A Short Account of the Measures Proposed by J.T. Smith, for the Restoration of the Indian Exchanges; With an Epitome of His Reasoning in Support of His Plan (Paperback)

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. 1882 edition. Excerpt: ... A SHOET ACCOUNT OF THE MEASUKES PEOPOSED BY THE LATE COL. J. T. SMITH, E.E., F.E.S., FOE THE EESTOEATION OF THE INDIAN EXCHANGES, WITH AN EPITOME OF HIS SEASONING IN SUPPOET OF HIS PLAN. Colonel Smith had paid much attention during many years to the subject of currency and the exchanges, especially as connected with India. He held for a long period the post of Mint Master at Madras, and originated and introduced there many improvements in the machinery and the management. Afterwards for a few years he held the same post in the much larger Mint at Calcutta. In both positions it came within the course of his duty to study the exchanges, and the incidents of coinage and currency, and the character of his mind eminently fitted him for such investigations. He examined and thought out both subjects from their first principles. He was not content to adopt the opinions of others, however respectably supported, but worked out conclusions for himself, always testing them by facts and experience. The occasion of his bringing forward the views and proposals now to be detailed arose in 1876, when from causes unconnected with India, the gold value of silver had experienced a very heavy fall. Up to 1870 its value in the London market had varied extremely little from its English standard value of 61d. per oz. But two or three years after this the price began to decline, and in 1876 it was at 48d., or about 20 per cent below par. The effect was disastrous to various interests. 1st. English residents in India having to remit money to this country, lost heavily on every such transaction. 2nd. The Government of India itself was a heavy loser. The service of the State requires the remittance of a large portion of the Indian revenue to England, partly to pay for...