficiency of steam on the
rivers—trade and manufactures must make a step forward. If the waste lands, which
Lord Canning's statesmanlike Resolution made attainable on fee simple, be taken
up and properly cultivated, the enterprize and skill, which will be brought to
bear, will result in improvements such as European capital and energy can alone
effect; and conduce to the material and moral advantage of large classes of the
people.
India has long suffered from the exclusiveness and monopoly
of the East India Company. The senseless restrictions placed by that
Corporation upon Europeans holding lands in the Mofussil, is one of the primary
causes why the country has been retarded in her agricultural and commercial
pursuits. Had there been a less restrictive policy, as well as less jealousy
shown by the covenanted servants of the Company towards those whom they term
interlopers, India would, at this time, have been in a position to
render England independent of the United States' cotton. The fear of being
dispossessed, and the dread of a too early enlightening of the natives, by
leading the Government to oppose all attempts to improve the country, have
obstructed the natural increase of capital, and, so far, tended to diminish the
sum total of the revenue.
Colonization and capital then are the great desiderata for
India.
By means of the former, the inland trade will be extended;
commerce will increase commerce; and, although the area of territory is so
vast, the progress of railways will influence both the money market and the
development of the resources. By new facilities, new wants and new desires will
be created; and neither climate, religion, nor long-established habits, will
refuse the benefits thereof.
By means of the latter—both the cause and result of
industry—improvements will be made: better machinery will be introduced, and
appliances, which involve considerable outlay, will be brought to bear. Without
money, commercial operations must, naturally, be stinted and embarrassed. It is
too much, however, to expect that any individual who shall embark his capital,
whether it be money, machines, instruments of trade or other materials, can,
however extensive his means, carry on his plans, on any large scale, without
pecuniary assistance. And here it is that the utility of Banks will be
apparent, in rendering active and productive that capital which it is their
province to accummulate and distribute. Dr. Smith says, "The judicious
operation of Banking enables the dealer to convert his dead stock into active
and productive stock; into materials to work upon; into tools to work with, and
into provisions and subsistence to work for; into stock which produces
something both to himself and to his country."*
By "providing a sort of wagon way through the air, it
enables the country to convert, as it were, a great part of its highways into
good pastures and corn-fields, and thereby to increase, very considerably ,the
annual produce of its land and labor." But it will do even more in this
country. Banking will step in and relieve the borrower from the crushing effect
of usurious dealings with the native money-lenders—a class of people the most
grasping, relentless, and unprincipled to be found in any country. It will
counteract the mischievous consequences, and the pernicious habit— so congenial
to the natives—of burying money, or convertit into jewels for women and
children—the fruitful cause of so many murders: it will bring forth and vivify
millions of capital that lie dormant in the earth, or in secret hiding-places, while, by increasing the advantages of accumulation, and
making saving available, as well for immediate profit as for a future resource,
it will add new strength to the spirit of industry and to the principle of
cumulation.