Bimetalism

General Books publication date: 2009
Original publication date: 1894
Original Publisher: Longmans, Green Subjects: Bimetallism

Currency question Notes: This is a black and white OCR reprint of the original. It has no illustrations and there may be typos or missing text.
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Excerpt: Bimetalism /// India 6. "We have now to recount the attempt of the East India Company to establish and maintain Bimetalism in India, and its dismal failure Some persons have alleged that Silver was the sole Money of India from time immemorial, and that it is not possible to change the inveterate habits of such a people, and to induce them to accept Gold as money. Furthermore, they allege that India is a very poor country, and cannot afford a Gold Currency, and therefore that a Silver coinage is the only one suitable for her Other persons have alleged that Gold only was the universal money of India before the Mahommedan conquest of Northern India, with copper for small change : and that the Mogul dynasty first introduced Silver money into Northern India Both these statements, however, are erroneous. Northern India has been accustomed both to Gold and Silver from the earliest ages. India produces large quantities of Gold, but no Silver. Nevertheless, from prehistoric times vast quantities of Silver have been imported into Northern India to purchase Gold. The ratio of Gold to Silver was 1 to 13 in Persia, while it was 1 to 8 in India. Consequently from ages beyond the reach of history vast quantities of Silver were imported into Northern India to purchase Gold The Phenicians were the earliest seafaring traders in the world, and their trade extended from Tartessus, or Tarsus, in the "West, to Burmah and Siam in the East. They brought Silver from Tartessus and exchanged it for the gold dust of the Lower Indus, which Sir Alexan...