Sinha HN (Ed) (1957), Fort William-India House Corresponence, Vol II
(1757-59), Government oif
Ibid pp179-180. Letter from
The
demands we verbally made the French deputies were in substance: to have the
restitution of our losses and satisfaction for the damages and charges
sustained in consequence of the suba’s violences, to have permission to erect
such fortifications as we might think proper in whatever part of the country we
chuse to settle a factory, and to be allowed a mint in Calcutta.
Ibid p201. Letter from
I
have little to observe on the terms obtained from the Nabob except that they
are both honorable and advantageous for the Company. The grants of a mint and
the villages hereto detained from us are very considerable and the abolishing of
the duties lately exacted by the chowkies
as well as confirming the free transportation of goods without customs of any
kind, and the rest of the priviledges of the royal phirmaund, are no small points gained.
Ibid p206. Letter from
The
establishment of a mint being consented to by the Nabob, we have to request
your Honors will send us out an Essay Master with other persons and materials
for the better managing of that branch of business.
Ibid p232. Letter from
After the
battle of Plassey
The
substance of the treaty with the present Nabob is, vizt.
1st.
Confirmation of the mint and all other grants and priviledges in the treaty
with the late Nabob
Ibid p243. Letter from
Upon
the arrival of people from Muxadavad for coining our money, we appointed the
President, Mr Frankland and Mr Boddam a committee to make an assay of the
coinage of the different species of bullion, and report to the Board how an
hundred ounces of each species will turn out in siccas of equal weight and
fineness of those stamped at Muxadavad and what the charges will be of coinage
etc., that we might establish our mint upon a solid footing. Hitherto that
committee has made no report, but some rupees have been stamped and sent up to
Muxadavad for trial where they have been approved of. We purpose to establish
out mint upon the same footing with that of Madrass.
Ibid p249. Letter from Bengal to Court dated
In
the packett to the Honorable the Court of Directors translate
of the general sunnud and the perwannah for the mint are forwarded.
You will observe by the last, the impression is to be Calcutta only, without
the addition of Allenagore.
Ibid pp273-275. Letter from Bengal to Court dated
The
Select Committee having received the perwannah
for coining of siccas and their
currency from Mr Watts, layed the same before us on the 28th April
after which consultation a translate of them are entered…
Seraja
Dowla by his treaty of the 9th March having assented to our
establishing a mint in Calcutta for the coinage of siccas and a proper sunnad
being afterwards obtained for our using that priviledge, with perwannahs for the currency of our siccas in the provinces of his
subahship, we desired Mr Watts to procure for us as many people who understood
the business of the mint as he could entertain in our service, that there might
be no objection made to the weight, standard or impression of out siccas. These people being procured and
sent to Calcutta, the Board took into consideration in what manner to establish
the mint for the advantage of the Company; but as it was judged absolutely
impossible to fix it upon any benefiial footing till the method and charge of
coining, assaying and other particulars were known, which could not so well be
tried and ascertained by the Board as by a particular committee appointed
immediately for that purpose, it was on 13th June agreed that the
President, Mr Frankland and Mr Boddam should be a committee to assay the
fineness of the silver proper for the sicca standard, to ascertain the charge
of coining, the method of conducting the mint to the greatest advantage for the
Company, and how much a hundred sicca
weight of different kinds of bullion will produce; of their procedings and
experiments they were to make a report to the Board for their final
determination and regulation. This Committee on the 4th July
informed the Board they had coined four thousand (4000) siccas from Mexico
dollar bullion and that as soon as they had made a trial of two or three sorts
of bullion, they would deliver in their report. But the revolution in the
government having made it necessary to procure a fresh sunnud and fresh perwannahs
for the currency of our siccas, the
report of the Committee could not be delivered in till 26th
September when a report of the produce of dollars and sunnaut rupees was laid before the Board and entered upon the face
of our consultation of that day. We then considered in what manner to settle
that important and advantageous priviledge and agreed to fix it for the present
on the Madras establishment, that is, a duty of five per mille to be collected
for the Company on all private money coined in our mint, the charges of coinage
to be computed at twenty per mille and a profit of tem per mille to be allowed
the mint undertaker for his trouble, and the Company’s bullion to be charged
with the nett expense of coinage only. The establishment being fixed, Messrs.
Frankland and Boddam were appointed Mint Masters or Undertakers and the
gentlemen at Muxadvad wrote to for a further number of coiners both for gold
and silver. A specimen of our siccas
were sent to Muxadavad, and presented to the Nabob and durbar officers, and the weight and standard examined by Juggutseat
and approved of. We have been constantly employed in coining both for the
Company and some private persons, but as yet there is some difficulty in
passing our siccas, of which we have
complained to the durbar, and have the satisfaction to learn from Mr Scrafton
that the currency of them has been ordered by beat of the dandurra through the streets of Muxadavad and a mutchulka given by the principal shroff
that they shall be received the same as Muxadavad siccas. We therefoe flatter ourselves that our money will very
shortly be as current as that coined in the metropolis of the subaship, when we
have hopes the Compay will reap very considerable advantages from their mint,
as will likewise the private inhabitants of this place. In order to make a
tryal of the force of the late orders and proclamation we have sent eighty
thousand
We
have the pleasure to inform Your Honors that the word Allenagore is by our
present sunnud to be omitted in the
impression on out siccas, an
indulgence we could not obtain from Seraja Dowla.
Ibid p277. Letter from Bengal to Court dated 10th January
1758.
Having
coined some fooley Mohurs pursuant to
the request of the gentlemen at Muxadavad, we sent up twelve (12) to them to
present as a nizarinny and to get
their weight and standard assayed by Juggutseat, which they accordingly did and
informed us the weight was exact but the standard of the gold one rutty short of fineness.
Ibid p298. Letter from Bengal to Court dated 10th January
1758.
In
this packet you will receive five sicca
rupees and three fooley muhurs coined
in our mint which we send for Your Honors’ inspection
Ibid p314/15. Letter from Bengal to Court dated
…Mr
Charles Douglas…Upon his application of the discharge of those notes we ordered
the Committee of the Treasury to pay him the amount of the principal and
interest of the bonds in his possession – being in all current rupees 119643 –
which they offered him in Calcutta siccas, but he peremptorily refused taking
the amount of his bonds in that coin, and on 12th January wrote a
letter to the Board upon that subject protesting against the Company and their
representatives for all loss of batta,
interest and risque if he was not paid in some other species of rupees.
pp79-80. Letter from Court to Bengal dated
The
mint is our next great object as we make no doubt but the grant has long since
been ratified by the Nabob. We shall here lay down the necessary rules for
conducting it with reputation and advantage.
This
branch must be by contract, one month’s public notice or more to be given, that
you will receive proposals in writing and sealed for the coining of gold and
silver, the lowest bidder to have the contract. Each party to put down the
price of one hundred ounces of goldand silver of every specie that has or may
be brought into Calcutta; this will clearly enable you to determine the
preference. They are previously to be acquainted that the Mint House and its
repairs shall be at our expence, evry other charge whatever on the contractors’
account. As the coinage will be a great trust, we apprehend none but persons of
large capitals or credit will offer themselves, for you muct exact security in
a sum equal to the amount you may judge will at one time dwell in the mint. If
two or more distinct families of opulence and charater could be brought to join
in their proposals, and should obtain the contract, it would be pleasing to us
for many reasons. And for your better guidance we transmit to you under No. what is allowed us
for the several species coined in the mints of
The
coinage you are to collect on all silver is two and half per cent upon the
contractors’ prices, which you are to appropriate in the following manner: one
per cent bring to our credit, one per cent we indulge our Governor for the time
being, and half per cent to the Mint Master as an encouragement to discharge this
trust with fidelity and application; but if this coinage should raise the
silver to a higher rate than at Bombay where the like duties are collected, you
are then to lower the coinage until you give the trader equal to what he
receives at our other Presidencies. Otherwise we cannot expect this mint to
flourish. And in this case let our duty be one per cent and what may remain
divide to our Governor and Mint Master in the above mentioned proporation.
The
Mint Master is to enter in one book the persons, species, if silver or gold,
they deliver to the mint, their amount, the coinage duty, and the several
payments; in another book the receipt and delivery of all the Company’s silver;
monthly accounts of each are given into the Board, and the Mint Master in the same
distinct manner is to transmit us those distinct accounts annually, which are
to be signed by him. We settle no duties on the coinage of gold; it’s left to
you; and you have liberty to lessen them in such manner as may preserve the
credit of your mint.
It
will require great care and circumspection that the rupees are kept up to their
standard, and it’s not in our power to send you a capable Assay Master.
However, if our Governour will frequently, in a private manner, deliver a few
rupees of different coinages to goldsmiths intirely independent of the
contractors, their assays will be a better chack upon the mint than any person
we can procure here. Your secretary must also annually take himself of four
different coinages forty rupees, from each tem promiscuously. These are to be
sealed up separately and transmitted to us to be assayed at the Tower.
We
will suffer no bullion imported at
Ibid p101. Letter from Court to
…
You acquaint us you intend to establish your mint upon the same footing with
that of Madras, but as there are many objections to the method in practice at that
settlement, we would not have you adopt their plan, but you are to conduct it
agreeable to the rules and regulations laid down on this head in out before
mentioned General Letter of the 3rd instant
Ibid p364. Letter from
The
orders and regulations concerning the mint shall be complied with as they stand
in the letter of the 3rd of March without any variation. We shall
likewise make the contractor give the strongest obligation with a penaly
annexed that he shall not debased the coin and that he likewise sends some of
the coinage (through the Board) monthly to the mint of Muxadavad to be essayed
there.
Ibid pp139-140. Letter from Court to
Our
having the [grant] of a mint at
You
must take the utmost care to keep up the reputation of the mint by causing the
standard weights and fineness of the coins to be most strickly observed. We
have received in your packets by the Marlborough and Elizabeth some
Although
they are unavoidably imperfect as you have not informed us or mentioned
anywhere that we can find what the [sta]ndard for them should be, [you] must
therefore send us [at] the first opportunity the [latest] account of the
standard [of] your coins with respect to weight and fineness, particularly the
sicca rupees and gold mohurs, which you are to transmit to us from time to time
with ou[…] assays, we may know in what manner you keep up to the standard and
consequently the reputation of the mint.
Ibid p444. Letter from
Our
Mint is at present of very little use to us as there has been no bullion snet
out of Europe this season or two past, and we are apprehensive that it will
never be attended with all the advantages we might have expected from it, as
the coining of siccas in Calcutta interfere so much with the interests of the
Seats that they will not fail of throwing every obstacle in our wayto
depreciate the value of our money in the country, notwithstanding its weight
and standard is in every respect as good as the siccas of Muxadavad, so that a
loss of batta will always arise on
our money, let our influence at the Durbar be ever so great.
Sethi RR (Ed) (1968), Fort William-India House Corresponence, Vol III
(1760-63), Government oif
p77-78. Letter from Court to
We
flatter ourselves if you give a due attention to see that the rupeescoined in
your mint are carefully & strickly kepy up to the proper standard in weight
& fineness they will pass currently notwithstanding your apprehensions of
the Seats throwing obstacles in the way to depreciate their value on account as
you intimate of its interfering with their interest.
As this is an object we have long had our eye upon, we shall depend upon your
using every means in your power to promote a free & extensive circulation
of the money coined at
By
the Duke of Dorset we received the 4 gold mohurs and 40 sicca rupees coined in
your mint as also the paper of observations referred to. We have directed our
accountant to get those coins assayed at the Tower, an account whereof together
with the proper remarks signed by our said accountant you will receive by these
conveyances. You will receive also two pairs of assay balances as desired which
being made in the most accurate manner will be of good use in the mint.
Mr
Anselm Beaumont we have good reason to believe understands the nature and
methods of coinage so well that he may be of good service to us in this branch
& we accordingly recommend him to be appointed Mint Master.
p284. Letter from
Our
mint has been the subject of our frequent consideration having perceived great
disadvantages arising from the restraints to which it was subject by the yearly
fall of batta in the sicca rupees from 16 to 13 p cent. Every inhabitant suffered
a tax upon whatever ready money happened to lie by him of 3 p cent and this
loss was felt by none but the inhabitants of
In
order therefore to reduce this loss to the traders of our settlement arising in
the Calcutta siccas we considered the properist means for their convenience and
at the same time the interest of our employers and after reading all Your
Honors instructions on that head and our several procedings held on the subject
we came to the final determination of re-stamping the siccas of the former year
at the charge of one p cent and making them to their full weight at the expense
of the proprietor as is done in the mint at Muxadavad, on this subject we beg
leave to refer you to Mr Batsons minute in our consultation of the 30th
June.
Notwithstanding
our repeated remonstrances to the Nabob on the subject of the Calcutta siccas,
we never could get them to pass current and our business at the Aurungs was
often stopped by it till the gomastahs
were obliged to sell them at discount and even to effect that to send them to
Murshudabad to be changed, a boat going on that account from Maulda to
Murshudabad with 4000 Calcutta siccas was lost in the great river. Nor could we
see any remedy to this inconvenience altho’ the Nabob gave repeated orders for
their currency the shroffs doing all in their power to prevent it as they
formed their advantage thereby. We resolved therefore strenuously to press the
Nabob to consent to our coining Murshudabad siccas in the
And
as the want of Arcot rupees from Madrass is the cause of that specie being
enhanced in this place in value to near 3 p cent more than its sormer (sic)
currency and there being several subordinates and aurungs where Arcot rupees
pass of equal value with sunnats or siccas, we determined on coining them in
our mint and have for that purpose desired the gentlemen at Fort St George to
send us stamps.
We
deferred putting the mint to contract till such time as we could obtain the
Nabob’s assent to our coining the Murshudabad siccas, which having now effected we shall use our endeavours to establish the mint
on the footing directed in your commands.
p359. Letter from
…We
also gave publick notice for receiving proposals from any persons who would
manage the mint by contract upon the footing directed in your commands of the 3rd
March 1758, but no proposals were made altho’, more than two months were
allowed, & upon examination of the mint account from 1st Jan
1760 to 30th April 1761, it appears that the Company are loser in
that term of Current Rupees two hundred twenty seven & six annaes by
undertaking the coinage at two per cent so that it was not to be expected that
any private persons would accept the contract, but this loss is plainly owing
the small quantity of bullion that was delivered into the mint in that period
of time….
Several
parcels of gold having been offered of late to be coined in our mint, we are
endeavouring to engage proper assistants for carrying on the gold coinage…
Immediatley
on receipt of your letter of 13th March 1761 we appointed Mr
Beaumont to the charge of that office, & we hope in consequence of our
representation last season you will send us out a capable Assay Master with all
proper utensils without which it is impossible that the fineness of bullion
more especially gold can be ascertained to a sufficient exactitude.
p359. Letter from
…The
Nabob supplied him [Shah Alam] with considerable sums of money during his
residence at Patna, & at the time of his departure [for Dehli] caused
siccas to be struck in his name throughout these provinces of which, having
advised the President, it was agreed that the siccas in the name of Shah Allum
should also be struck in our mint on the fifteenth of July which was
accordingly done, the usual notice being first given.
p132. Letter from Court to
We
shall depend upon you putting the mint upon such a footing as will be most
advantageous to the Company and as nearly agreeable to our orders as may be.
For this purpose you will get the most able assistantsyou can, particularly in
the art of assaying. We imagine such persons are not difficult to be found in
p438. Letter from
Regarding
our Mint, we wrote your Honors very fully last year, in the 34 to 38 para. Of
our letter under the established heads; in answer to what you direct in your
letter of this season, we must inform Your Honors, that we can find no persons
in this country who are sufficiently acquainted with the art of assaying gold,
& supposing we had a person acquainted with the method, the process cannot
be undertaken without every kind of mint utensil, which is not in our power
here to provide.
p183. Letter from Court to
Having
procured assays to be made of the musters of sicca and Arcot rupees coined in
your mint and transmitted to us by the Hawke, we now send you an account
thereof signed by our accountant, by which you observe both sorts are deficient
in fineness and the Arcot rupees likewise in weight which you will take care to
have remedied in your future coinage as the reputation of the mint must by all
means be preserved.
All
the utensils wanted for the mint are now sent agreeable to the indent of the
Assay Master, Alexander Campbell now designed for
In
regard to the mint we are sorry to find that it is rather a losing branch than
otherwise in the present state but as you give us reason to hope that
hereafter, when bullion becomes more plenty, it will become of more consequence
we must wait the event, but at the same time we think you have acted properly
on this occasion, we must depend in a great measure upon your management of
this branch under the orders you had from us in our letter of the 3rd
March 1758, Pars 124 to 129 in which we have been very full.
The
regulations you have made in the mint especially regarding the coinage of gold,
we approve of for the present, but expect you will make such alterations as you
may hereafter find necessary, which we must leave to your discretion, as being
the best judges what charges may be necessary to establish so as to satisfy
those who bring their money into it.
Srinivasachari CS (Ed) (1962), Fort William-India House Corresponence,
Vol IV (1764-66), Government of
p273. From
…
In
this ship’s packet we transmit you a copy of the report of an assay of four
rupees coined in our mint and a like number from the mint at Moorshedabad,
which we ordered to be made in consequence of the Nabobs mentioning to the
President that our rupees had fallen below the standard of those coined in his
mints; but it appears on the contrary by the Assay Master’s report that ours
upon average are better about one per mille. It is observable however that the
process of melting and refining in this country must be very uncertain as
hardly any two rupees are found to be exactly of the same fineness. We
understand also that for want of a sufficient knowledge in the process of
melting and refining, and some necessary utensils for that branch of the
business, there arises a loss of bullion which does not happen in
p281. From
Mr
Campbell the Assay Master , laid before us on the 19th
instant, the regulations which we directed him to prepare, for remedying the
defects of the mint, and having again considered them in consultation the 23rd
istant, they appeared to us so well calculated for the benefit of the merchants,
and so necessary for supporting the credit of the mint, that we determined they
should be immediatley carried into execution.
We
have appointed Mr Campbell Mint Master, with the entire chrge of the business
of the mint, being the only method we have for prosecuting those regulations
unless you shall think proper to send out a person as Mint Master equally
qualified in the art of refining and assaying.
We
have required of Mr Campbell the necessary accounts for exemplifying the
regulations he has proposed, and that the same may be further improved under
our directions and we have also ordered him to proceed immediately in teaching
two of the Company’s covenant servants, the art of refining and assaying, that
they may be ready to take charge in case of accidents.
p306. Letter from
Mr
Campbell has delivered in a letter to us in consequence of the accounts which
we required for exemplifying the regulations proposed by him in order to remedy
the defects of the mint and we have the same now under our consideration. He
has also delivered an indent of some articles he is in want of for the same
purpose, which is accordingly enclosed in the packet.
p81. Letter from Court to
With
regard to the state of your mint, though the profits hitherto arising therefrom
do not fully answer our expectations, yet the prospect you give of its becoming
more beneficial is very agreeable to us. When we shall receive a complete state
of the mint which you have promised us, we expect to see not only the nett
gains by the duties on coinage, but also the amount of the sums coined for
private persons in which your mint account current received per Osterley is defective.
p126 Letter from Court to Bengal, dated
In
the second article of the mint regulations, a method is proposed for
registering the bullion in the assay office when brought to be coined, and a
time is limited for issuing it in coin; to this article it is proper to add,
that those who bring and register their bullion first, shall have their coin
deliver first and that no other preference be given.
It
is of great importance that the coins be carefully kept up to their proper
standard, and as there is no other check in this very essential part of the
trust reposed in the Assay and Mint Master, but the trial which the samples or
musters of coins sent over to us undergo at the Tower, it is therefore very
obvious, that unless those samples be faithfully and impartially taken, a fair
judgement cannot be made; you should therefore make this an object of your
attention and establish some method that may answer the proposed end. The best
which occurs to us is that (not trusting to inferiors), you do yourselves at
unstated times take indiscriminately from any parcel of rupees coined in the
course of the year, the samples to be sent home.
In
considering this subject we have been led to some thoughts on the state of the
specie in Bengal, and what strikes us the most is the very injurious custom of
reducing annually the batta of a sicca rupee, until it sinks to a certain value
considerably less than that at which it issues from the mint; whatever may have
given rise and continuance to this usage, it certainly must be producutive of
great inconvenience to trade in general, and consequently you would do well if
by your influence in the government of the province, you could procure the
total abolition of that custom or some better regulation in that respect. We
are not perhaps sufficiantly masters of the subject to see all the difficulties
and, it may be, improperiety of such an attempt, and therefore we do not enjoin
it otherwise than an object worthy of your attention; but whether you take any
steps to that end or not, we would have you give us your thoughts on the
subject very fully, explaining to us the cause of such an annual decrease in
value, and whether any and what remedy can be best applied.
p367. Letter from
The
Mint Master’s accounts delivered in to the Board since the Admiral Steevens was
dispatched bring the books of that department up to the first day of January
1766. We now transmit in the packet the sequel of the assay and mint accounts
compleat for the space of fourteen months, whereby you will observe the great
encrease of coinage and of duties arising to the Company, as well as the
advantages resulting to the investment and to individuals from the improvements
in the dispatch and accuracy of the business.
In
consequence of the Mint Master’s memorial to the Select Committee, referred to
the Board and transmitted by the Admiral
Steevens, we also directed that the batta
on sicca rupees shall continue to
fall annually, in the usual manner, being fully persuaded by the reasons there
assigned, that the proposal for making sicca
rupees of permanent value, would prove injurious to the Honble Company and
dangerous to publick credit.
p450. Letter from
Your
remarks respecting the mint have been communicated to our Assay Master who will
by the next opportunity furnish you with such observations as have occurred to
him in the progress of that business since his new regulations. The coins sent
to
P287. Letter from
The
Assay Master has delivered in to us a letter containing his observations on the
state of the mint and the improvement made in the coinage since the new
regulations have been adopted. A copy of his letter is transmitted in the
packet accompanied with an assay book describing the number and nature of the
assays made in the course of last year to which, and former letters from the
Assay Master transmitted in the packets per Grenville and Ponsborne, we beg
leave to refer in answer to the enquiries made on this subject in your letter of
the 23rd of February.
Narendra Krishna Sinha (Ed) (1949), Fort William-India House
Corresponence, Vol V (1767-69), National Archives of
P62. From Court to
In
looking over your account of coinage, we observe the amount to be very great,
we desire a particular statement of the profits accruing to the Company, to the
Governor and the Mint Master, all gold and silver, and on all recoinage, we
require also, an explanation of the terms Nadrys, Crom, Coppree and several other
names unintelligible to us. You will also obtain a statement of the coinage of
the various mints in the three provinces being desirous to trace from thence
the quantity of gold, silver and foreign rupees that are brought into them.
As
we have often expressed our desire that one species of rupees only should be
current in our provinces, we desire to have it explained to us whence it
proceeds that Arcot rupees should be the only currency in several parts of the
province and whether you cannot by degrees establish the currency of those of
our own mint.
P363. From
We
send you by this ship three
Mr
Campbell’s ill state if health rendering a longer stay in India dangerous to
him he has requested our permission to resign your service, which we have
accordingly granted & he now proceeds to Europe with his family on the
Europa – we beg leave to take this opportunity of recommending him to your
notice for his indefatigable attention to the business he was engaged in.
He
has been succeeded in the employ of Secretary to the Select Committee by Mr
Floyer & in that of Mint Master by Mr Alexander & in that of Assay
Master by Mr Bentley.
P85. From Court to
We
shall be anxious to know the effect of your measures for establishing a gold
currency; many of the arguments contained in Mr Campbell’s letter appear to us
to admit very different conclusions than those he draws, the raising the
comparative value with silver beyond the established rates must infallibly
tempt the neighbouring countries to give you their gold for your silver and the
prohibition of the exportation of silver ordered by the Government can never
check it – silver lays in too small a compass to be restrained by any
examination and yet the pretence for such an examination may be productive of the
most grievous oppression and obstruction to the commerce of the country – the
argument of drawing forth hoards of gold into circulation is equally liable to
refutation, the principle on which it is concealed is the fear of the strong
hands of power, nothing can counteract those fears but a thorough confidence in
the mildness and justice of Government. Of all the means proposed by Mr
Campbell there is only one that appears to us founded on general experience,
and that is the receiving of gold in payment of the revenues, for there is
nothing but the freedom of circulation can encourage it and all force in
matters of commerce are always ineffectual.
The
fixing the value of rupees has always been what we have earnestly desired, and
the only mode of doing it appears to reduce the imaginary value of a new sicca,
to conclude we are very apprehensive of ill consequences resulting from
overrating the value of gold, if it should prove an error the sense of it must
not check you from reversing the order and reducing the price to its just
value.
We
are unwilling to impute any sinister views to any measure our servants have
adopted for our benefit, but the weak arguments urged in support of the
establishing this gold currency give too much reason to apprehend there may be
some foundation for the assertions that have been made in a General Court of
Proprietors of great advantages made by individuals on the sudden rise in the
price of gold.
The
neglect of the Mint Master in not sending us samples of the coinage of your
mint this season prevents our tansmitting the usual reports of the Tower
Assays, which would have informed us of the firmness of this new gold coinage,
which we were very desirous of knowing. You must take care he is not guily of
this omission in future.
We
are pleased to find Mr Campbell has conducted himself to our satisfaction in
the office of Assay Master and you must inform us if there are any of our
servants training up to be fit to succeed him in that office, agreeable to the
directions we gave when Mr Campbell was appointed.
P440. From
We
acquainted you in a cursory manner in our letter of 22nd Novr.
The
consequences of this currency were greatly complained of. It was pointed out as
the immediate source of a general evil. The interruption trade had met with, the inconvenience under which the merchant had
laboured from the great scarcity of silver & high price it bore. The many and
pressing complaints which were made of the grievances accruing both to trade in
general & to domestic expences in particular were all effects attributed to
this cause.
The
necessity of removing this public burthen as soon as possible & the obvious
consequences these alarming effects would encrease whilst the cause existed
made us earnestly wish to put a stop to the currency but we were obliged to
defer our resolutions until very lately. Earlier in the season we could not
carry into execution our earnest wish to put a stop to this great evil for want
of silver currency. Till the present time we were sensible we could not expect
any considerable surplus of silver there being but very small sums received
acct. the revenues from March to Septr. But we may now flatter ourselves with
silver to a large amount being soon paid into your treasury thro’ that channel
which we hope will enable us to make the necessary payments, & promote a
circulation essential to the trade of the place.
In
the 59th para of your general letter of the 16th March
you removed from us the only doubt which existed concerning the expediency of
recalling this gold currency since we were fully convinced of the necessity of
adopting such a measure & [were?] only withheld from carrying it into
execution from the consideration of the loss which would ensue to our
employers.
Happy
to find that your generous mode of thinking on this subject had enabled us to
relieve the colony from the hardship under which it laboured & willing to
demonstrate our hearty desire & earnest endeavours to remove them, we came
to the resolution of calling in all the gold mohurs of the new currency &
abolishing the establishment & of giving interest notes payable at the
expiration of twelve months for all sums above & of the value of 1000
rupees paid into the treasury within the space of fifteen days after the
publication of this resolution. We were induced to limit the period of fifteen
days from an apprehension that there were private mints who might take the
advantage of this juncture to encrease the coinage.
P146. From Court to
We
cannot but remark that at the time you wrote us last year, and again this year
relative to the small importation of silver, your account coinage shows a far
greater amount of foreign money coined than you admit to be the balance in
favour of
Notwithstanding
you have given very particular directions for sending home annually samples of
the different coinages of your mint to be assayed here, that we might see they
were kept up to their standard in weight and fineness, and given the necessary
observations for establishing the credit of your mint, you have paid little or
no attention thereto. The last year you did not send any,
and those few we have received this season, you very injudiciously ordered the
sub treasurer to send to the Mint Master to be assayed, and being cut for that
purpose we can form no judgement of their weight. That we may not be again
deprived of the needful information on so essential a subject, we now
positively direct you to make it a standing rule to go at two or three unfixed
times in every year to your mint and take indiscrininately from the different
species of your new coinage 10 of each, which are to be weighed and sealed up
in your presence with the President’s seal and sent to us by the first three
ships of the season. We are very much displeased at your repeated instances of
inattention and disobedience In this point and unless
you pay the strictest obedience to the orders we have now given we shall show
stronger marks of our resentment.
We
are confirmed in the reflections we have made on the measures you have taken
for the establishing the gold currency, on reading your proceedings relative to
the diversity of rupees and the abuses committed in the batta or exchange
between the several species of them.
Mahmud
Reza Cawn’s letter on the subject betrays the awkwardness of a man who is maintaining
an argument against the conviction of his own mind, for instead of coming
fairly to the question; whether the distinction between siccas and sonnauts
shall be abolished? Evades that and proposes only to order the siccas of the
several mints to be of the same standard; and tells you if you abolish batta,
the people who subsist by it, will take to clipping and adulterating the coin.
Mr
Campbell indeed says the abolishing the yearly fall will be either
impracticable or productive of a contrary effect and gives for reason that the
shroffs will purchase up the new siccas and so create an artificial scarcity,
words that convey no clear idea. For with what are siccas to be purchased when
the difference between sonnauts and siccas is abolished? What have they then to
bring to market in exchange for siccas? Mr Campbell also countenances the ministers opinions that the shroffs will take to false
coining and adulterating the coins; but surely those who are neither restrained
by fear nor principle will be guilty of that now as they may be then. The next
argument is that the Company will lose 100,000 Rs p annum, they now gain by
recoinage, besides the expence of the mint, an argument of no weight in the
consideration of an object so important to the ease of the land-holder and
consequently to the revenues, by relieving them of the heavy tax they now pay
to the shroffs under the various articles of batta.
The
objections arising from the customs of two or three places which prefer Arcots
to siccas is too partial to be brought as an argument it may very possibly be
owing to the unfixed value of siccas, and whence once the difference between
siccas and sonnauts is abolished they may by degrees be brought to receive
them.
Mr
Campbell first makes a recoinage necessary, and then tells you recoinage is
impracticable, but we do not see how a general recoinage is in any way
connected with the question, which is merely whether a sicca of one, two or
three years coinage shall or shall not bear the same value and whether you shall
abolish the present distinction, calculated for no purpose in the world but to
enrich a few bankers at the expense of the rest of the subjects.
When
we consider the objections brought against the abolishing the batta, we think
it a reflection on the abilities of all your Board to have yielded to such weak
arguments, and the best apology it can admit of is that you have given up your
judgement in this intricate business to Mr Campbell without further
investigation. The only objection that occurs to us is what you have never
touched upon, and that is how to get the better of that combination there will
certainly be among the bankers, but we suppose if the Ministry will zealously
adopt it, an absolute Government can never be defeated in a measure so calcutaed
for the public good and as you have by perseverance broken that combination
there was against the currency of the Calcutta siccas, so we presume you must
fianally prevail in this in which no doubt you will be supported by all foreign
nations. The abolition of the batta on sonnauts must therefore be carried into
execution.
P511. From
We
send you by this ship three
P538. From
To
relieve the universal distress the settlement has felt for want of specie and
to remedy so alarming an evil has for some time past been the subjects of our
deliberations.
After
having duly & maturely weighed this matter, & having concerted the
principal banians, bankers, merchants & the ministers of the Nizamut we
came to the resolution of recommending to the Nizamut, the establishment of a
new gold currency.
Our
reasons for this resolution & each particular regarding the establishment
stand so fully recorded on our Consultation of the 20th instant that
to recite them here would only be a needless repitition & we therefore beg
leave to refer you to our Consultation of that day.
In
justice to the integrity of the members of the administration who established
the late gold coinage we here beg leave to assure you we cannot suppose they
were induced to adopt the measure from any other motive than a full conviction
that it would be of advantage to the publick and was an expedient to stop the
progress of an evil severely felt and loudly complained of or that they were
biased or influenced in the smallest degree by any private advantages.
It
is probable the inexperience of these gentlemen on such a subject might lead
them into some mistaken notions, from whence their arguments might, as you
observe, appear weak, & which perhaps gave rise to a severe remark you
acquaint us was made in a General Court of Proprietors. In the present
establishment however that we have recommended we hope we have fully obviated
even the shadow of censure or reflection by the equitable proportion we have
observed between the value of the gold & silver which is nearly equal to
what it bears [in?] all countries of the world.
P553. From
As
a present relief to the necessities of the settlement, at their universal
request and to supply as far as possible the deficiency of silver for the
purpose of trade and revenue, we have found it expedient to re-establish the
gold coinage upon a new plan and standard as the only remedy left us, and I
doubt not that when you seriously weigh the arguments set forth in the
resolutions of the Board, you will approve the measure and acquit us from all
imputation of precipitancy or contradiction in our councils.
P207. From Court to
The
mischievous consequences of your project of a gold currency to be established
upon an arbitrary valuation have proved to be such as we have foretold by our
former letters, and we are glad to find that you opened the treasury to receive
them back for a course of fifteen days, notwithstanding the great loss which
has thereby fallen upon the Company, we see with concern the distress and
injury which the trading part of the country have siffered by this ill fonded
expedient.
You
are to consider silver as the only measure of commerce in
We
see in so strong a light the dangerous consequences of making any alteration in
the standard of the coin of the country, that we do must positively direct you
do not (without our previous and express orders) under any pretence whatsoever
presume to make any alteration in the original and established standard for
weight and fineness of the gold mohurs and silver rupees which may from time to
time be coined in our mint at Calcutta, and whoever shall be guilty of a breach
of this order will incur an immediate dismission from our service.
That
we may be satisfied that you keep up to the standard the Assay Master is every
three months to take out of your mint, musters of the different species of new
coinage of which he is to make an assay and report the same to you, which
report is to be entered on Consultation for our observation, you are likewise
strickly to conform to our orders in the 62nd paragraph of our
letter of 11 November last for taking out musters of coinage from your mint and
sending them annually to us.
The
separtion of the offices of Mint and Assay Master is very proper, being
designed as checks upon each other, you must keep them
distinct in future and never suffer both to be held by any one person.
P577. From
We
informed you in our letter of the 28th March that to relieve the
universal distress of the settlement on account of the want of specie and to
remedy this alarming evil we had determined to recommend to the Nizamut the
establishment of a new gold currency. We are now to acquaint you that this
measure hath taken place and that we were informed by the Governor and Resident
at the Durbar soon after it had been established that the mohurs which had been
struck at the mints of Dacca, Patna & the city had met with a ready
circulation & were received with general satisfaction.
P582. From
The
important object you have been pleased to recommend to our attention of abolishing
the batta of sunnauts is a very intricate subject & will require very
mature deliberation particularly the measures to be pursued for breaking
through the combination that will doubtless be formed against abolishing a
custom that hath been so long established by which numbers of people are
supported.
We
are endeavouring to gain every insight into the subject we possibly can procure
& when we have fully informed ourselves of such particulars as we imagine
are necessary before we proceed upon this important work you may be assured
gentlemen your orders on this point shall be carried into execution.
…
Although
the method we observed last year of sending you samples of rupees does not in
every respect correspond with the directions you have given us in your letter
of the 11th November last, yet we flatter ourselves it will answer
every purpose you can desire, however for the future we shall observe the
orders contained in the 65 paragraph of the above letter as a standing rule.
Bhargava KD (Ed) (1960), Fort William-India House Corresponence, Vol VI
(1770-72), National Archives of
P181. From
We
have assured you in our letter of
With
regard to the gold coinage which we have before advised you was established in
order to alleviate the general distress of the merchants arising from the great
scarcity of silver specie that prevailed, we have the pleasure to inform you
that it hath in some degree answered the desirable end; and as the coin hath from
its purity been universally esteemed and received with general satisfaction, we
flatter ourselves you will not disapprove our conduct in suffering the present
establishment to remain untill we are honored with your sentiments in answer to
what we have already written on the subject.
P37. From Court to
Having
already given our sentiments at large upon the subject of the former gold
currency and the institution of another as mentioned in your general letter of
the 28th March 1769 and in the Consultations the 20th of
the same month, being of great importance, we do not choose to give any
particular directions thereon, as we shall refer this matter to the
determination of the Commissioners. But, in general, we fear no regulation can
accommodate the country with specie, as you say the inconvenience arises from
the real want of specie in the province. At present we see no other objection
to its being put in practice, except the smallness of the pieces of gold of
less value then two rupees, because the smallness of the piece will subject it
to loss, and as the Compnay must receive them on account of the revenues, if
there should be any false coinage, it would ultimately fall on the Company.
P233. From
In
obedience to your commands we proceeded to the mint on the 6th
instant and took indiscrimiately from the money then coining five gold mohoors
and ten sicca rupees and ten Arcot rupees, which we sent a number in the packet
under the seal and signiture of our President.
P80. From Court to
We
send in the packets the report of assays made at the Tower of the coins
received from you in the last season with our Accountant’s remarks, to which
due attention must be given
And
it being essentially necessary we should be acquainted with the price of gold
and silver at your Presidency, you must send us at least in duplicate an
account of the price current of gold and silver distinguishing the different
species of coins and standards.
P89. From Court to
The
coinage of
P306. From
The
subject of the coinage has been lately under our consideration, and after
pursuing your orders on this head and also on that had appeared on our
Consultations since the year 1766, we came to a determination that the
following regulations should take place.
That
the 12 sun siccas or the siccas for the present year should be coined in our
several mints in the manner as the 11 suns were last year, and that the annual
coinage of siccas should hereafter continue to be marked as usual with the
current year of the King’s reign.
That
the 11 sun siccas should not fall in their value but should pass on the same
footing as siccas of the present and every future year throughout all the
provinces, and that whenever new siccas of any future year should be issued
they should not reduce the siccas of the former years as far back as the 11
suns to the state of sonauts, but they should all be considered and pass in
payment at the same value as the siccas of the current year, [and] that the 10
sun siccas should from the 12th September next pass and be received
as heretofore.
In
this case we consider the sicca rupee as the established standard coin of the
country by which the value of others would be always determined, and
consequently by depriving this standard of its annual fluctuations, the most
essential part of the plan would be carried into execution.
In
the prosecution of this scheme we found it impracticable to raise those siccas
which had already become sonauts to their original value, and almost equally so
to recall them in our treasury for recoinage as an attempt towards it would
raise their batta beyond their real value, and the purchase of them at the
arbitrary prices fixed by the owners would be attended with too considerable an
expense.
We
therefore reverted back only as far as the 11 suns or the siccas of the year
1770, which still remain siccas as no 12 suns have been coined, yet the 11 suns
should still circulate at the batta of 16 per cent not only during the present
year but for all future ones, although the regular succession of years would
continue to be marked on the rupees annually coined in our mint.
By
this method as the number of sonaut rupees would gradually diminish by the
annual recoinage of part of them into siccas without the heretofor annual
increase by the siccas becoming sonauts, it is natural to conclude they will in
a short course of years be entirely recoined; and such siccas as through
circulation for a length of time may become greatly deficient in weight will of
course have so much deducted in payments and receipts on that account.
As
by this method the annual marking the year of the King’s reign on the sicca
rupees would be attended with no inconveniences and as an ensign of royalty
would be preserved, the abolishing of which would undoubtedly give umbrage to
the King, we thought it most prudent to adopt the measure.
We
have fixed on the 12th day of next month for the issuing of 12 sun
siccas and for these regulations taking place throughout the provinces.
P318. From
To enforce and
support these regulations which we have made in regard to the coinage has been
our constant endeavour and care. We were therefore surprised on being informed
from
As our regulations
had forbidden any distinction in the stamp and the mark, or difference in the
weight or fineness of any of the siccas, we were at a loss to find out the
method by which they distinguished the
Our immediate
orders for having the same method of coining pursued in both mints and
injunctions for having the standard and fineness strictly adhered to will, we
hope, prevent in future such distinctions in their current value, and remove
those obstructions which have been thrown in the way of the new regulations by
the shroffs, whose chief support and maintenance have been the batta and exchange
of rupees.
P324. From
We now send 3 gold
mohurs, 6 siccas and 6 Arcot rupees, in conformity to your orders taken
indiscriminately from the mint, and sealed by the President with his seal a
number in the packet.
Patwardhan RP (Ed) (1971), Fort William-India House Corresponence, Vol
VII (1773-76), National Archives of
P209. From
On a report made
to us by the Mint and Assay Master of the business of the gold currency coined at
Patna which although pretty exact in weight turned out in assay only 22 carrats
2 grains fine instead of 23 carrats 3¾ grains which was the fixed standard, we
resolved, as no payments on account of the revenues were made in the gold
specie, to forbid their coining any more except a few at the commencement of
each year for the usual nussars to the King etc., at the same time directed
them to enquire after the offenders and if possible to discover them that they
might be severely punished.
P255. From
It is with
satisfaction we can inform you that we have received into our treasury the
whole of the money lately paid by the Vizier [for the cession of Kora and
Allahabad] and consigned over to the charge of Mr Lambert at Fyzabad, amounting
to 21,50,000 Fyzabad Rs, a sum which will prove a
seasonable supply to us at present and be a considerable advantage to the
circulation of the country.
P68. From Court to
There is not any
subject before you which more immediately claims your
attention than the state of the coinage and currency of
By the regulations
of 1771, the fall of batta upon the sicca rupee is discontinued. By this
measure our troops have already experienced a real grievance, because sicca
rupees are worth at market very little more than sunaut rupees of full weight,
and can only be passed at their nominal value by means of arbitrary power,
which it is our earnest desire to avoid.
The evil of this
regulation is not confined to the troops only. In letting the lands of our
provinces, we cannot suppose that the alteration of the nominal value of the
coin was at all attended to. Hence the loss upon the revenue is alarming. The
rents are ascertained in sicca rupees but the amount of the revenues, paid
specifically in that coin, will be nearly 13 lacks per annum less than if paid
in sunaut rupees.
We see no justice
in continuing to receive our revenues in the specific coin in which they have
been usually paid. Unless therefore the tenants had given an advanced price for
the lands, equal to the nominal advance put upon the coin, we must be of
opinion that such rupees as are already coined should be suffered to depreciate
to the nominal value of sunauts; and that in all future coinage the nominal
value of new rupees should be no more than that of sunaut rupees.
Upon the whole as
we wish such reform to be made in the coinage of Bengal as may put all persons
upon an equal footing, leave no room for fraud, and as little as possible to be
effected by power, we earnestly recommend to you that, after availing
yourselves of every light thrown upon the subject by the records of the
Company, and by a treatise compiled for our use by Sir James Steuart, herewith
transmitted, and also of the assistance of the most experienced persons in the
provinces, you endeavour to establish an equitable rupee with such legal
denomination only as shall serve for the purposes above mentioned.
P357. From
We have received
the opinions of the Board of Trade and the several provincial councils upon
questions, referred to them, respecting the benefits or disadvantages that
would accrue from re-establishing the mints at Patna and Dacca and in case they
should be re-established whether it would be most eligible to stamp the coins
with the name of the station of each separate mint or continue as formerly to
affix only that of Moorshadabad. The sentiments returned to us on this subject
were various, and as we deemed the discussion and determination of it, a matter
of great importance, we only then recorded the different letters, leaving the
general subject to be hereafter considered.
P358. From
The process used
for recoining the rupees received from Fyzabad by mixing them with an equal
number of sicca rupees in order to raise them to the Arcot standard had begun
to create a scarcity of the sicca specie, and as it would not only be
impossible to procure a sufficient number to standard the whole sum received and
to be received from the Nabob, but even in case it were, as this process would
reduce the standard coin of the kingdom to create a foreign one, we thought it
proper to alter the mode and accordingly directed that they should be refined
to the Arcot standard and coined into that specie. The Mint and Assay Masters
reported that this would be something more expensive to the Company and more
tedious; However, as we have sent to Moorshedabad for
20 refiners we hope, in a short time, that the whole of the Fyzabad rupees will
be recoined and brought into circulation.
P374. From
Your orders
respecting the batta or exchange on the different kinds of specie of this country
will require our most serious and mature consideration.We have long wished to
take up the subject and to form some lasting regulations but we see so many
obstacles in our way that we have not yet been able. The shroffs and others who
bear so great an interest in keeping up the present distinction will
undoubtedly exert all their power to render abortive any measure of government
which may put a total stop to their profits. The sicca rupee is not
sufficiently tempered with alloy to make it hard and durable, the quantity of
silver which wears off by a few years currency must inevitably diminish its
intrinsic value and create a discount, and the natural repugnancy inherent in
the subjects of any country to a material innovation in its current coinage must
create the greatest difficulties besides the loss which must accrue to
government by the adoption of any innovation whatsoever. These considerations
have induced to defer taking any steps in respect to the coinage until we shall
have it in our power to form some perfect and permanent system and to
frustrate, by previous measures taken for that purpose, all the opposition we
are likely to meet with in carrying so material a point into execution.
P442. From
On a report which
was made to us that the Arcot rupees lately coined in the Calcutta mint were
deficient of the standard value we called the Assay Master before us and
questioned him with respect to the manner in which he assayed the silver before
it was coined.The process communicated by him will appear in the consultation
referred to, but as we think it necessary to ascertain, with the greatest
precision, the difference between these rupees and the rupees actually coined
at the Arcot, before we come to any determination on this head, we have caused
100 new and 100 old Arcot rupees to be taken promiscuously from the Treasury
and sent to Fort St George to be assayed there. In the meantime we have
suspended the coinage of Arcot rupees and confined the Mint Master to the
striking of sicca rupees in the mint till further orders.
P444. From
The Mint Master
must give at least 2 months notice before quitting
P452. From
We have also established
a commission to be allowed from the first of May 1776 on all siver coined on
account of the Company in their mint at Calcutta, not exceeding the annual
amount of ten lacks of rupees, of one half per cent which is to be divided
between the Mint Master and the Assay Master in the proportion of three fifths
to the former and two fifths to the latter, and the same proportions are also
to be taken between them on all private coinage on which the allowance of half
per cent will continue to be drawn for their use, which commission and
distribution of it will we hope meet with your consent and approbation.
Hira Lal Gupta (Ed) (1981), Fort William-India House Corresponence, Vol
VIII (1777-81), National Archives of
P344. From
Having received
complete reports from the several provincial councils of state of the currency
of their respective divisions, we have taken the subject of coinage under
consideration and as a preliminary measure to any regulations which we may hereafter
think it necessary to adopt on this head, we have abolished the mint at
Moorshidabad and proposed to the Dutch to transfer the privelege possessed by
their Company of coining a specific sum annually in that mint, to the mint of
Calcutta. The other arrangements which we shall make in the coinage of
P354. From
P377. From
Mr Charles Lloyd
having been obliged by a very infirm state of health to resign his office of
Mint Master; & to proceed to
P535. From
You were informed
by our letter addressed to you from the Revenue Department of proposals made to
us by Mr John Prinsep for working mines of copper, and for the manufacture of
that metal, as well as of our acceptance of his offer under certain
restrictions and limitations explained to you in an annexed copy of our
resolutions. The subject falling more properly within the lines of business in
this department, we have transferred our proceedings in it from out revenue to
our public consultations, with an exception of our letter from Mr Prinsep
purposely considered in out secret records, and now continue to transmit you an
account of such further resolution as we have passed relative to a copper
coinage.
Mr Prinsep having
proposed to us an augmentation of the copper coinage by a mixture of a certain
proportion of sheet and Japan copper composing part of the imports from Europe,
with the copper produced from the mines at Rohtas and Monghyr; having also
suggested, for reasons given, that the quantity of copper to be obtained from
these mines only would be very insifficient even for replacing the currency now
circulating on Behar, much less for establishing a copper coin so much wanted
throughout the provinces; and evincing to us that an important source of
revenue to Government might be opened by such an agumentation, we agreed to his
proposals, for an account of which we beg leave to refer you to our secret
consultations of the 18th of September. We must at the same time beg
leave to observe to you that it does not appear to us very probable that the
original design is likely to answer to any degree, but we believe that in its
improved state it will be attended with much public utility. What sum it may
add to the general currency will be a proportional saving in the specie which
would otherwise be lost to the province in exchange for Cowries, and it will
assist the disposal of a capital article of your imports.
It being a
question of what mode of payment should be made by Mr Prinsep for the copper
supplies to him by the Board of Trade, enquiry was made of the Board of Trade
on this subject and they acquainted us with their intention to debit us for the
amount of copper delivered to Mr Prinsep and to receive from him such payment
as he might tender on this account bringing the same to our credit.
We have authorised
the establishment of mints for the copper coinage at Pulta and
At the request of
Mr Prinsep we transmit you 40 specimens of the new copper coin of the sizes
inscription and standard ordered by us that they may receive a Tower Assay, and
we send at the same time one of the standards cast by the Mint Master in
consequence of our orders.
Saletore BA (Ed) (1959), Fort William-India House Corresponence, Vol IX
(1782-85), National Archives of
P22. From Court to
As your
proceedings relative to copper mines and coinage are but lately received we
shall not by the present conveyance, enter upon that minute investigation of
the subject which its importance deserves; but we do not hesiate a moment to
declare that the contracts entered into with Mt Prinsep are highly prejudicial
to our interests.
If it were proper
under any circumstances to open mines in
In regards to
coinage by an individual it is also untterly improper. The Company are, and
ought to be, accountable, so far as can be the case,
for the purity and propriety of the coin of
We observe in the
original agreement with Mr Prinsep a pwer of annuling or suspending the same at
the expiration of three years is reserved to us. We therefore direct that you
forthwith give him notice of our determination in no event to continue the
contract beyond the term of three years, and require Mr Prinsep immediately to
surrender the grants or contracts for mining and coinage; and we do hereby
positively direct that from the receipt of this letter no individual, whatever,
shall be suffered to open or work any copper mine or interfere in any manner
with the copper coinage.
p302-303. From
21. You have been
informed of the agreement which had been entered into with Mr John Prinsep for coining
and establishing a copper currency throughout these provinces. The coin was
received accordingly from his mint and issued in all payments made from thence
in proportion of one per cent; but difficulties occurring in circulating it by
this mode, we gave orders not to receive any more from the mint than could be
actually passed without coercion or constraint. Mr Prinsep having worked up a
large quantity complained us of the hardship of being obliged to maintain his
establishment of a mint, which had been formed at a considerable expense, and
of being left with a great property in copper coin which remained dead upon his
hands without any return, and offered, at the same time, to effect the
circulation of it himself, upon commission of it should be left entirely to
him; as the plan which he proposed to us was the most likely to succeed and as
the attainment of the revenue expected from this object depended entirely on
its being carried into effect we agreed to his proposal, and have allowed him
an increase in his commission, equal to 8 rupees per maund, so that the Company
are now to pay Mr Prinsep sixty-eight rupees for every maund of copper currency
which he shall circulate at eighty rupees, under the present checks and
regulations established over the mint, he accounting quarterly to Government
for the difference between the two rates.
P327. From
Having thought it
expedient, as you will observe by our revenue consultations, to re-establish
the mint at
p368.
From
40. We have
notified Mr Prinsep your pleasure concerning the resumption of the grant made
to him for working the copper mines in the district of Rotas, also for the
abolition of his contract for a copper coinage, and required the surrender of
the deeds from him.
p432-433.
From
142. We had the
honor to inform you, by the Surprize, of the notification given to Mr Prinsep
of your orders, and requiring his surrender of the grant which he possessed of
copper mines in Rotas and of the copper mint. For his reply we beg leave to
refer you to our records. It appears that the term during which the Company
retained the right of annulling his grant was elapsed, and that the deed was
consequently irrevocable; he was nevertheless willing to submit his situation
to the consideration and justice of the Board, and begged to be allowed to coin
the balance of his copper on hand, and to be granted orders to the Chiefs of
Patna and Bogglipore to receive his coin, lying in balance at those places, for
the Company’s account. We complied with this last request but forbid his
stamping any more coin, and ordered him to deliver up his dyes to the Sub
Treasurer. And to prevent his suffering a loss by any copper which he might
have remaining uncoined we allowed him to return it as he received it into the
Company’s stores.
p511-512.
From
69. On receipt of
your orders of
70. The indemnity
claimed by Mr Prinsep amounted to so large a sum that however inclined we might
be to reward his merit we did not deem ourselves authorized to comply with his
demands, and upon declaring a resolution of ultimatley trying his claims in
Chancery we resolved to take the advise of our Advocate General, and being
frustrated with his opinion we again demanded the surrender of the grant etc.
etc, but Mr Prinsep representing in the strongest terms the ruin that would inevitably be his
fate without some compensation for merely the losses which he sustained.
Estimating them, by accounts delivered in upon honor which he offered to vouch
by the most solemn affidavit, at current rupees 165,389-13-6, and praying at
the same time that he might be allowed to prove them before any persons we
would appoint to arbitrate his demands, we considered his proposal so fair and
equitable that upon his agreeing to restrict the amount to the above sum we
consented to refer them to the decision of Messrs Croftes, Alexander and
Paxton, as men of judgement and abilities equal to the task, and characters
superior to the power of influence or impartiality.
71. This matter
has in consequence been referred to these gentlemen whose award is to be
delivered in on the 31st of this month, and shall be notified to you
by the first ship that sails after that period.
p545.
From
In our letter by
the Surprize, paragraph 71, you were advised of us having referred to
arbitration Mr Princip’s claims to an indemnification of losses sustained in
working the mines of Rotas and Monghyr, and establishing his mint for copper
coinage as a compensation for the surrender of his grant in conformity to your
orders. Messrs Croftes, Alexander and Paxton, the gentlemen chosen by us and
approved by Mr Princep to adjust this affair, delivered in their award on the
day fixed (the 31st December last), and Mr Prinsep in compliance
therewith gave up his grant and all the instruments for coinage. The grant has
been canceled in due form and an order on the Treasury was issued to Mr Prinsep
for the indemnity awarded, viz., current rupees 165,389, the full amount to
which he had been required to restrict his demand on our acquiescing in the
reference he solicited. In our consultations noted in the margin the several
papers alluded to on this subject are recorded,
together with Mr Prinsep’s final release under the approbation of the Advocate
General.
Sinh R (Ed) (1972), Fort William-India House Corresponence, Vol X
(1786-88), National Archives of
P289. From Court to
As we are desirous
of extending the export of copper coin from this country we renew our
directions of the 22nd December lst, para 22 that you send us
specimens of every species of copper money current in Bengal, adding thereto
your opinion how far ir may be expedient to send you over a quantity and to
what extent. Particular care will be taken here in the execution of them and we
conceive it may prove equally beneficial to us and useful to your provinces to
keep you regularly supplied therewith. Drawings for the reverse sides of the
coins, a description of their proper weights calculated in avoirdupois grains
as also the number of each sized piece that will be given in exchange for a
rupee (describing also what rupee) must accompany your information.
Of the specimens
now transmitted the small size weighing 50 grains avoirdupois are rated to pass
at 400 to the dollar, the middle size of 100 grains [at] 200 to the dollar and
the large of 150 grains at 133 to the dollar, which will serve for your
guidance in calculating the proportions the coins shall bear to the rupee,
which we would have ascertained as near as possible by the same ratio.
Banerjee IB (Ed) (1974), Fort William-India House Corresponence, Vol XI
(1789-92), National Archives of
P391. From
In
the 37 paragraph of our letter, dated the 5th November, from the
Revenue Department, we referred you to our proceeding of 25th
October upon the defective state of the currency in this country. We have the
honor to transmit, in the packet of the
P91. From Court to
We have traced
upon your records the various methods that have been adopted for putting a stop
to the exhorbitant batta demanded by the shroffs and others on the exchange of
silver for gold – your endeavour to remedy an abuse of such generally
pernicious tendency are entitled to out warmest commendations. Your last
dispatch of
Lord Cornwallis in
his letter of the 2nd of August has given it as his opinion that
there appears to be no effectual remedy for the evil but a genral new coinage
of all the circulating silver of the country into rupees, or sub-divisions of
rupees, of exactly the same weight, standard and denomination, and his Lordship
has assured us that he shall spare no pain and neglect no precautions to
accomplish, with safety, this salutary work. When we consider the proposition
simply, and without having regard to local prejudices, our assent naturally,
and, as it were, in an instant, follows the proposal. But we wished to learn
the opinion that may have been formed of it by the natives and others upon the
spot, and we are happy to find by the reports of the several commecial
residents and agents in the provinces, entered on your commercial consultations
of 22nd May last, and by the opinion of the Board of Trade on the
subject, that by the establishing of only one single coin throughout the
country, no inconvenience or loss of any consideration is likely to weigh
against its utility. If the reports of our servants in the revenue branch (who
we observe have been consulted) shall be equally favourable to the project, we
trust his Lordship will be able to effect his purpose
previous to his departure for
P342. From
On the 21st
July we were acquainted by the Mint Master that he should be ready to begin the
coinage of gold after the Europe manner on the first of the following month,
and we caused our advertisement to be published for the information of
individuals declaring the conditions on which their bullion would be coined,
and authorizing the new gold to be received by the Collectors of Revenue and
other officers of Government in payment of the demands of the Company.
Lieut Isaac Humphrys
and Lieutenant Golding, of the Engineer Corps have afforded very ready and
useful assistance in superintending the construction of the machinery for the
fifferent mints, and inventing and executing some parts of it, particularly the
milling instrument. The Governor General has been pleased to record his
sentiments thereon, in our proceedings of the 21st July and, at his
Lordship’s recommendation, we have acquiesced in granting such recompences
which they had actually incurred, as we deemd them justly entitled to.
P363. From
All
that has passed on the subject of the new coinage, since our advices under this
head Pr Houghton (
We
are happy to add upon this subject, that the new mints at
P417. From
Our
advices by the Princess Amelia informed you that the new silver, as well as the
gold coinage, had been actually commenced. Everything relating to this subject,
either as it respects the mint established at the Presidency or at the cities
of
The
buildings in the old fort, formerly appropriated to the use of the mint, having
been pulled down, and the temporary accomodations afterwards provided for this
purpose, being found excedingly inconvenient, we complied with an application
made to us by the Mint Master for the hire of a house and go-downs, which he
represented as being well calculated for conducting the business of his office
in all its branches, at a rent which we presume will be thought sufficiently
moderate, being Sa.Rs. 400 per mensum.
By
our orders of the 1st December 1790, and the 14th January
1791, individuals delivering bullion into the mint were allowed to take away
immediately from the treasury the amount of its assay value; but, in
consequence of a representation made to us by the Accountant General on the 21st
of April, from which it appeared that the available balance at the treasury
fell short of the demands upon it for the discharge of bills which would become
due before the first of May ensuing, we were under the necessity of suspending
the operation of the orders in question until the amount of bullion, deposited
for coinage, should be diminished.
The
same letter from the Accountant General, contains a statement, to which we beg
leave to refer, of the amount by which the deliveries of specie, at the
treasury, had fallen short of the amount paid for the Mint Master’s
certificates, and in part tho’ not solely or principally, had been the motive
for the suggestion of a measure which a regard for the preservation of the
public faith had rendered necessary. A very unexpected and heavy deficiency in
the remittance from Burdwan was a motive of still more powerfull operation.
It
being important to ascertain with as much precision as possible, the quantity
both of gold and silver coin which, in a given time, could be worked off at the
mint, certain queries were proposed to that effect to the Mint Master,
adverting to the period when the buildings lately engaged for the purpose,
should be in a state of perfect preparation. These, with the Mint Master’s
answers, will be found recorded in the proceedings of the dates annexed.
Frequent
applications have been made to the officers of Government, in consequence of
the advetizement of the 22nd April (suspending the immediate payment
to individuals of the assay value of the bullion deposited by them) to
ascertain the period when the prohibition was likely to cease; when it was
concluded that considerable quantities of bullion were ready to be offered, by
the proprietors on the cessation of this prohibition. The advertizement
published on this occasion of the 1st June (a copy of which goes a
number in the packet) was drawn up by our Accountant General, in concert with
the Mint Master.
The
principals upon which the new regulations are framed are set forth in the
Accountant General’s letter dated the 1st June, and recorded in the
proceedings of that day. They are not quite so advantageous to the proprietors
of bullion as the usage which formerly prevailed; but it did not appear
reasonable to us that Government should sustain a loss of interest, which is
not sustained by any other during the time employed in the coinage of bullion;
and in other respects we presume it will appear that due attention has been paid
to the rights of the proprietors of bullion, & that the utmost impartiality
has been observed with respect to them.
The
recoinage in the
We
beg leave to refer you to the proceedings noted in the margin, for all that has
passed on this subject, as far as it relates both to the Dacca and Patna mints
comprehending the regulations, which we have thought proper to pass respecting
the remittances to be made by the Collectors of the former division, for the
purpose of the recoinage. You will observe that the mint at
Our
proceedings on the 1st June contain an application from the Resident
at Benares, by whom it has been proposed to put the mint of that city on the
same footing, with respect to duties, as the mint at Calcutta, or if that
measure should not be thought expedient, a compliance was recommended with the
suggestion of the principal officer of the mint, that the duties on gold and
silver respectively, which had varied according to the different descriptions
of either metal offered to the mint for coinage, should be reduced to one
uniform standard for each.
Until
we should decide upon the propriety of accceding to the former proposal, (which
we referred immediately to the Mint Master, as we have also done with respect
to a subsequent application made to us by the Resident at Benares) we
authorized the Resident to comply with the latter, as suggested by the native
officer superintending the mint of that city. Whatever determination we may
hereafter come to on this subject you will be apprized of in our future
dispatches.
A
case has lately occurred which has occasioned some embarrassment and may in
future be attended with very great inconvenience. By the proceedings referred
to in the margin, you will observe that an attempt has been made to imitate the
gold mohurs of the new coinage, and considering the defective means which must
have been employed on the occasion, with some success.
The
Advocate General’s opinion has been desired, whether any statute is in force,
applicable to this country, by which coiners or the utterers of false coin, may
be brought to punishment.
p562 From Bengal to Court, dated
We
addressed your
We
shall now proceed to notice such particulars connected with this subject as are
of more leading importance, and refer your Honble Court to our proceedings
noticed in the margin, for details of a less interesting nature (7,17,19,24
Sept; 3, 8, 17,26 Oct; 5, 16, 23, 30 Nov)
The
separtion of the departments of the Mint and Assay Master (as noticed in out
last advices) by which the offices were constituted to be independent of each
other, having made it necessary to define their respective duties, we came to
certain resolutions on the subject on the 7th September, and we
shall lay them before you in the enclosed copy, which goes a number in the
packet.
The
transfer of an office so circumstanced as that of the mint, attended with a
separation of powers before united in the same person, was necessarily a work
of some difficulty, and we were desirous of reconciling as far as we could, the
removal of delays and impediments in a business of so much more moment to the
public as the conversion of bullion into coin, and the necessary object of
fixing clearly the period when the undivided responsibility should be fully and
completely transferred.
On
this principle, our resolutions of the 7th September were framed,
and by these Mr Miller, the new Mint Master, was directed to take charge of all
bullion that might be tendered to the mint after that date, and Mr Harris was
enjoined to convert with all possible dispatch, the bullion then under process,
into coin, upon effecting which he was to close his accounts and deliver over
charge of the mint to his successor.
The
delays in the coinage however, which had originally convinced us of the
necessity for a change of system, seeming to be rather increased than
diminished by the appearance of a divided authority, we resolved on the 19th
of September, that complete charge of the mmint should be imediately given over
to Mr Miller, with all the bullion in whatever state whether assayed or
unassayed, specifying only what was the property of Government, and what of
individuals.
An
extract from our proceedings on this occasion attends you a number in the
packet.
Since
the beginning of october the Mint and Assay Masters have delivered into the
Board a daily return of work done at their respective offices, a measure of
obvious utility; and we have the pleasure to find that the duties of both since
Mr Harris and Mr Miller have taken complete charge of their respective
departments have been conducted with much greater dispatch.
On
the proceedings of the date annexed, a copy of a letter is recorded from the Mint
Committee, enclosing a table of rates of batta on the various species of rupees
circulating throughout the countries, compared with the standard sicca. This
table and the regulations for the mint and coinage, which formed a part of our
dispatch by the Ganges, were published by our orders, with translations in the
country languages, in the Calcutta Gazette of the 1st November, and
copies of the translations have been sent to the several collectors and
commercial resudents, for the general information of the natives.
Our
consultation of the 5th November contains a letter from the Mint
Committee, recommending that the specimens of bullion required for the purpose
of making the assay, should be selected by the Assay Master in concert with the
Mint Master, and likewise in presence of the proprietor, should he wish to be
at the selection. The corresponence between the Mint and Assay Masters and the
committee, which gave occasion to this recommendation, will be found in the
same proceedings.
The
above recommendation was complied with by us, as well as a second contained in
the same letter, that any difference that might in future arise between the
estimated amount of the bullion by Assay and the actual produce, should be
carried to the account of Government.
Towards
the end of October, the operations of the mint had become so much more
expeditious that we were able to revoke the permission granted on the 31st
August, to individuals delivering bullion at the mint, to exchange mint
certifictaes for 8 per cent promissory notes, instead of waiting to receive in
coin the produce of their bullion. This indulgence ceased from the 17th
November.
The
fluctuating value of the the circulating gold coin in
It
is with great satisfaction that we inform your
At
the recommendation of the Mint Committee, we directed on the 6th
instant, that the collectors of the districts of Rajashahy, Dingepore, Purnea
and Bheerboom should be instructed to remit all rupees excepting siccas, to the
collector of Moorshedabad, who is to send them to the Assay Master for coinage,
together with all rupees (siccas excepted) that may be tendered at his
treasury.
We
forward to you at the request of the Mint Committee, a list of articles
required from
See next ‘Mint’ and ‘Mint Committee’
Tripathi A (Ed) (1978), Fort William-India House Corresponence, Vol XII
(1793-95), National Archives of
P13. Introduction
Coinage
Before
1766 the gold mohur was left to find its value in the market like any other
commodity. The stamp of the mint only denoted its weight and fineness; the
number of silver rupees for which it passed fluctuated constantly. It was not a
legal tender. As silver became scarce, Clive adopted a bi-metallic standard in
June 1766. The mohur became current for a specific number of rupees in all
public and private transactions. Since gold was overvalued by 8% in terms of
silver, “you receive all gold that is tendered, and find no one to take it from
you again.”
Verelst
gave up gold currency in September 1768 but in March 1769 embarked on another
experiment in bi-metallism, with the same mistake. This was in spite of the
Courts very positive orders that silver be in future the only medium of
commerce in Bengal and gold, though coined, be regarded as bullion. The Court
also insisted on fixing the sicca rupee on a permanent footing as the variety
of rupees, eg sicca, sonaut, arcot etc, current in
Various
experiments in the days of Warren Hastings ([limping] standard by the
suspension of gold coinage in 1777, use of one mint at
As
a consequence of partial circulation of gold at
Things
got better by the middle of 1795. Batta upon gold was considerably reduced. The
Government decided that in the salt and commercial departments all payments
under four rupees were to be made in silver, that all other payments were to be
made in gold and silver indifferently, except in the months of April to June,
when payments should be made half in gold and half in silver. The Collectors
were empowered to buy silver to keep the commercial residents in full supply.
With
the small amounts of silver in hand, withdrawal of the gold mohur, though
recognised as the best course, was out of the question. The Government was
forced by circumstances to make it a legal tender
See next Coinage etc – not much done
in this volume yet
Gupta PC (Ed) (1978), Fort William-India House Corresponence, Vol XIII
(1796-1800), National Archives of
P13. Introduction
Coinage