The Problem of the Rupee, Its Origin and Its Solution — John Shaqi
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
It will thus be seen that, with the exception of the Sicca and the
Benares rupees, the proposed standard of fineness agreed so closely with
those of the other rupees that the interest of obtaining a complete
uniformity without considerable dislocation overruled all possible
objections to its adoption. Another consideration that seemed to have
prevailed upon the Court of Directors in selecting 165 grs. [pg 13] as
the standard of fineness was that, in conjunction with 180 grs. as the
standard weight, the arrangement was calculated to make the rupee
eleven-twelfths fine. To determine upon a particular fineness was too
technical a matter for the Court of Directors. It was, however, the
opinion of the British Committee on Mint and Coinage, appointed in 1803,
that²⁰ “one–twelfth alloy and eleven–twelfths fine is by a variety of
extensive experiments proved to be the best proportion, or at least as
good as any which could have been chosen.” This standard, so
authoritatively upheld, the Court desired to incorporate in their new
scheme of Indian currency. They therefore desired to make the rupee
eleven–twelfths fine. But to do so was also to make the rupee 165 grs.
pure—a content which they desired, from the point of view stated above,
the rupee to possess.
²⁰ Cf. The Despatch, op. cit., par. 9.
TABLE II
_Deviations of the Proposed Standard of Fineness from that
of the Principal Recognized Rupees_
──────────────────────────────────────────────────────────────────────
Silver Coins recognized More valuable Less valuable
as Principal Units and Standard than the than the
their Fineness. Fineness Proposed proposed
of Rupee. Rupee.
─────────────────────────── the ─────────────────────────────────
Name of the Its Pure Proposed In By In By
Coin. Contents. Rupee. Grs. p.c. Grs. p.c.
Troy Grs.
──────────────────────────────────────────────────────────────────────
Surat Rupee 164·74 165 — — ·26 ·157
──────────────────────────────────────────────────────────────────────
Arcot Rupee 166·477 165 1·477 ·887 — —
──────────────────────────────────────────────────────────────────────
Sicca Rupee 175·927 165 10·927 6·211 — —
──────────────────────────────────────────────────────────────────────
Furrukabad 166·135 165 1·135 ·683 — —
R.
──────────────────────────────────────────────────────────────────────
Benares 169·251 165 4·251 2·511 — —
Rupee
──────────────────────────────────────────────────────────────────────
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account