⁹⁴ Mr. H. B. Russell says that they retained the silver standard because they profited by it on their remittances. Cf. his _International Monetary Conferences_, 1898, p. 32. ⁹⁵ The original mint and coinage bill contained clauses embodying the notification of 1868, compelling the Government to receive sovereigns at Public Treasuries. Cf. _Gazette of India_, Part V, dated July 23, 1870. But such was the degree of indifference shown that they were afterwards dropped by the Select Committee, which preferred to leave the matter to the discretion of the Executive. Alas! those who then said⁹⁶ that they were not called upon to take more than a “juridical” view of the Indian currency question knew very little what was in store for them. [pg 49] ⁹⁶ Cf. the speech of the Hon. Mr. Stephen on September 6, 1870, introducing the coinage and mint bill. Vide _Supreme Legislative Council Proceedings_ (abbreviated into _S.L.C.P._), Vol. IX, p. 398. CHAPTER II *THE SILVER STANDARD AND THE DISLOCATION OF ITS PARITY* It is clear how the clear how the evolutionary process with respect to the Indian currency culminated in the establishment of a silver standard and how the agitation for a gold currency ended in the silver standard being supplemented by a paper currency. Before proceeding to inquire into the working of such a mixed system, it would be useful to review briefly the nature of its framework. The metallic part of it was regulated by Act XXIII of 1870, The coins authorized and legalized thereunder were as shown on p. 50. [pg 50] ⁹⁷ This may be seen from the following:— (a) _Gold Coins_. (i), (ii), and (iii) were authorized by Section VII of Act XVII of 1835. Only (iv) was an addition made by this Consolidating Act of 1870. (b) _Silver Coins_. (i), (ii), and (iii) were authorized by Section I of Act XVII of 1835. This Act had also authorized the issue of a silver coin called “Double Rupee,” but this was discontinued by Section II of Act XIII of 1862, which substituted in its place the silver coin No. iv. (c) _Copper Coins_. (i), (ii), and (iv) were first authorized by Section I of Act XXI of 1835, which, however, restricted their circulation to the Presidency of Bengal. They were afterwards universalized for the whole of India by Act XXII of 1844. Coin No. (iii) was first introduced by Section II of Act XI of 1854. TABLE VIII