MONEY AND CREDIT
151
Year ended March 31
1908 1909 1910 1911 1912
Silver
Rs.
18,55,71,561' 4,41,26,252'^ 3,72,04,862"^ 3,63,68,739-*
11,31, 56,039^
Nickel
Copper
Bronze
Rs.
23,28,500 14,08,500 15,50,000 25,12,500 26,10,000
Rs,
30,045 1,35,338 35,000 50,000 41,891
Rs.
38,39,171
11,03,958
5,98,720
9,45,124
9,25,625
Total
Rs.
19,17,69,276 4,67,74,048 3,93,88,582 3,98,76,363
11,67,33,555
1 Includes Rs. 44,15,021 on account of the manufacture of Britisli dollars.
2 Includes Rs. 1,55,90,338 on account of the manufacture of British dollars.
•> Includes Rs. 1,35,10,675 on account of the manufacture of British dollars, and Rs. 19,38,021 on account of the manufacture often cents and five cents.
4 Includes Rs. 1,26,00,062 on account of the manufacture of British dollars, and Rs. 18,43,564 on account of the manufacture of twenty cents, ten cents, and five cents.
5 Includes Rs. 8,50,23,054 on account of the manufacture of British dollars, and Rs. 57,765 on account of the manufacture of ten cents and 5 cents.
An Act providing for the closing of the Indian Mints to the unrestricted coinage of silver for the public was passed in 1893, Notifications were issued simultaneously providing (1) for the receipt of gold coin and gold bullion at the Mints in exchange for rupees at a ratio of Is. 4c?. per rupee ; (2) for the receipt of sovereigns and half-sovereigns of current weight at treasuries, in payment of Government dues, at the rate of fifteen rupees for a sovereign and seven and a half rupees for a half-sovereign ; and (3) for the issue of currency notes in Calcutta and Bombay in exchange for gold coin or gold bullion at the rate of one Government rupee for Is. id. By a Notification of the 11th September, 1897, sovereigns and half-sovereigns of current weight are also received at the Reserve Treasuries, at the rate of Rs. 15 for the sovereign.
An Act (XXII. of 1899) declared the sovereign legal tender, 15 rupees to the sovereign. It was, however, decided not to coin gold in India ; a pro- posal to coin gold is now under cousideration.
The Coinage Act of 1906 provided for the introduction of a sub.sidiary nickel one-anna piece and the substitution of a bronze currency for the existing copper coins. The coinage of copper was accordingly discontinued with effect from August 1, 1906. The issue of the nickel one-anDa piece was commenced with effect from August 1, 1907.
Since 1900 rupees have been coined as required to meet public demands, the Government purchasing the silver and paying for it mainly with the gold accumulated in the Paper Currency Reserve. The entire profit accruing to Government on the coinage up to March 31, 1907, and half such profit for the years 1907-08 and 1908-09 have been placed to the credit of a separate fund termed the Gold Standard Reserve, with the object of ensuring the stability of the currency policy of Government. Any profit arising from this source in future will be credited entire to the Gold Standard Reserve, until such time as the ^'old and gold securities in the Gold Standard Reserve shall attain to a total of 25 millions sterling.
On July 16, 1861, an Act was passed by the Government of India pro- viding for the issue of a paper currency through a Government department of Public Issue, by means of promissory notes. Circles of issue were established from time to time, as found necessary, and the notes were made legal tender within the circle for which they were issufed, and rendered payable at the place of issue, and also at the capital city of the Presi^eRcy. Subsequent
