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
The task of reducing the existing units of currency to that proposed by
the Court was first accomplished in Madras. On January 7, 1818, the
Government issued a Proclamation²⁴ by which its old units of
currency—the Arcot rupee and the Star pagoda—were superseded by new
units, a gold rupee and a silver rupee, each weighing 180 grs. troy and
containing 165 grs. of fine metal. Madras was followed by Bombay six
years later by a Proclamation²⁵ of October 6, 1824, which declared a
gold rupee and a silver rupee of the new Madras standard to be the only
units of currency in that Presidency. The Government of Bengal had a
much bigger problem to handle. It had three different principal units
of silver currency to be reduced to the standard proposed by the Court.
It commenced its work of reorganisation by a system of elimination and
alteration. In 1819, it discontinued²⁶ the coinage of the Benares rupee
and substituted in its place the Furrukabad rupee, the weight and
fineness of which were altered to 180·234 and 135·215 grs. troy
respectively. Apparently this was a step away from the right direction.
But even here the purpose of uniformity, so far as fineness was
concerned, was discernible, for it made the Furrukabad rupee like the
new Madras and Bombay rupees, eleven-twelfths fine. Having got rid of
the Benares rupee, the next step was to assimilate the standard of the
Furrukabad rupee to that of Madras and Bombay, and this was done in
1833.²⁷
²⁴ Cf. Fort St. George Public Depart. Consultations, No. 19, dated
January 7, 1818.
²⁵ Cf. Bombay Financial Consultations, dated October 6, 1824.
²⁶ Bengal Regulation XI of 1819.
²⁷ Bengal Regulation VII of 1833.
Thus, without abrogating the bimetallic system, substantial steps were
taken in realising the ideal unit proposed by the Court, as may be seen
from the table on opposite page.
Taking stock of the position as it was at the end of 1833, we find that
with the exception of the Sicca rupee and the gold mohur of Bengal, that
part of the scheme of the Directors which pertained to the uniformity of
coinage was an accomplished fact. Nothing more remained to carry it [pg
19]
TABLE III
_Uniformity of Coinage at the end of A.D. 1833_
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