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Indian Finance, Currency and Banking." the Burma Critic

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Indian Finance, Currency and Banking. 1 INDIAN FINANCE CURRENCY AND BANKING OPINIONS OF THE PRESS. The book reveals a deep and substantial study of the currency system in India and will amply benefit the reader" The Hindu. 2. The book should prove a useful one as it contains in a concise form the general features of the Indian financial and problem ; should be within the reach of every student of Indian monetary conditions." The Commerce. 3. "The book discusses a number of interesting financial questions and is an indictment of the system of the Presidency Banks." The Madras Times. 4. "Every one interested in the industrial expansion, and economic development of India should consult Mr.Doraiswami's lucid pages The book contains a vast amount of information and some startling instances of the way India's public debt has been incurred Mr. Doraiswami has managed to make an abstruse and some what dull subject inter- esting to the casual lay reader, and no one desirous of lessening his own ignorance on matters which are really of vast impor- tance to any country, should omit to consult this book on Indian Finance, Currency and Banking." The Burma Critic. INDIAN FINANCE Currency and Banking BY ^S. V. DORAISWAMI, B.A. Price Rs. 2-8 PUBLISHED BY S. V. DORAISWAMI, MYLAPORE, MADRAS. 1915 Printed by Ramasawmy Naidu & Son, The Comnjereial; Press, ** Madras,: S'/E.'. PREFACE This book is designed to furnish a description and criticism of the existing currency system in India. I have also dealt with certain subjects which are more or less directly connected with the currency question, such as Banking, the State Bank, the Railway Policy, the Public Debt, etc. Part of this book has appeared in the form of articles in the Modern Review, the East and West, the Commonweal and the Statist (London), and I cordially thank the editors of these periodicals for their permission to reprint the same. The appendices contain the full text of Sir James Bigbie's Note of dissent, summary of the Report of the Royal Commission on Indian Finance and Currency, the evidence, and extracts from the criticisms of the Report by Professor Nicholson and " Asiaticus." A bibliography is also added. The difficulties of the subject are very real to its writer, who has consequently aimed earnestly at clearness, risking platitude and iteration to achieve it. Its shortcomings will be pardoned, by conside- rate readers, on the ground of the limited leisure in which it was written- Mylapore, Madras,) December 1914. ) CONTENTS CHAPTEE I The History of India's Currency Page. Importance of the study of monetary problems The people of India accustomed to a gold currency from time immemorial Silver adopted as the standard of value in India when gold was adopted by England Lord Dalhousie's demonetisation of gold The Herschell Com- mittee The Fowler Committee The Chamberlain Commission Leading Dates and events in the Currency History of India and other countries ... ... 1 CHAPTER II Indian Currency and Finance Indian financial management The Fowler Com- mittee and a Gold currency Treasury opposition to a Gold mint for India Wanted a Real Gold standard The alleged Drain of gold to India The Indian Gold Standard Reserve The Silver Question The Paper Currency Reserve The Cash Balances Council Bills Financial Patronage and the India Office ... ... 20 CHAPTER III The Economic Situation in India and the Financial Question Industrial Development and Monetary problems Currency Reform in England, Germany, Japan etc., The Indian Currency System not conducive to economic pro- gress A twenty-two year review of Indian Finance India and a Gold Standard India's financial condition and British bondholders India's Public Debt., Borrow- ing capacity and Railway Expansion ... ... 39 CHAPTER IV The Principles of Money The Functions of Money Kinds of Money The Qualities of Money The Principles of coinage ... 65 CHAPTER V The Monetry Systems of the Advanced Countaries The scientific single gold standard The limping standard The Gold Exchange standard ... ... 82 CHAPSER VI The Report of the Royal Commission on Indian Finance and Currency 1913-14 Recommendations reactionary The closure of the Indian mints to the free coinage of silver in 1893 Cur- rency Management 1893 1914, The G. S. and P. C. Reserves Report a disappointing document ... 86 Ill CHAPTEE VII The Recent Bank Failures and Banking Legislation The Indian Banking System ... ... 110 CHAPTER VIII The Indian Public Debt., and the Railway Programme Public Debt, and the Railway Programme. The genesis of the Indian Debt. Imperial charges unjustly thrown on India The Home charges and Crown Govern- ment John Stuart Mill's criticism Eight years of Liberal Imperialism ... ... ... ... 120 CHAPTEE IX A State Bank for India Introductory The schemes of Alfred Rothschild, Hambro, Sir Edward Holden The Presidency Banks and the Indian Banking system A Central Bank and its func- tions The scheme of Mr. Lionel Abrahams of the India office The Bank of England, The Bank of France The Imperial Bank of Germany What a State Bank for India should be ... ... ... ... 135 CHAPTER X A Gold Currency for India and the Chamberlain Commission ... 171 APPENDICES Appendix A. Summary of the Report of the Royal Commission on Indian Finance and Currency ... i IV Appendix B. Some Extracts from the Report ... xii Appendix C. Sir James Begbie's Minority Report, xviii Appendix D.~ Summary of the Evidence. xxviii Appendix E. Prof. Nicholson's criticism of the Re- port in the Economic Journal ... ...xlvii Appendix F. India Office Finance by "Asiaticus" in the National Review ... ... ... Ixv Bibliography ... ... ... Ixxvii Indian Finance, Currency & Banking, CHAPTER I. THE HISTORY OF INDIA'S CURRENCY* The importance of the study of monetary problems is not sufficiently realised in this country. To a very great extent our leaders ought to be blamed for this apathy and indifference. There is a tendency to look upon these questions as a matter fit only for the specialists and not for the politicians. It should be observed that no great statesman made his mark in public life without a deep study of financial questions. Pitt, Sir Robert Peel and Gladstone, the greatest Prime Ministers of the 18th and 19th centuries, won their laurels as masters of finance. Bismark was as great a financier as a politician. In our own country Mr. Dadhabai Naoroji and the late Mr. R.C. Dutt, our greatest publicists, made a systematic study of our financial questions. In the present generation our politicians, with the solitary exception of Mr. Gokhale, have not made any systematic study of, or given any attention to, -financial questions. This is a weak spot in the Swadeshi programme. Banking should be the basis of industrial and economic progress. Germany and Japan, the countries that have made the greatest economic and industrial progress in recent times, first put their currency and finances on a stable and automatic basis * A lecture delivered at the Kellett Hall, under the presidency of the Hon'ble Mr. Justice T. V. Seshagiri Aiyar. before building up their tariff system and industrialism. The Franco- German war was fought in 1870 and in 1871. Bismark, with the proceeds of the war indemnity extract- ed from France, adopted a gold standard, established the Imperial Bank of Germany and laid the foundations of German Industrial progress. In European and American countries there is a vast number of able minds at work on their financial problems. Mr. Bagehot says : "There never was since the world began so high and massive a brain power applied to any one question as is applied to these questions in England." I do not propose to-day to deal exhaustively with the present problems of currency and finance that are agitating the public mind and which formed the subject of the two Parliamentary debates in November 1912 and February 1913. I shall give a brief sketch of the history of Indian currency from the earliest times. The assertion that India has had nothing but a silver coinage from time immemorial (constantly made by ill-informed and interested critics), and that it is not possible to change the inveterate habits of a people, is utterly erroneous. That the people of India have used gold money from time immemorial, preferring gold to silver as currency, is an historical fact beyond dispute. There was no silver money in South India till 1818, when the East India Company forced the silver rupee upon the people for the first time against their will. In 1835 the silver rupee was declared to be the only legal tender throughout India, while gold coins were allowed to circulate at their market value and received in the Government Treasuries for public dues. In 1853, Lord Dalhousie demonetised the whole gold currency of India. It was reserved for the British to accord silver the present dominant position it now holds in the currency. During the centuries of the Gupta and Kushan domi- nations large issues of gold coins were struck, specimens of which still exist in hundreds. The early Pandya and Chola coinage consisted exclusively of gold, with tiger and fish emblems. During the predominance of the Chalukya dynasty several forms of gold pagodas were issued some bearing the designs of conch and discus and some of the god Vishnu on them. When Hyder Ali of Mysore conquered the Polygars, he issued gold pagodas with the picture of Parvathi and Siva on one side and his initials on the other. In North India the Hindu coinage consisted exclusively of gold. It was the Pathan Kings, who issued the gold mohur and the silver rupee together. Akbar issued a splendid coinage in gold and silver, and Jehangir issued the remarkable zodiacal gold mohurs and silver rupees as well as those famous bacchanalian gold mohurs, on which he is represented as holding the winecup.
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