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Indian Polity; A View of the System of Administration in India

Indian Polity; A View of the System of Administration in India


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1870. Excerpt: ... Hook thirty years; and if the paper currency be well managed, .--.--the augmentation might be made almost wholly in that medium. And if three-fourths of this circulation were covered by a specie reserve, a proportion which even the most cautious financier would probably deem safe, there would remain a profit of twenty-five millions, or nearly a million a year--considerably more than is produced by a moderate income-tax. d'ff'nt While referring to the subject of specie reserves, it authorities may be noticed that the representatives of the two head" currency schools, although looking at the matter from different sides, appear to be agreed in reality upon all essential points. Mr. Wilson proposed that the reserve held by the Currency Department should be at least one-third the-amount of the notes in circulation. Mr. Laing and Lord Halifax, on the other hand, have provided that four millions sterling may be issued in notes, against securities purchased with the proceeds, and that all issues in excess of that amount shall be issued only against specie. But what both parties really looked to was, that the convertibility of the note should be absolutely secured by an adequate reserve. Mr. Wilson expressly disclaimed any intention of working down, at first starting, to a minimum reserve of one-third; and it may fairly be presumed that he would have felt his way cautiously, and have reduced the proportion of the coin reserve only by degrees, as the paper currency extended, and made its way among the population. On the other hand, it may be presumed that the framers of the scheme which has actually been carried out did not intend to maintain the limit of four millions in perpetuity, but were prepared to extend it from time to time by legislative enactment, as circu...


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Product Details
  • ISBN-13: 9781150561276
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 162
  • Spine Width: 9 mm
  • Width: 189 mm
  • ISBN-10: 1150561270
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 299 gr


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