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
This led to an agitation for requiring the Government to give effect to
the proviso in the Paper Currency Act,⁸² and the movement assumed such
dimensions that it forced the hands of the Government. On this occasion
the plan for effecting the change was boldly conceived. Sir Charles
Trevelyan [pg 43]
⁸² This time the Government was memorialized by all the Chambers of
Commerce—Bengal, Bombay, and Madras. Action was also urged by the
Bombay Association and the Manchester Chamber of Commerce. But the
movement derived its greatest strength from the support of the
Government of Bombay, particularly by Sir William Mansfield’s
famous Minute on Gold Currency for India.
TABLE VII
_Trade and Currency_⁸³
──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Merchandise. Treasure. Total Excess (+) Annual
Net Coinage of or Defect Production
Imports of (-) of (in £,
Coinage on 00,000
Years Net Imports omitted)
of of
──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Imports. Exports. Silver. Gold. Silver. Gold. Silver. Gold. Gold. Silver.
£ £ £ £ £ £ £ £ £ £
──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
1860–61 23,493,716 32,970,605 5,328,009 4,232,569 5,297,150 65,038 −30,859 −4,167,531 23,9 8,2
──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
1861–62 22,320,432 36,317,042 9,086,456 5,184,425 7,470,030 58,667 −1,616,426 −5,125,758 22,8 8,5
──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
1862–63 22,632,384 47,859,645 12,550,155 6,848,156 9,355,405 130,666 −3,194,750 −6,717,490 21,6 9,0
──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
1863–64 27,145,590 65,625,449 12,796,717 8,898,306 11,556,720 54,354 −1,239,997 −8,843,952 21,4 9,8
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