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In Search of Stability Economics of Money, History of the Rupee Sashi Sivramkrishna In Search of Stability In Search of Stability Economics of Money, History of the Rupee Sashi Sivramkrishna an informa business ISBN 978-1-138-23481-9 www.routledge.com ,!7IB1D8-cdeibj! IN SEARCH OF STABILITY In Search of Stability Economics of Money, History of the Rupee SASHI SIVRAMKRISHNA First published 2017 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 711 Third Avenue, New York, NY 10017 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2017 Sashi Sivramkrishna and Manohar Publishers & Distributors The right of Sashi Sivramkrishna to be identified as author of this work has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Print edition not for sale in South Asia (India, Sri Lanka, Nepal, Bangladesh, Afghanistan, Pakistan or Bhutan) British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data Catalog record for this book has been requested ISBN: 978-1-138-23481-9 (hbk) ISBN: 978-1-315-27681-6 (ebk) Typeset in Garamond by Kohli Print, Delhi 110 051 For Preeta and Kartikeya Contents List of Boxes, Figures and Tables 10 Preface 17 Introduction 21 PART I : DEVELOPMENT OF MONETARY INSTRUMENTS AND THEIR STABILITY, 1942–c. 1860 1. Currency Money 29 1.1 The Economics of Currency Money 29 1.2 Currency in Medieval India 55 1.3 Currency in Medieval Northern India 62 1.4 Currency in Medieval Southern India 66 1.5 The Collapse of the Medieval Indian Currency System 67 1.6 International Currency Inflows into India 71 1.7 The India Trade and Currency Outflows from England 75 1.8 The Impact of Currency and Bullion Exports on England 78 1.9 The Currency Drain from Bengal 83 1.10 Currency Famine 90 1.11 Salt Currency 96 1.12 Experiments with a Bimetallic Currency System in India 98 1.13 Currency Consolidation 103 1.14 Dalhousie’s Currency Legacy 110 1.15 Towards a Common Currency 116 2. Remittance Money 120 2.1 The Economics of Remittance Money 121 2.2 The Hundi 131 8 Contents 2.3 Facilitating a Crisis 136 2.4 Too Big to Fail 140 3. Commercial Credit 145 3.1 The Economics of Commercial Credit 145 3.2 The Indian Rothschilds 153 3.3 Decline of Indigenous Financiers and Rise 158 of New Credit Instruments 158 3.4 Consolidation, Confidence and Credit 170 3.5 The Abuse of Credit 172 4. Bank Money 185 4.1 The Economics of Bank Money 185 4.2 Modern Banking in the West 191 4.3 The Rise of Modern Banking in India 199 4.4 Forgery and Fraud 205 4.5 Bank Failures 209 5. Paper Currency 213 5.1 The Economics of Paper Currency 213 5.2 Paper Currency in India 218 PART II : EXTERNAL AND INTERNAL STABILITY IN THE VALUE OF THE RUPEE, c. 1860–1971 6. The New Wave of International Economic Integration, 1860–98 239 6.1 The Cotton Famine and the Bombay Bubble 240 6.2 A Golden Opportunity 247 6.3 India and the Emergence of the International Gold Standard 262 6.4 The Abandonment of International Bimetallism 271 6.5 The Decline of Silver and Crisis of the Rupee 280 6.6 The Wynad Gold Rush 293 6.7 Paper Currency and Banking in British India and in the Princely States 296 6.8 The End of the Silver Rupee 303 Contents 9 7. The Gold Standard and the Gold Exchange Standard, 1898–1913 321 7.1 The Economics of International Monetary Standards 322 7.2 The Fowler Committee and the Elusive Gold Standard 341 7.3 Paper Currency under the Gold Exchange Standard 365 7.4 Banking in India under the Gold Exchange Standard 372 8. The First World War, 1914–19 381 8.1 The Rising Price of Silver and the Crisis of the Indian Currency System 381 8.2 A Footnote on the International Monetary System during the Great War 396 9. The Interwar Period, 1920-1939 398 9.1 A Note on the International Monetary System during the Interwar Years 399 9.2 Post-War Currency Instability 405 9.3 The Imperial Bank of India 420 9.4 The Reserve Bank of India 424 10. The Second World War, 1939–45 428 10.1 The Rupee during the Second World War 429 10.2 Currency Abundance and Famine 432 11. The Bretton Woods Era, 1945–71 436 11.1 A Last Attempt at Fixed Exchange Rates 437 11.2 The Indian Rupee under Bretton Woods 449 PART III: EPILOGUE, POST-1971 Epilogue 459 Appendices 1 & 2 466 Bibliography 473 Index 483 List of Boxes, Figures and Tables BOXES 1.1 A Satirical Poem, 1698 81 1.2 Robert Clive’s Loot of Bengal 84 1.3 The Loot of Bengal and the Industrial Revolution 87 1.4 Salt Money in Bengal 98 1.5 Proclamation on India’s Monometallic Silver Rupee 110 1.6 Notification on the Termination of Gold Currency in India in 1853 114 1.7 Lord Dalhousie’s Financial Blunder 116 1.8 The Benefits of a Common Currency 117 1.9 The Physical Capacity of the Mint 119 2.1 A Typical Hundi 133 2.2 The Ruin of Bengal’s Exports 139 3.1 The Decline in India Trade in the Beginning of the Nineteenth Century 169 3.2 Silver Currency Crunch c. 1800 171 4.1 Banking and the Industrial Revolution 198 4.2 Sample of Bank Note 202 4.3 A Bank’s Issue Over Ink and Copper 206 4.4 One of the Earliest Western Style Banks Introduced in India 208 5.1 Bubbles for Children and Men 224 6.1 Charles Dickens’ Account of the Cotton Bubble 243 6.2 The Bursting of the Bombay Bubble 246 6.3 The Benefits of Gold Currency for India 251 6.4 The Latin Monetary Union and the Transition to a Gold Standard 266 6.5 The West and the East 269 6.6 The Devastation of Pandalur and Devala 295 6.7 Council Bills or Drafts 315 7.1 Against the Rules of the Gold Exchange Standard Game 358 7.2 The Silver Scam 363 9.1 Balance sheet of the Reserve Bank of India 426 List of Figures 11 FIGURES 1.1 The Falling Relative Price of Nails as Currency Money 37 1.2 The Steadily Rising Relative Price of Gold as 38 Currency Money 1.3 Exchange Ratio Fluctuations under a Parallel Standard 47 1.4 Exchange Ratio Fluctuations under a Bimetallic Standard 49 1.5 Flow of Metal to Mint and Market with Overvaluation of Gold and Undervaluation of Silver Under a Bimetallic Standard 92 1.6 Liquidity in the Pre-diwani System 93 1.7 Reduced Net Inflow of Liquidity Post-diwani 93 1.8 Flow of Metal to Mint and Market with Overvaluation of Gold and Undervaluation of Silver under a Bimetallic Standard 101 1.9 Flow of Metal to Mint and Market with of Undervaluation Gold and Overvaluation of Silver under a Bimetallic Standard 103 2.1 International Exchange with Bullion Flows, Without the Use of Bills of Exchange 123 2.2 B/E Settlement Without a Market or Bank-brokers 124 2.3 Market for B/E on London in Calcutta 125 2.4 Market for B/E on Calcutta in London 126 2.5 Demand and Supply for B/E on London in Calcutta 127 2.6 Gold Export and Import Points in the B/E on London Market 128 2.7 Gold Export and Import Points in the B/E on Calcutta Market 129 2.8 Bills of Exchange Markets with Broker-bank Intermediation (Commissions, Fees, etc. not included) 130 2.9 The Basic Mechanism of the Hundi 131 2.10 Use of Government Bills and Hundi by British Merchants to Transmit Funds Across India 135 2.11 The Remittance Economy Using Bills of Exchange 137 2.12 Remittances from India through China Trade 138 3.1 The Basic Mechanism of Credit Through use of Bills of Exchange 146 3.2 The Transaction Sequence of Exchange Without Bills of exchange 147 3.3 Bills of Exchange as an Instrument of Credit 147 12 List of Figures 3.4 Bills of Exchange as Purely an Instrument of Credit 148 3.5 The Basic Bill of Exchange Transaction to Raise Credit 150 3.6 The Market for Bills of Exchange Drawn on Calcutta 159 3.7 The Market for Bills of Exchange Drawn on London 161 3.8 The Market for Bills of Exchange Drawn on Surat 168 3.9 Remittance by the East India Company Through Bills of Exchange and Credit 175 3.10 The Depreciation of the Rupee Beyond the Gold Export Point 177 3.11 The Appreciation of the Rupee Beyond the Gold Import Point 178 3.12 The Artificially High Rupee Hurt the Indian Exporter 179 3.13 Financialization of Trade Using Credit Through Bills of Exchange 181 3.14 Another Scheme that Led to Financialization of Trade Using Bills of Exchange as an Instrument 183 4.1 The Credit System with the Bank as a Dealer in Commercial Debt 189 4.2 The Emergence of the Modern Banking System 202 4.3 The Union Bank Crisis that Arose from the use of Bank Post-bills 211 4.4 The Exchange Business of Union Bank 212 5.1 Issue of Bank Notes 223 6.1 India’s Growing Raw Cotton Exports 241 6.2 Coinage of Silver in India (£) 249 6.3 India’s Debt in England (£) 251 6.4 Goods and Money Flows between England, India and Australia with India on (a) Silver Currency and (b) on a Gold Currency 254 6.5 World Output and Indian Imports of Gold and Silver 264 6.6 World Output of Gold and India’s Total Imports of Gold if Silver were to be Replaced by Gold 264 6.7 Gold/Silver Price Ratio 272 6.8 A Graphical Representation of International Bimetallism 274 6.9 Gresham’s Law in Operation with International Bimetallism 275 6.10 Gold–Silver Ratio, 1851–67 276 6.11 Gold Price Index of Commodities and Silver 284 6.12 Rs./£ (d) Exchange Rate, 1835–6 to 1914–15 285
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