On the importance of extending the British gold standard with subsidiary silver coins to India, as a remedy for the inconveniences in India from the rapid depreciation of silver

Abstract

The early years of Her present Majesty's reign were distinguished by the great reform for securing the perfect convertibility of Bank notes into gold, embodied in the Bank Act of 1844, which we owe to Sir Robert Peel and Lord Overstone. It would be a fortunate circumstance if the currency reform could be completed in the same reign; and the assumption of direct sovereignty in British India marked by the rescuing of our Indian fellow-subjects from the serious evils in which the silver standard which prevails there has involved them, and the extending to them the benefits of the more perfect and stable system which we have so long enjoyed.