1. That legislative effect should be given to the notification of 1893, under which the public can obtain rupees at the Indian Mints and Reserve Treasuries in exchange for gold, at the rate of 1s. 4d. 2. That the gold so received should be part of the paper currency reserve, and should be held either in the form of full legal-tender gold coins of the United Kingdom, or gold bars representing not less than Rs. 1,000 each. 3. That in order to give the rupee currency automatic power of contraction, Government should be empowered (though not required) so soon as the portion of the paper currency reserve has continuously for one year been less than that held in gold, to give gold in exchange for rupees or rupee notes at the rate of 1s. 4d., if presented for the purpose in quantities of Rs. 10,000. 4. That the existing Rs. 10,000 notes should be called in, and, in future, notes of Rs. 10,000, payable at the option of the holder either in gold or in silver rupees, should be issued in exchange for gold alone, gold in the form of bars being specially reserved to meet any such notes outstanding. Mr. Lindsay, on the other hand, followed on lines quite [pg 155] different from those adopted by Mr. Probyn. He proposed²⁶⁶ that the Government should offer to sell, without limit on the one hand, rupee drafts on India at the exchange of 16 1⁄16d. the rupee, and on the other hand, sterling drafts on London at the rate of exchange of 15¾d. the rupee. The funds necessary for the transactions were to be kept separate from the ordinary Government balances in “Gold Standard” Offices in London and in India. The London Office was to be kept in funds to meet the drafts drawn on it— (1) By borrowing in gold to the extent of five or ten million sterling; (2) by the receipts realized by the sale of drafts on India; (3) by the receipts realized by the sale of silver bullion in rupees melted down;²⁶⁷ and (4) when necessary, by further gold borrowing. ²⁶⁶ The earliest elaboration of his plan is to be found in his article in the _Calcutta Review_ for October, 1878, under the title, “A Gold Standard without a Gold Coinage in England and India,” and the latest, in his pamphlet called _Ricardo’s Exchange Remedy_, Effingham Wilson, 1892. The plan was further developed in the newspaper _Pioneer_ of Allahabad (India), dated January 6, 1898, full extracts from which are given in C. 8840 of 1898, p. 13. ²⁶⁷ Mr. Lindsay contemplated that when the demand for gold drafts on London became so great as to indicate the necessity, the volume of the rupee currency should be contracted by melting down the rupees and selling the silver for gold to be deposited in the London “Gold Standard” Office. The Indian Gold Standard Office was to be kept in funds to meet the drafts drawn on them—