MR. LUARD.-The Bombay Telegraph and Courier states, that Mr. Luard is to be compelled to retire from the service on his pension. GUZERAT SCINDE RAILWAY.-A prospectus has been received at Bombay, of a "Guzerat and Scinde Railway." Its objects are,-1st. To open out a land communication with Bombay for the produce of the very rich zillah of Kaira and Ahmedabad, in supersession of that by Cambay, only available at spring tides. 2nd. To open out a communication with the port of Gogo, for the produce of the salt-pans of Jinjoowarra and Patree, and the immense cotton-producing country comprised in the Ahmedabad zillah, the territories of the rajahs of Wudwan and Limree, and the eastern portion of Kattiawar. 3rd. To open out, in connection with the Bombay and Agra line, already approved of by the Court of Directors, a direct line of communication with Bombay, between the above countries and also Scinde, during the period of the year all communication by sea is closed." The capital required will be two millions sterling. GOVERNMENT GENERAL ORDERS. OFFICERS' ALLOWANCES. Head-Quarters, Bombay, Feb. 20, 1854.-With reference to the regulation and order marginally noted,* the Right Hon. the Governor in Council has been pleased to rule that an officer absent on duty which gives him command allowance for one company, cannot draw allowance for a second company with the headquarters of his regiment. MAJOR JACOB'S REMARKS ON NATIVE TROOPS. Head-Quarters, Bombay, Feb. 11, 1854.-1. The attention of the Commander-in-Chief having been drawn to a paper headed "Remarks on the Native Troops of the Indian Army," under the signature of "John Jacob," which appeared in the Bombay Times newspaper of the 30th ultimo and the 1st instant, and contains observations and statements of a most objectionable nature, relative to the organization, discipline, and order of the native army, his Excellency feels himself called upon to express his marked disapprobation of the way in which Major Jacob has chosen to make his opinion known to the public. All officers have a perfect right to form opinions on the organization and order of the army they may have the honour to serve in; but they are not to publish their opinions in their official capacity. Major Jacob had full permission to make any suggestions he might have conceived would have been for the benefit of the army, to the Commander-in-Chief, and indeed he was called upon to do so by the General Order, No. 1, dated 1st June last. He had no right, therefore, to reflect upon and censure nearly every rule, regulation, and order framed by his superiors for the administration of justice and discipline, and for the well-being of the Bombay army-conduct, to say the least of it, most unmilitary, and tending to sow discontent in the native ranks, and thereby greatly wound the discipline of the native corps. Grieved as his Excellency is to have been obliged to make the foregoing remarks, his Lordship is still more so in having to censure Major Jacob for pointedly using the words "the refuse," as applicable to the regimental officers, an expression as unfounded in justice as it is insulting to that most excellent, hard-working portion of the army, composed, as it is, of officers full of zeal and assiduity, and whose thoughts and wishes are to do their duty. To these soldier-like sentiments and feelings of the officers doing duty with their corps, the Com.-in-Chief can fully testify, his Lordship having had the honour to have made the personal acquaintance of a large proportion of them within the last year; and a more gentlemanlike, zealous, hard-working set of officers does not exist. The Com.-in-Chief deeply laments being forced to observe that the conduct now so strongly condemned, emanated from one who has received (most justly) honours from his Sovereign, and the approbation of the Government he has the honour and good fortune to serve. By order of His Excellency the Com.-in-Ch., H. HANCOCK, Lieut.-Col., CIVIL. APPOINTMENTS, &c. ATKINSON, G. A. to be supern. asst. to supt. rev. surv. and assess. BLANE, Hon. D. A. res. H.C.'s civ. serv. fr. Feb. 28. ROSE, J. W. to act as coll. and mag. of Dharwar, dur. abs. of J. S. Law. TYTLER, C. E. F. act. sub. coll. of Colaba, assu. ch. of du. to be 1st asst. coll. and mag. of Dharwar, Feb. 15. LEAVE OF ABSENCE. ELLIOT, G. W. to May, next pres. RICHARDSON, A. St. J. 2 mo. to Egypt. ECCLESIASTICAL. APPOINTMENTS, &c. COTES, Rev. D. H. leave cancelled. FLETCHER, Rev. W. K. sen. chapl. of Kurrachee, to be act. sen. chapl. at Poona dur. abs. of Rev. J. N. Allen. KEAYS, Ven. Archd. to be chapl. of Malcolm, Peth, and Sattara, until monsoon. MCKEE, Rev. J. to be a reg. of marriages at Surat. MILITARY. APPOINTMENTS, &c. ANDERSON, Ens. R. B. posted to 1st Eur. fus. to rank fr. Nov. 15. ANDERSON, Capt. 1st L.C. to act as qr. mr. ASHE, Ens. E. H. posted to 8th N.I. to rank fr. Nov. 15. BANNERMAN, Ens. C. B. posted to 1st N.I. to rank fr. Nov. 15. BARR, Capt. pres. paymr. res. ch. of office. BARTHOLOMEW, Ens. F. P. posted to 28th N.I. to rank fr. BLOOD, Lieut. col. R. fr. 17th to 12th N.I. FORBES, Capt. J. 3rd L.C. ret. to duty. FORBES, Ens. J. P. 20th N.I. tr. to 3rd N.I. as 3rd ens. FORTEATH, Ens. F. P. posted to 12th N.I. to rank fr. Nov. 15. FRASER, Ens. T. L. posted to 14th N.I. to rank fr. Nov. 15. GALLOWAY, Ens. J. posted to 13th N.I. to rank fr. Nov. 15. GARDYNE, Ens. E. B. posted to 2nd Eur. L.I. to rank fr. Nov. 15. GILLESPIE, Ens. W. A. posted to 2nd Eur. regt. to rank fr. Nov. 15. GRANT, Ens. G. C. posted to 6th N.I. to rank fr. Nov. 15. HALL, Lieut. 4th N.I. att. to do du. with drill detach. at Poona, v. Lieut. Knight, relieved. HAMERTON, Maj. A. ag. and consul, Zanzibar, to be a regr. of marriages at that place. HATCH, Lieut. W. S. art. fr. 2nd to 1st batt. to com. 2nd comp. and No. 3 lt. field battery. HOTCHKIS, Ens. R. J. posted to 12th N.I. to rank fr. Nov. 15. KNIGHT, Lieut. T. 16th N.I. to proc. fr. Poona, and rejoin regt. at pres. LANE, Ens. W. M. posted to 6th N.I. to rank fr. Nov. 15. LOCH, Lieut. C. 1st L.C. to act as adj. LOCKETT, Ens. R. C. 2nd Eur. reg. tr. to 1st N.I. as 3rd ens. LONGBORNE, Lieut. G. to be adj. 21st N.I. fr. Dec. 30, 1853, v. Laurie, prom. LYE, Capt. W. H. C. 13th N.I. ret. to duty. LYONS, Ens. G. M. posted to 24th N.I. to rank fr. Nov. 15. MACKINTOSH, Ens. J. E. A. posted to 3rd Eur. reg. to rank fr. Nov. 15. MARK, Lieut. to act as qu. mr. to 4th batt. art. dur. abs. of Graham. MAXWELL, Lieut. 14th N.I. attach. to 15th N.I. to be line adj. at MAYNE, Cornet A. G. att. to do duty with 1st L.C. OUTRAM, Lieut. col. J. 11th N.I. to be res. at Baroda. REID, Ens. A. T. passed to 10th N.I. to rank fr. Nov. 15; passed ex. in vern. lang. Feb. 20. RICHARDSON, Ens. L. B. posted to 28th N.I. to rank fr. Nov. 15. ROSE, Ens. A. posted to 8th N. I. to rank fr. Nov. 15. STRONG, Ens. T. E. att. to do. du. with 13th N.I. at pres. to join. TRAGETT, Ens. R. T. posted to 26th N.I. to rank fr. Nov. 15. WATTS, Ens. J. G. posted to 9th N.I. to rank fr. Nov. 15. WILKINSON, Ens. H. E. posted to 1st Eur. fus. to rank fr. WATSON, Ens. R. G. posted to 2nd Eur. L.I. to rank fr. Nov. 15. WHITEHELL, Ens. S. J. 26th N.I. passed exam. in vernac. lang. posted to 29th N.I. to rank fr. Nov. 15. YOUNG, Ens. D. B. 25th N.I. to be lieut. fr. Feb. 8, v. Pitcairn, d. YOUNGHUSBAND, Ens. G. A. P. 13th N.I. pl. at disp. of govt. of India. DANVERS, Ens. A. F. 5th N.L.I. March 15 to May 31. MEDICAL. APPOINTMENTS, &c. BAIN, Assist. surg. relieved fr. doing duty in the Indian navy. BARNETT, Asst. surg. to continue in med. ch. of 3rd comp. 2nd batt. art. on march to pres. CARTER, Asst. surg, to act as civ. oculist fr. Dec. 26 last. GRIERSON, Surg. to act as civ. surg. at Kurrachee, v. Beatty. HUNTER, Asst. surg. 26th N.I. to do du. of civ. surg. at Ahmednuggur, du. abs. of Asst. surg. Wyllie. HYSLOP, Asst. surg, J. M. to be a regr. of marriages in Turkish Arabia. M'ALISTER, Asst. surg. J. to be a regr. of marriages in Persian Gulf. PEELE, Asst. surg. R. to be surg. to Rt. Hon. the Govr. fr. Dec. 26 last. PELLY, Asst. surg. to aff. med. aid to detach. of 22nd N.I. at Ross, Asst. surg. rec. arr. alt. to 3rd Eur. regt. at Poona, to join. WILLIAMS, Asst. surg.p laced at disp. of C.-in-C. of Indian navy. ADMITTED TO THE SERVICE.-ARRIVED AT THE DATE SPECIFIED. THORP, R. C. M.D. Feb. 6. LEAVE OF ABSENCE. ATKINSON, Surg. J. J. 2 years to Cape of Good Hope and sea, on m.c. TRESTRAIL, Asst. surg. from Feb. 18 to March 17, to Nassick, m.c. WYLLIE, Asst. surg. civ. surg. at Ahmednuggur, fr. Feb. 18 to March 8. MARINE DEPARTMENT. BAIN, Assist. surg. rel. fr. duty in the I.N. Feb. 14. LE MESSURIER, Mids. H. fr. the Palinurus to the Acbar, Feb. 14. TAYLOR, Mate, fr. the Hastings to the Constance, Feb. 14. TEMPLER, Mids. fr. the Constance to the Hastings, Feb. 14. WELSH, Assist. surg. to ch. of gen. hospital at Steamer Point, Aden, Feb. 13. WILLIAMS, Assist. surg. pl. at disp. of C.-in-C. of I.N. for duty. DOMESTIC. BIRTHS. CHAMBERLAIN, wife of Lieut. C. d. at Ahmednuggur, Feb. 14. ETHERIDGE, wife of Alfred, 3rd Eur. regt. d. at Belgaum, Feb. 18 RICHARDS, the lady of Capt. R. 3rd N.I. d. at Poona, Feb. 20. MARRIAGES. FURNEAUX, Capt. W. S. 1st Eur. regt. to Diana H. d. of John Warden, at Bombay, Feb. 22. MAIDMENT, W. P. to A. C. Barnes, at Bombay, Feb. 25. DEATHS. CONYBEARE, inf. d. of F. at Ahmedabad, Feb. 11. JONES, Maria B. d. of Lieut. W. S. 22nd N.I. at Bombay, Feb. 12. SHIPPING. ARRIVALS. FEB. 12. Glendaragh, Smith, Singapore.-14. Steamer Bombay, Beyts, Kurrachee.-15. Roscoe, Clements, Aden.-17. Steamer Ganges, Baker, Hong-Kong, Singapore, Penang, and Galle.-18. Cathaya, Winder, London.-21. Norton, Bristone, Aden; Royal Sovereign, Hanney, Aden; Courser, Wilson, Port Phillip; H.C.'s steamer Semiramis, Frushard, Aden.-23. Jamsetjee Jejeebhoy, Fitzmaurice, Whampoa.-24. Steamer Victoria, Menesse, Kurrachee.-25. Captain, Danford, Cape of Good Hope; Margaret, Bourdaise, Point de Galle; Victoria, Alfred Smith, Singapore. PASSENGERS ARRIVED. Per steamer Ganges (Feb. 15), from HONG-KONG, &c.-Capt. and Mrs. Cowell, Mr. Wm. Boate, Dr. Goodall, Mrs. Hudson, Maj. Lloyd, Mr. Mabson, Mr. Yuill, Capt. Hunt, 61st regt. ; and Shaik Abdool Razaik. Per steamer Bombay (Feb. 14), from KURRACHEE.-Mrs. Gordon, Lieut. Clarke, Deut. Baumgartner, H.M.'s 83rd regt. ; Capt. Hicks, 27th regt.; Capt. Watch; Lieut. York, 3rd regt. ; and Mrs. Smith and family. Per Suffinatool Jaffer, from MAURITIUS.-Mr. and Mrs. Cheyne. Per steamer Semiramis (Feb. 21), from ADEN.-Mrs. Moyle, Mrs. Watt, Mrs. Watt, jun. ; Miss Morris, Miss Tristram, J. G. Lumsden, Esq.; R. Westropp, Esq.; Rev. W. Strickland, G. W. Anderson, Esq.; Lieut. Burton, Assist. surg. Hewlett, Messrs. Lumsden, D. T. Robertson, J. Fleming, Gould, T. R. Watt, R. L. Campbell, C. J. Turnbull, Beddorne, nnd Baker. Per Royal Sovereign (Feb. 21), from ADEN.-Paul Halberg and John Jojiva. Per Jamsetjee Jejeebhoy (Feb. 23), from WHAMPOA.-Jamsetjee Bazonjee, Bomonjee Muncherjee, and Sorabjee Bhickajee. Per steamer Victoria (Feb. 14), from KURRACHEE.-Capt. Redmond, H.M.'s 61st regt.; Lieut. Jones, 60th Rifles; Rev. Mr. Fletcher, Lieut. Steward, H.M.'s 63rd; Dr. Buist, H.M.'s 83rd; Lieut. and Mrs. Burke, 22nd regt. with 5 children; John Ross, Esq.; Mrs. Hopkins and 3 children, Mrs. Cape and 6 children, and J. Treacher, Esq. Per Captain (Feb. 25), from CAPE OF GOOD HOPE.-Mrs. Danford. DEPARTURES. FEB. 14. Steamer Victoria, Menesse, Karrachee; Charles, Campbell, Liverpool.-15. Rajasthan, Cameron, Kurrachee and London.-16. Steamer Singapore, Rogers, Galle, Penang, Singapore, and Hong Kong; Constance, Stradling, Persian Gulf; Prince Arthur, Sutherland, China; steamer Acbar, Balfour, Persian Gulf.-17. Steamer Auckland, MacDonald, Kurrachee; Alvira, Graham, Akyab.-18. Primula, Collins, London; steamer Bombay, Beyts, Kurrachce.-25. Mahomed Samdany, Butler, Mauritius. PASSENGERS DEPARted. Per Victoria (Feb. 14) to KURRACHEE.-Mrs. H. J. Irwin. Per Charles (Feb. 14) to LIVERPOOL.-Mrs. Mein and child, Mrs. Rapton and 2 children. Per Rajasthan (Feb. 15) to KURRACHEE and LONDON.-Mr. and Mrs. Connon, Mrs. Weaver and 2 children, Mr. Scott, Dr., Mrs. and Miss Thorp. Per steamer Singapore (Feb. 16) to GALLE, &c. For POINT DE GALLE.Lieut. Wilde, Quartermaster Wall, H.M.'s 61st regt.; Capt. and Mrs. Amslie and 3 children, Lieut. Malden, Mrs. Reynolds and 2 children, Mr. and Mrs. Cohen, Dr. and Mrs. Atkinson, Mrs. Ross and infant. For HONG-KONG.-R. D. Sassoon, Esq. and 1 servant; Cooverjee Bomonjee, A. D. Sassoon, Esq. For MADRAS.-Mr. Johnstone. For CALCUTTA.Ezkiel Joslina, Esq.; Miss Newton. For SINGAPORE.-Col. Long. HONG-KONG.-Menasseh Ezekiel, Joseph Isaac. For Per steamer Bombay (Feb. 18) to KURRACHEE.-P. M. Dalzel, Esq. Mrs. Dalzel, and 2 children; Mrs. Hudson, Capt. Hunt. Per Henbury (Feb. 3), to LONDON.-Mr. John Church. Per steamer Lady Mary Wood.-Mr. and Mrs. Curven, and Mr. Bowman. Per Cadiz (Feb. 11), for SOUTHAMPTON.-Mr. and Mrs. W. Hargreaves and child, and Messrs. Levy sohn, Wiltshire, and Bateson. For MARSEILLES. Mr. and Mrs. T. J. Gibb. For SUEZ.-Mr. George Moul. For BOMBAY.-Rustomjee Byramjee, M. Pestonjee, and Mr. Sillar. For POINT DE GALLE.-Mr. A. Viegas. COMMERCIAL. China, Feb. 11, 1854. EXCHANGES AND BULLION. On England, first-class Bills, 4s. 11d. to 5s. 04d. On India Company's Accepted, Rs. 270. FREIGHTS. To England, £5. 15s. To the United States, 22 dolls. IMPORTS (Canton, Feb. 9).-Yarn is held for higher prices. Long Cloths.-The same remarks apply, holders declining to sell except at an advance on quotations. **Should any delay or irregularity occur in supplying this paper, a communication of the fact to the Publishers will insure a remedy. ALLEN'S INDIAN MAIL, LONDON, THURSDAY, March 30, 1854. THE GOLD QUESTION IN INDIA. THE facts and statements bearing on this question, which were given in our last number, are extracted from an official paper laid before the Government of India in the year 1837, by the financial secretary of that day, who with his brother, then assay master at Calcutta, and secretary of the Mint Committee, was the chief projector of the changes of currency adopted in 1835, and whose duty it was to watch and superintend the execution of the measures taken to carry those changes into effect. Strongly as these two public officers urged upon the Government the expediency of reverting to a pure standard for the gold coin of India, they could only procure from Lord Auckland, who was then Governor-General, a cold assent to a reference of the question to the Court of Directors. His lordship had formerly been master of the Royal Mint of England, and was at the time, therefore, strongly preju diced in favour of the British standard; he had naturally also a high reverence for the great names upon whose authority that standard had been fixed. In the Council of India, too, there was at that juncture a Madras member, Col. Morison, who, because the alloy standard gold coin obtained currency and circulation as money in that presidency, for some time after the pure gold of Bengal had entirely disappeared from all payments, considered that as a strong reason for continuing its issue, and for permanently preferring it to the purer coin. The reason for its longer circulation was manifest: the gold, which as pure coin would have borne an agio beyond the relative value of 15 to 1,-sufficient to prevent its being ever used for payments at par,-was depreciated by the addition of alloy, so as to bear a price nearer to that relative value, and to be occasionally used even at par for such payments. But this circulation of impure gold coin was an affair of more than ten years' antecedent date; for it was well known that all the gold coin in circulation at Madras, whether pagodas or hoons, or low-standard gold rupees, had been used for remittance to Europe between the years 1820 and 1827, until the whole had disappeared. Indeed, as stated in the paper cited, the Government had, as far back as in 1825, caused a considerable amount of gold coin and bullion, received in the treasuries of the Madras presidency, to be sent up to Calcutta, to be converted there into pure standard gold mohurs, for the sake of the profit at which the coin of that description was sold in that city. He was But although this indifference of the Governor-General led to the question being submitted to the Court of Directors in 1837, with no very strong recommendation from the Government of that day, the opinion of Lord Auckland was very much changed before a year had elapsed; for being then engaged in the Affghan war, and desirous, therefore, to have large bullion resources available for his purposes in the north-west, he cast his eye on the gold in deposit at the mint and treasury of Calcutta, and asked for it to be sent up, to be used as a war resource. induced to this by learning that gold was at a high premium in the Punjab. When, however, his first supply of lion-stamped gold mohurs of the alloy standard arrived in Upper Hindostan, he found they could not be disposed. of, except at a very considerable loss, the debased gold coin being actually unsaleable at the par rate to silver of 15 to 1. Upon this he wrote to the secretary at Calcutta that he had become convinced that he and the Mint Committee there were right in recommending a return to the pure standard, and Lord Auckland expressed regret that he had not more strongly urged its adoption on the Court of Directors. Having, however, been thus coldly referred by the Government of India in 1837, we cannot wonder at the Court refusing to sanction any change. The Court said, in reply, that the new standard gold mohur had scarcely reached any of the districts of Bengal in 1837, or of the North-West Provinces; which was undoubtedly true, for more than 10,000 pieces had not then been struck. The Court argued, therefore, "that it was only in a few instances that it could be said that a preference existed for pure gold, or for that which was nearly pure." They thought also that the preference, where manifested, must be an effect of some shroff combinations, and they re * This despatch was dated 28th October, 1840. marked on the want of firmness in the Government, which, after introducing by law the alloy standard in 1818, had nevertheless continued for some years afterwards a coinage of pure gold mohurs; that is to say, in 1825 for Government account, and from 1829 to 1835 for individuals, as already stated. Owing to these circumstances, the Court said they were not surprised that the prejudice, where it existed, was not eradicated. They expressed a hope that it was giving way, and considered twenty years as a proper period to be allowed to expire before they should be asked to give up the attempt to make the gold coin of India conform with that of Great Britain; a measure to which they attached importance. Consequently, as no such prejudice for pure coin was reported to exist at either Madras or Bombay, and it would be preposterous, as every one must admit, to have one standard for Bengal and another for those presidencies, the Court refused to sanction any departure whatsoever from the law of 1835, which prescribed the alloy standard for both gold and silver coin, and prohibited the striking of any other. There was another question submitted on the same occasion by the Government of India, at the suggestion of the same public officers, viz., the propriety of reducing the seignorage upon gold from two to one per cent., under the hope that the lower rate of charge might induce a larger production of gold for conversion into coin. This recommendation was based on the argument that of the two per cent. charged on silver, one half, or one rupee, was the actual cost of converting the metal into coin; therefore the Government tax or duty on that metal was in fact only one per cent. But one hundred gold pieces could be struck at the same charge of one rupee as the silver, therefore the duty on gold was double that on silver, less; and if the pure coinage was restored, that might be set against the charge of refining, which the bullion-merchant must bear. The Court of Directors were not disposed to listen to the arguments in favour of this measure, but the Government of India soon after adopted it upon its own responsibility, and the Court were compelled reluctantly to confirm it experimentally. To pursue, however, the subject of the relative merit of the pure or impure standard for a gold coin. The Government of India again brought the matter before the Court, in replying to the despatch above cited, and on the 3rd September, 1845, the Court repeated its prohibition to make any change, stating it as their "fixed determination to allow of no departure from that established." No evidence of loss sustained by the Government, nor of inconvenience felt by the community, could move those who influenced the counsels of the Court at this time, to believe that they had committed an error in adopting for India the base standard of the gold coinage of England. Again, in 1848, the Mint Committee of Calcutta, in reporting on the effect of the reduction of seignorage upon gold, stated that this advantage had produced no permanent benefit in inducing bullion-merchants to bring their gold to the Calcutta mint for coinage, in consequence of their continued reluctance to have their metal converted into debased standard coin, which only it was now lawful to strike. The Court, at the end of the same year, repeated in reply their old often-refuted arguments for retaining the base standard. They wrote thus: "Admitting the probability that the opinion of the committee is correct, we are not disposed to sanction any experiment for testing its accuracy; because we do not think the alteration of the standard of gold coin would be attended with any practical result!! There can be no doubt of the fact, that the pure gold mohur was preferred by the native community; but we believe the preference to have arisen, not from the utility of the gold coin as a medium of circulation, but because, for the purpose of hoarding, and for conversion into ornamental jewellery, its purity caused it to be highly valued by the wealthy class of natives." This reasoning would seem to imply that the Court preferred the inferior standard coin because it was better adapted for money purposes, and because it would cocirculate better with silver at the then relative value of the two metals. To effect this object, they were prepared to require bullion-merchants to bring their gold to be made less valuable in the shape of coin than as pure metal. Whether this was wise or not, is one question; but there is here an argument that is intelligible, though unsound. The same despatch, however, proceeds :-" There is, moreover, no necessity for change. The absence of a gold coinage does not appear to create any inconvenience; and supposing difficulty to result from this cause, we apprehend that it would speedily be obviated, since gold would then naturally be brought to the mint [i.e. to take a relative value to silver of 15 to 1, when in the market it bore a relative value of at least 15, but more generally 16 to 1, and in the pure state 17 to 1], and the demand for this currency would immediately call forth an abundant supply." The Court, be it observed, wrote this thirteen years after the Act had passed which deprived gold coin of the privilege of being a legal tender, and brought it back to the condition in which it had been struck and issued by Akbar; that is, as a coin to be circulated at the value it might bear in the market, and which the treasury might receive or not at a price fixed by Government, according to the convenience of the State and the uses to which it might be desired to apply it. If it was wise to bring gold coin in India to this condition, in which it would not be money with a fixed value, where was the necessity for making sacrifices, and requiring bullion-merchants also to make sacrifices, in order to lower the value of this gold coin, and bring it to circulate at a rate nearer to the fixed rate of 15 to 1, than the metal itself intrinsically bore in the market? That Government did make sacrifices will be evident from the following statement of gold coinage at Calcutta since September, 1835, when the coinage of pure gold pieces ceased. From May to September of that year there was, as above stated, a value of Rs. 10,24,032 struck and isued in pure gold pieces, in the remainder of the year 1835-36 only Rs. 98,477. Rs. 12,17,820 6,25,500 The above is a statement of the actual coinage in Calcutta of lion-device gold mohurs. It shows that in seventeen years a value of Rs. 73,53,356 was struck, giving an average of only Rs. 4,31,962 per annum. Between 1829-30 and 1834-35 the coinage of pure gold pieces represented a value of Rs. 1,14,55,936, giving an average of Rs. 19,09,342 per annum. But the coinage is not the test of the Government sacrifice by not coining in a shape to increase the value of the gold metal, for it includes both Government gold and private gold. We have obtained a statement of the deliveries of private gold into the Calcutta mint for coinage carried back to the year 1829, when permission was given to convert it into pure gold pieces. A mere glance over this statement will be sufficient to show the loss of seignorage sustained by stopping the coinage of pure gold pieces. An increased receipt of gold will be remarked in the four years from 1837-38 to 1840-41, in consequence of, or rather coincidently with the reduction of seignorage. At this period, from some cause that was never sufficiently traced, gold came to bear a lower relative value to silver than was usual in India; and the deliveries of this metal were, in fact, sales of it to Government at the price of 15 of silver for 1 of gold, the mint certificates having almost universally been paid into the Government treasuries at that par, instead of the lion-device gold mohurs being claimed for them by the bullion-merchants. It was this gold that was used for the remittances made, by Lord Auckland's order, to the north-west. It is right that against these sales of gold to Government should be set the quantities of gold imported into Calcutta in the same years, the whole, or much the greater part of which, would assuredly have been sent for coinage, if the Government had continued to give the metal the increased value attaching to a pure coin. We have added this statement to prevent its being supposed that the cessation of coinage on private account was in any way owing to a short supply of the metal. It will be seen that the years of smallest coinage were by no means those of least importation, and in fact, in consequence of the practice of the treasury of Calcutta, which received mint-certificates at the par of Rs. 15 for the lion-device gold mohur in payments for opium and salt, the whole of the gold received in the mint for coinage represents only sales of that metal at that established rate. 1833-34 27,18,436 |