The Problem of the Rupee, Its Origin and Its SolutionAmbedkar, B. R. (Bhimrao Ramji)
History
The Problem of the Rupee, Its Origin and Its Solution
Ambedkar, B. R. (Bhimrao Ramji)
Currency question -- India
So long as the Empire retained unabated sway there was advantage rather
than danger in the plurality of Mints, for they were so many branches of
a single department governed by a single authority. But with the
disruption of the Moghul Empire into separate kingdoms these branches of
the Imperial Mint located at different centres became independent
factories for purposes of coinage. In the general scramble for
independence which followed the fall of the Empire, the right to
coinage, as one of the most unmistakable insignia of sovereignty, became
the right most cherished by the political adventurers of the time. It
was the last privilege to which the falling dynasties clung, and was
also the first to which the adventurers rising to power aspired. The
result was that the right, which was at one time so religiously
exercised, came to be most wantonly abused. Everywhere the Mints were
kept in full swing, and soon the country was filled with diverse coins
which, while they proclaimed the incessant rise and fall of dynasties,
also presented bewildering media of exchange. If these money-mongering
sovereigns had kept up their issues to the original standard of the
Moghul Emperors the multiplicity of coins of the same denomination would
not have been a matter of much concern. But they seemed to have held
that as the money used by their subjects was made by them, they could do
what they liked with their own, and proceeded to debase their coinage to
the extent each chose without altering the denominations. Given the
different degrees of debasement, the currency necessarily lost its
primary quality of general and ready acceptability.
Public-domain text, read in full here on John Shaqi.
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