After 1916 the stability of the exchange standard was threatened by a danger arising from quite unsuspected quarters. The Indian exchange standard was based upon the view that the gold value of silver was bound to fall or at least not likely to rise to a level at which the intrinsic value of the rupee became higher than its nominal value. The price of silver at which the intrinsic value of the rupee equalled its nominal value was 43d. per ounce. So long as [pg 192] _TABLE XXXII_ _Rates of Exchange London on Calcutta (from the National Bank of India)_ ─────────────────────────────────────────────────────────────────── 1914. 1915. Months. ───────────────────────────────────────────────────────── Highest. Lowest. Highest. Lowest. ─────────────────────────────────────────────────────────────────── January — — 1 3 15/16 1 3 15/16 ─────────────────────────────────────────────────────────────────── February — — 1 4 1/32 1 3 29/32 ─────────────────────────────────────────────────────────────────── March — — 1 4 1 3 15/16 ─────────────────────────────────────────────────────────────────── April — — 1 3 15/16 1 3 29/32 ─────────────────────────────────────────────────────────────────── May 1 4¼ 1 3 15/16 1 3 15/16 1 3 29/32 ─────────────────────────────────────────────────────────────────── June 1 3 31/32 1 3 15/16 1 3⅞ 1 3 27/32 ─────────────────────────────────────────────────────────────────── July 1 3 31/32 1 3 13/16 1 3 22/32 1 3 22/32 ─────────────────────────────────────────────────────────────────── August 1 3⅞ 1 3 13/16 1 3 15/16 1 3 27/32 ─────────────────────────────────────────────────────────────────── September 1 3 15/16 1 3 13/16 1 4 1 3 15/16 ─────────────────────────────────────────────────────────────────── October 1 3 15/16 1 3 15/16 — — ─────────────────────────────────────────────────────────────────── November 1 3 15/16 1 3 15/16 — — ─────────────────────────────────────────────────────────────────── December 1 3 15/16 1 3 15/16 — — ───────────────────────────────────────────────────────────────────