clear view of the whole subject as far as
India is concerned.

The origin of the movement in India with reference to the introduction of
a gold standard and forcing up the gold value of the rupee is shortly, and
I believe very accurately, stated by Sir Frank Forbes Adam in his evidence
given before the Currency Committee; and on November 26th, 1892, he told
the Committee that "Though there is undoubtedly dissatisfaction existing
among a certain number of those carrying on foreign trade, really the
origin of the movement and its true force proceed from the servants of
Government." Of this, I think, there can be no doubt whatever; and it is
important to remember that this movement did not originate with the
people, or planters, or merchants, or manufacturers, or from any section
of the producers and traders of India. The servants of the Government had
a great and legitimate grievance, because they found that, though rupee
prices in India were not to be complained of, they experienced a grievous
loss on their home remittances, and it was their persistent agitation
which created and maintained the true force of the movement. The
agitation they thus originated was joined in by some of the merchants of
India, though to what extent does not appear, and I can only say generally
that the merchants who did join the movement were small in number. Bombay
and Karachi were clearly against any interference with the currency; and
from the expression of disappointment which fell from the Hon. Mr.
Mackay--President of the Currency Association, Calcutta--with reference to
the small number of his supporters, I am led to the conclusion that, with
the exception of a certain proportion of Calcutta merchants, occasional
individuals in other parts of India, and the servants of the State, all
India was, and is, dead against the monetary policy of the Government. Of
the twenty-two witnesses examined before the Currency Committee, thirteen
were against the Government measure, six in favour of it (four of the
latter being Government servants), two doubtful, and one presumably
against the measure.

The main features of the measure I take from the statement of the Finance
Minister, who, on the 26th of June, 1893, announced the introduction of a
Bill "with the object of altering the Indian monetary standard from silver
to gold," and who in his next sentence declared that "It is not intended
to do more at present than stop the free coinage of silver a