PREFACE

In the following pages I have attempted an exposition of the eventsleading to the establishment of the exchange standard and anexamination of its theoretical basis.

In endeavouring to treat the historical side of the matter I havecarefully avoided repeating what has already been said by others. Forinstance, in treating of the actual working of the exchange standard Ihave contented myself with a general treatment just sufficientlydetailed to enable the reader to follow the criticism I have offered.If more details are desired they are given in all their amplitude inother treatises. To have reproduced them would have been a work ofsupererogation; besides it would have only obscured the general trendof my argument. But in other respects I have been obliged to take awider historical sweep than has been done by other writers. Theexisting treatises on Indian currency do not give any idea, at leastan adequate idea, of the circumstances which led to the reformsof 1893. I think that a treatment of the early history is quiteessential to furnish the reader with a perspective in order to enablehim to judge for himself the issues involved in the currency crisisand also of the solutions offered. In view of this I have gone intothat most neglected period of Indian currency extending from 1800 to[pg vi] 1893. Not only have other writers begun abruptly the story ofthe exchange standard, but they have popularised the notion that theexchange standard is the standard originally contemplated by theGovernment of India. I find that this is

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