It is therefore impossible to imagine a country
more favorably circumstanced for the restoration of a
Gold Currency

Quantity of Gold necessary

The first consideration necessary is the Quantity
of Gold required for the purpose

Mr. Hollingbery, a most able and experienced
official Assistant Secretary to the Government in the
Financial Department, addressed a Report to the
Government of India in 1875, in which he said that



in his opinion £60,000,000 of Gold would be far more
than sufficient to restore a Gold Currency. Whether
this estimate is correct or not I cannot say. The
Indian Government in its recent proposals seems to
agree in this estimate. But I shall presently show
that even if it should be largely exceeded the Gold'
can be acquired with perfect facility

Draft Tentative Scheme for restoring a Gold
Currency to India

I therefore beg to submit the following sugges-
tions as a Draft Scheme for carrying this purpose
into effect

1. That in accordance with the universal de-
mand in 1864, in as short a time as can be done, the
Gold Sovereign be declared to be the Standard Gold
Unit throughout the British Dominions in India

2. That the Indian Mints be at once authorised
to coin Sovereigns and Half- Sovereigns of exactly
the same weight and fineness as British Sovereigns
and Half- Sovereigns

3, That in terms of the Act of 1870 the Indian
Mints be declared to be branches of the Royal Mint
of London as the Australian Mints are

That the Indian Sovereigns and Half- Sovereigns
should have free circulation, and be unlimited Legal



38

Tender throughout the British Empire, to the same
extent that British and Australian Sovereigns and
Half- Sovereigns are

That if this proposal be accepted it should be
notified at once to the Mints, so that they may make
preparations to carry the resolution into effect as
soon as possible

4. That every person who brings Gold to the
Mint should be entitled to have it coined into
Sovereigns or Half- Sovereigns as he may prefer, free
of any cost or charge, at the Mint Price of
£3 175. lOJrf. per ounce

5. That the Grovemment should keep the coinage
of Silver entirely in its own hands. 