Pierson²¹⁸ that when the general depreciation of silver commenced all over the world, it had been forestalled in that part of the globe. India was already glutted with silver. Under ordinary circumstances India would have sent back a large portion of its silver to Europe. But the general depreciation prevented her from doing so; and now there were two opposing forces, one tending to produce an export of silver from India to Europe and the other tending to produce an export of silver from Europe to India; and, although the latter was the stronger of the two, the former was sufficiently powerful to prevent any considerable quantity of silver from being exported from Europe to India. If the Committee was, deceived in one part of its assumptions, it was also disappointed in others. Far from resuming specie payments in terms of silver, as Mr. Bagehot expected the countries then on paper basis to do, they one and all demonetized [pg 132] silver to the great disappointment of all those who adhered to the policy of “wait and see.” ²¹⁶ This argument was prominently put forth in the _Report_ (pp. xxx-xxxv) _of the Select Committee on the Depreciation of Silver_, 1876; and also by Monometallic Members of the Gold and Silver Commission, 1886. Cf. pp. 77–79 of the Final Report, Part II. ²¹⁷ Cf. evidence of Professor Marshall before the Gold and Silver Commission, 1886, Q. 10,164~76. ²¹⁸ Cf. his reply to the Circular of the Gold and Silver Commission, 1886. Second Report, App. VII (1), p. 254. The falsification by India and other countries of such anticipations led to a change in the angle of vision of most of the European countries who had theretofore shown no inclination to do anything by way of reducing the chaotic currencies to some kind of order. They were advised by eminent authorities not to hurry. Jevons said²¹⁹:— ²¹⁹ Op. cit., p. 354. “We only need a little patience and a little common sense to surmount the practical difficulties. Within the next few years good harvests in India will, in all probability, enable that country to buy up all our surplus silver, as it has been in the habit of doing, with rare exceptions, since the time of Pliny. … In future years any amount of silver could be got rid of without loss, if it be sold gradually and cautiously.” When, however, it was found that the waiting period would be more painful if not longer than what it pleased the proverbial peasant to undergo, in order to let the stream run dry so as to permit of his fording it without wetting his feet, there grew up an agitation in Europe to undertake the necessary reform to prevent the depreciation of silver.