The Indian Silver Currency, Vol. 3

The Indian Silver Currency, Vol. 3

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Excerpt from The Indian Silver Currency, Vol. 3: An Historical and Economic Study

In the discussion about standards, to no country is more attention drawn than to India; and rightly, since the fate of silver is to be decided, above all, in India. But, on this point, there exists in the Indian question considerable confusion, - as in so many parts of the currency question. Many try to veil their lack of clearness under dogmatism; and talk about axioms and elementary propositions of economics, which need no proof.

I have tried to base my conclusions principally upon the official documents which have been published at the initiative of both the English and Indian authorities, without a priori conceptions and in the interest of no economic or political party whatever, - for which one is unfortunately always obliged to give assurance in the discussion of the currency.

It is not consonant with the spirit of a scientific work to introduce into the field of investigation matters which cannot yet be grasped in their entirety, and upon which those closest at hand cannot yet form any judgment. The role of prophet is a thankless one in economics; he who wishes to give himself up to picturing the future stands quite outside of science. For this reason, I determine to investigate in this work the events only up to that point of time - to June 26, 1893 - when the Indian Government closed its mints to the free coinage of silver. Should this investigation contribute somewhat to a clearer understanding of Indian affairs, I shall have accomplished my purpose.

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