Papers Relating to the Introduction of a Gold Currency Into India

Papers Relating to the Introduction of a Gold Currency Into India

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1876 edition. Excerpt: ...therein, viz., --/. To get sovereigns into the country in large quantities by raising the rate from Bs. 10 to Rs. 10-4, or even higher.--As the proposed measure offers a direct advantage to the importer, it is decidedly preferable to the indirect method of attaining the same object by the imposition of additional restrictions on the importation of silver. But as it is contemplated to introduce the measure as a tentative and experimental one only, without declaring sovereigns legal tender, I am of opinion that its success will, in consequence, be slower and more doubtful. So long as sovereigns command, as they do at present, a higher price than that which it is proposed to fix, it is quite certain that they will not find their way into the Government treasuries; but the present state of things is, I think, entirely exceptional, and the market will ere long return to its normal condition. The subject must be discussed, therefore, not in relation to the existing state of matters, but with reference to the experience of a series of years. At the same time I do not think that it would be safe to be guided altogether by the price of gold during the few years ending in 1864, when it was imported in increasing quantities to meet the adverse balance of trade caused by high-priced cotton exports to England. The latest quotation for sovereigns in this market is Rs. 10-11-6, which gives the value of an ounce of silver laid down in Calcutta at 4s. 1J'8J., but the average price for the first six months of 1868 is Rs. 10-10-2 only, indicating the price of bar silver at 5. 0 S2id. For 1867, the average price of the sovereign is Rs. 10-7-6, and of gold, 24 carats fine, Rs. 16-7-7. Taking the mean average of the last 3 years ended in June, the price of the...
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Product details

  • Paperback | 266 pages
  • 189 x 246 x 14mm | 481g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236512421
  • 9781236512420