lmost all the
public buildings have been reconstructed on a large scale.

"Railways, both military and commercial, have been greatly extended.
Notwithstanding these extraordinary expenses, there were, during the
twenty-five years which followed 1862, fourteen years of surplus and
eleven years of deficit, yielding a net surplus of Rs. x 4,000,000. In
1889 the public debt of India, exclusive of capital invested in railways,
showed a reduction since the mutiny period of Rs. x 26,000,000. The rate
at which India can borrow has been reduced from 4 or 5 per cent. to a
little over 3 per cent. The revenue of India, exclusive of railways and
municipal funds, has grown between 1856-57 and 1886-87 from Rs. x
33,378,000 to Rs. x 62,859,000, and in 1891 it had increased to Rs. x
64,000,000, or, including railway and migration receipts, to Rs. x
85,750,000; and this increase is due to the growth of old revenue rather
than to new taxation. Further, whilst the rent or land tax paid by the
people has increased by one-third, the produce of their fields has more
than doubled, in consequence partly of higher prices and partly of
increase in cultivation. Further, in 1891 there were nearly 18,000 miles
of railway open, carrying 121,000,000 of passengers and 26,000,000 tons of
goods, and adding a benefit to the people of India calculated as far back
as 1886 at Rs. x 60,000,000. Further, the Indian exports and imports at
sea, which in 1858 were about Rs. x 40,000,000, amounted in 1891 to about
Rs. x 200,000,000, and the produce thus exported has increased in quality
and variety no less than in amount."

What evidences of "a fatal and stunting arrestation of development"!

[70] This extraordinary assumption must evidently have been founded on
another, if possible still more wonderful; namely that the American
Government was composed of individuals so short-sighted that they would
fail to take the precautions which men of ordinary common sense would be
sure to adopt with the view of preventing, as far as possible, a sudden
fall in the value of silver. But the American Government, as we know,
naturally diminished its purchases of silver, and as no one supposes
(except perhaps the Indian Government) that it can be so silly as at once
to lose money and create a gratuitous disturbance by suddenly flooding the
market with the silver accumulated, we see that, since the repeal of the
Sherman Act, the price of silver, so far from having gone down, as