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Perfect condition. Used for a class-no wear and tear. Sorry no photo, will
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Discovering Diverse Content Through
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[395] Op. cit., pp. 255–56; cf. also F. A. Walker, Money in its Relationship to Trade, p. 27; and C. M. Walsh, The Fundamental
Problem in Monetary Science, p. 804.

[396] Supreme Legislative Council Proceedings, Vol. L, p. 642.

[397] Prof. Cannan's Reprint, p. 17.

[398] Report, pp. 15–19. The same arguments will be found in Chap. IV of Mr. Keynes's treatise.

[399] See the Memorandum by Mr. Dalal to the Chamberlain Commission Appendices, Vol. III, No. XXXIII, pp. 673–76, for
this and other cognate topics.

[400] In the crisis of 1907–8 the Indian people were accused of this. Yet it must be noted that in that crisis some gold was
exported on private account.

[401] For an illuminating discussion on this topic, cf. Money: Its Connection with Rising and Falling Prices, by Prof. Cannan,
3rd ed., pp. 47–8.

[402] Report, Sec. 112.

[403] Cf. the Memorandum by Sir Henry Waterfield relating to the system of effecting remittances from India, Appendix to
the Fowler Committee's Report, p. 24; also Memorandum by F. W. Newmarch on the Sale of Council Bills and
Telegraphic Transfers, Appendices to the Interim Report of the Royal Commission on Indian Finance and Currency, Vol.

I, No. VIII. p. 217.

[404] There was a fourth one, viz., the Government of India purchasing sterling bills in India on London and sending them to
the Secretary of State for collection. It was employed for a short period of time in 1877, but was afterwards dropped.

[405] From January 22, 1862, when the Sale of Council Bills under the authority of the Secretary of State first took place, up
to November, 1862, the sales were effected monthly. From November, 1862, the sales were effected fortnightly; and in
August, 1876, they were made weekly.

[406] From January to March, 1862, the minimum fraction was a farthing; it was reduced to ⅛th of a penny in March 1862,

to 1/16th in January 1875, and to 1/32nd in 1882, at which fraction it has continued since then.

[407] First introduced in 1876.

[408] Cf. Memorandum on the Sale of Council Bills, by F. W. Newmarch, to the Chamberlain Commission, App. Vol. I, No. VII,

p. 222,
[409] See Commons Paper 495, of 1913, p. 57.

[410] Ibid., p. 64.

[411] Report, secs. 69–71.

[412] The Commission recommended that if a gold Mint was not established in India Government should renew the
notification withdrawn in 1906 to receive refined gold on suitable terms.—Report, sec. 72.

[413] Report, par. 67.

[414] See G. R. Porter, Progress of the Nation (Ed. Hirst), p. 568.

[415] See Report of the Deputy Master of the Royal Mint, 1921.

[416] Italics not in the original.

[417] S.L.C.P., Vol. L, pp. 637–38. Italics not in the original.

[418] The legal position of the Secretary of State and the extent to which he can be bound by the provisions of any law
passed by the Government of India were well explained by Sir James Westland in his speech on the Indian Paper

Currency (Amendment) Bill, which afterwards became Act IT of 1898; compare also the peculiar wording of that Act.

[419] Financial Statement, 1900–1, p. 14.

[420] Ibid., p. 19.

[421] Ibid., p. 167.

[422] Financial Statement, 1910–11, p. 346.

[423] This was no other than the Hon. Fazulbhai Vishram, the well-known financier of Bombay. Cf. his speech in the Financial
Statement, 1894–95, p. 96.

[424] Ibid., p. 123.

[425] Financial Statement, 1898–9, p. 169.

[426] Financial Statement, 1900–1, p. 163.

[427] Cf. his Budget speech, Financial Statement, 1900–1, p. 27.

[428] For a copy of the Minute and the correspondence thereon, see Appendix V to the Interim Report of the Chamberlain
Commission, Cd. 7070 of 1913.

[429] Even the Chamberlain Commission said that the Government had departed from the ideal of the Fowler Committee.

[430] Report, par. 56.

[431] Report, pars. 57–60.

[432] Report, par. 58.

[433] Report, par. 70.

[434] See the Reservations to the Report by Campbell Helland and Muir Report, p. 27.

[435] See Chap. IV, supra, p. 147.

[436] Report, p. 17.

[437] Money and Credit Instruments in Relation to Prices, p. 63.

[438] Cf. the Speech of the Finance Minister, Mr. Hailey, on the Indian Paper Currency (Amendment) Bill, dated September

16, 1920, S.L.C.P., Vol. LIX, pp. 308–9,

[439] The Paper Pound of 1797–1821, Introduction, p. xxxix.

[440] His speech on the Paper Currency Bill, dated February 16, 1861, S.L.C.P., Vol. VII, pp. 66–7.

[441] During the bank suspension period in England it is to be noted that the Army and the Navy were paid in gold, for fear
of causing discontent.

[442] For a copy of it, see Commons Paper 183, of 1860, p. 1.

[443] Resolution of the Government of India, relating to the Depreciation in the Value of Silver, dated September 22, 1870,
Commons Paper 449 of 1893.

[444] S.L.C.P., Vol. LVI, p. 35.

[445] Cf. Financial Statement for 1908–9, p. 229.

[446] Cf. E. R. A. Seligman, Currency Inflation and Public Debts, New York, 1022, passim.

[447] Op. cit., p. 111.

[448] Op. cit., p. 39.

[449] Report, par. 66.

[450] Such a sober politician as the late Mr. Gokhale took the lead in this matter. Cf. his speech in the Financial Statement for
1907–8, pp. 203–4; and the same indiscretion is repeated by Prof. V. G. Kale in his Currency Reform in India, 1919, p.

65.
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