Extracts from the
Records of the East India Company
Letter from the
Collector of the
Amongst
the principle public evils which I found in the Northern Concan when I assumed
charge of it in 1817 was that of the depreciated state of the coins of the
realm – if they deserve that term, conveying as it usually does quite different
ideas to those which were applicable to the Mahratta coins. To explain myself I
must beg leave to trouble Government with a few details.
Almost the whole of the coins were
silver, very few gold ones were in existence, and I am in this address leaving
copper coins altogether out of consideration. The rupees which were issued from
the respective mints (which were generally farmed) contained a given quantity
of pure metal and alloy. Their standard value was also fixed by Government, but
though such was the case, and though they bore the stamp of the sovereign, yet
it is nonetheless a fact that as the coins issued from the mints into the
districts they did not become current as coins of the realm until guaranteed,
as it were, by the stamp (chop) of the district or village shroff. In each
district and even in each village where one of these persons lived, this
process must be gone through ere the rupee would be held to be current therein;
so that in a short time the coin became completely defaced by the numerous
stamps which it had received. But instead, as might reasonably be supposed, of
this multiplication of securities continuing to be so, in reality a
diametrically opposite result was produced, namely that of the banians and
shroffs refusing to give in payment, or in exchange, such coins unless the holders
would allow a considerable discount on what was now averred to be a depreciated
coin…
…To give therefore a check to the
circumstance that the shroffs stamping the coin should occasion first its value
and next its depreciation, I issued a proclamation in 1818 stating that I would
receive into my treasury in payment of the revenue, all rupees of the realm at
the value at which they were issued from the mint, whether they were or were
not defaced by the shroffs stamp, provided they were of the standard weight and
contained the standard quantity of pure metal; and I further held out the
threat of punishing any person who should depreciate such descriptions of coins
merely because they had stamps upon them…
He then goes on to suggest that he
should be allowed to appoint one Government shroff in each of his Talooks.
Minute from
The
Mint Committee are also to be directed to correspond with the Collectors in the
Minute from the meeting
Resolved
that the Collector in the Northern Concan report the effect likely to be
produced by the immediate introduction of the Bombay rupee into circulation in
the Concan and to regulate the payments in future in that currency.
Letter from the
Mint Committee to Government, dated
We have the honor to acknowledge the
receipt of your letter of the 6th instant calling for our report on
an offer received by the Collector in the
In
reply we request you will have the goodness to acquaint the Honble the Governor
in Council that although the terms of the offer are more favourable than the
present rate of copper will admit of a coinage being affected at the
Presidency, we still think it more desirable that the wants of the Northern
Concan should be supplied from Bombay and would beg leave to recommend that the
Mint Master be instructed to undertake a coinage to such an extent as the
Collector may consider necessary.
Letter to the
Collector in the
I am directed to acknowledge receipt
of your letter of the 26th ultimo and to inform you that the Honble
the Governor in Council being of opinion that the wants of the
Bombay Gazetteer (1880). Volume X, Ratnagiri &
Savantvadi, p200. Government Central Press
The
state of the currency is causing very serious inconvenience to the inhabitants.
There are more than 14 different kinds of rupees and they vary in intrinsic
value by up to 40%. Not only that, but also the shroffs and others may gain
benefits at the expense of the Company. The ultimate remedy is the
establishment of a uniform currency, but in the meantime the Ankoosee
Chinchoree should become the revenue currency. This was referred to the Mint
Committee.
The Mint Committee agreed with the view of the Collector
in the
Bombay Gazetteer (1880). Volume X, Ratnagiri &
Savantvadi, p154. Government Central Press
By
1880, the Imperial currency was the sole circulating monetary medium. Up to
1835, the chief coin was the
Letter from the Collector in the
I
beg leave to represent for the information of the Honble the Governor in
Council that for some months past considerable inconvenience has been experienced
in this Zillah owing to a scarcity of copper coin, which has been withdrawn
from circulation principally owing to the course of exchanges having rendered
its exportation the most profitable remittance that could be made, to other
quarters – at Malwar when the fixed quantity of copper exchangeable for a rupee
was largest, the inconvenience has naturally been most severely felt. I have
endeavoured to lessen it, by sending thither supplies of pice from other
Tallookas – but this expedient if long pursued would obviously be merely
shifting, not removing the evil. What appears to be required [is] the issue of
a sufficient supply (perhaps half a lack) of this circulating medium, at such a
rate as may stop its exportation. And I would respectfully suggest that a
coinage of copper pice of 64, and half pice of 128, to the rupee, be undertaken
for this Zillah, either here or at Bombay – I venture to recommend the half
pice, because the inferior classes of inhabitants who are the greatest
consumers of trifling retail articles, are always sure to suffer by the lowest
denomination of coin in a Country, being of comparatively high value, since
scarcely anything they buy is charged lower than the smallest current coin –
and probably would not be charged much higher, even if its intrinsic value were
far less. The numbers have been selected from the convenience they afford of
each of them dividing by the annas in a rupee, without a remainder – they
possess moreover this further advantage, that as the pice now commonly current
are not generally widely different from this same standard value, inconvenience
from the introduction of the proposed new pice is not, I think, to be
apprehended.
Ordered that a copy of the preceding
letter be transmitted to the Mint Committee with directions to offer their
opinion on the suggestions offered by Mr. Pelly for relieving the scarcity of
copper coin in the
Letter from the Mint Committee to Mr
Secretary Farish dated
We
have the honor to acknowledge the receipt of your letter of the 11th
instant, referring to us one from the Collector in the Southern Concan dated
the 30th ultimo and desiring our opinion on the suggestion offered
by Mr Pelly for relieving the scarcity of copper coin in that district.
In
reply we request you will do us the favour to state to the Honble the Governor
in Council that under the circumstances stated by the Collector, we are not
aware of any better mode of supplying the deficiency than by adopting Mr
Pelly’s suggestion of undertaking, or rather authorizing, a coinage of copper,
to a certain extent, on the spot.
The
rules we would recommend would be the same as for the Broach copper coinage,
namely that the division should, as Mr Pelly proposes be 64 whole, or 128 half,
pice per rupee, and the privilege of coining should be assigned to a sort of
competition to the person who may be willing to coin the heaviest pice to be
exchanged at that rate, but without requiring any share in the profits. Before,
however, finally authorizing the coinage, it might be advisable that a few
specimens of the proposed coin should be forwarded to the Presidency for
examination.
Ordered that instruction be issued to
the Collector in the
Pursuant
to the instructions conveyed in Mr Farish’s letter dated the 21st
July last, advertisement (as per accompanying translation) were issued,
inviting tenders for coining copper pice to the extent of seventy five thousand
rupees which will probably be required, the population of this zillah amounting
to nearly six and half lacks of person; and the export of copper pice being a
common mode of remittance by sea during the fair season.
Of
the only tender which has been received in consequence of the above
notification, I enclose a copy on its merits. With reference to the
I
enclose, as desired, specimens of the proposed coin. They seem, I think, better
executed than the
The
contractor, it will be observed, expects that the copper (which is a British
staple), should be allowed to be imported into this zillah free of customs. The
Honble the Governor in Council can best determine whether this can be complied
with; any abuse of the privilege (if conceded) might easily be guarded against
by giving the contractor dustucks for the exact weight of copper necessary for
the fulfilment of the contract and no more.
The
security offered is wholly unexceptionable. The contractor will probably
solicit an advance of 20 or 25,000 rupees.
PS
Specimens of three kinds of coin are enclosed as follows:
No. 1 double pice or half anna, 32 to
the Chinchour rupee.
No.
2 whole pice, 64 to the Chinchoree rupee
No.
3 half pice, 128 to the Chinchoree rupee
Translation
Notice
is hereby given
That
at
The
coins must be rendered in whole or half pice, the former consisting of sixty
four (64) the latter one hundred and twenty eight pice (128), to the rupee.
A
specimen of each kind of coin must accompany the tender, and the contractor
must give in the names of two sufficient sureties for the due performance of
this engagement.
The
tender must contain in words, written at length, the weight of copper in
The
tender offering the greatest weight (if in other respects approved of) will be
accepted; and the whole profit of the transaction will be the contractors.
The
contractor will be required to deliver at least one thousand rupees worth of
copper pice per week in the proportion of half in whole, and half in half pice;
to undertake to coin in the whole to the value of seventy five thousand rupees,
37,500 in half and the same quantity in whole pice, and he must desist from
coining when that quantity shall have been completed.
The
pice must be made of pure copper, and not mixed with any other material; each
pice, and half pice cast, must be of uniform weights, should there be found any
differences in weight, the contractor will be punished.
To J.H. Pelly, Collector of the
Your
Honor having made notification that sealed tenders will be received in Southern
Konkan Collector’s Sudder Kutcherry for the coinage of copper pice on the 26th
day of August 1820 to the amount of seventy five thousand rupees in the
proportions of one third whole, one third half and the remaining third double
pice, the whole pice to contain sixty four and the half pice one hundred and
twenty eight and the double pice thirty two for each Ankosee Chinchoree rupee.
I
wishing to have undertake the coinage of the seventy five thousand rupees in
copper pice and tender to your honor the weight of copper for each rupee as
follows Vizt: for every Ankosee Chinchoree rupee received I engage
to deliver forty one tola of copper in pice, or in English weight, seventeen
ounces one quarter Avoirdupois, the half and double pice to weigh the same for
each rupee.
I
have accompanying this tender sent muster of the different sizes of the coin in
whole, half and double pice as I perceived was ordered in your Honor’s notice.
I
mention my friends Abdull Guffoor and Dayen Khaun, they having agreed to become
security for my due performance according to agreement.
I
also wish to make remark your Honor, this pice exceeds the
I
beg to mention to your Honor that I make so much weight in my tender because I
hope and conclude your Honor not expect customs for the copper employed in this
business, upon importation here.
Ordered
that copies of the preceding papers together with the specimens of the copper
coin accompanying them be referred to the Mint Committee.
We
have the honor to acknowledge the receipt of your letter of the 15th
instant, transmitting for our consideration, a letter from the Collector in the
Southern Concan dated the 4th instant, covering an enclosure being a
tender for the coinage of a certain amount of copper pice for that district,
and submitting at the same time specimens of the proposed coin. In reply we
request you will have the goodness to inform the Honble the Governor in Council
that the views entertained and measures pursued by Mr Pelly appear to us to
have been extremely correct and judicious, and the terms of the proposal,
submitted by him, as advantageous to the community as could be wished or
expected. The specimens also, of the intended coin, both in regard to the
quality of the copper and workmanship are not only unexceptionable, but such as
will do great credit to the individual undertaking the coinage, if the whole
shall be completed in the same style.
To
enable us, however, to judge this, as well as to establish a salutary check on
the coiner, it could be desirable that farther specimens, taken
indiscriminately during the course of the coinage, should be sent up, from time
to time, by the Collector, for the inspection of the mint officers at the
Presidency. Touching the question of the copper employed in the coinage being
permitted to pass free of duty into the district, although we were not aware
that it was subject to any, on being exported from hence, it will probably be
deemed preferable by Government that some allowance should be made, if
necessary, in the weight of the pice, rather than any deviation should take
place from the established rules in regard to the customs.
The
Board approving the committee’s suggestion resolved that the same be
communicated to the Collector in the
Adverting
to the 5th paragraph of my letter dated the 4th September
last, and yours of the 2nd ultimo, I beg to report that the
contractor for the coinage of copper pice for the use of this zillah, having
executed his deed of agreement under proper security, I request authority to
advance him the sum of twenty five thousand rupees, as mentioned at the
conclusion of the paragraph above referred to.
Ordered
that Mr Pelly be authorized to issue to the contractor for the coinage of copper
pice for the use of his zillah an advance of rupees 25,000.
With reference to your letter of 20th
July and 2nd October last relative to the new copper coinage in this
zillah, I have now the honor to report that the contractor has delivered
upwards of twenty thousand rupees worth of pice into the treasury at this
station, and as great inconvenience has for a considerable time past been felt
throughout the different districts in the Southern Concan, from the scarcity of
copper coin, I beg to solicit the permission of the Honble the Governor in
Council to issue the quantity already received at the rate of sixty four pice,
or one hundred and twenty eight half pice, per rupee.
Ordered that Mr Burnett be authorized
to issue the copper pice received from the contractor at the rate of sixty four
pice or one hundred and twenty eight half pice [per] rupee, of which the Mint
Committee is to be informed.
I have the honor to report for the
information of Government that the contractor for the coining of pice in this
zillah has delivered copper coin to the amount of the sum advanced to him
agreeably to the orders conveyed in your letter of the 28th November
last and now beg to request the permission of the Honble the Governor in
Council to make a further advance of twenty five thousand rupees on account of
this contract.
Ordered that Mr Burnett be authorized
to advance the sum of twenty five thousand rupees to the contractor for the
coinage of pice on account of this contract.
With reference to your letter of the 6th
instant, apprizing me of a further advance having been authorised to be made to
the contractor for coining pice in the Southern Concan, to the extent of twenty
five thousand (25,000) rupees, and having ascertained from the Assay Master
that no further specimens of the pice have been transmitted to the mint officer
at the Presidency for examination since those received with your letter of the
15th of September 1820, to the address of the Mint Committee, I beg
recommend that the attention of the Collector be called to this very important
point in the orders conveyed to him on the 2nd of the following
month.
Resolved that the corresponding orders
be issued to the Collector in the Southern Concan.
Bombay
Consultations, 10th November 1821. Letter from the Collector in the
Southern Concan to Mr Chief Secretary Warden. IOR P/411/40 p88.
In handing up to the favourable notice
of Government the enclosed translation of a petition made to me by Sootfoodeen
Purkar, contractor for the copper coinage of these districts, I beg leave to
state that the terms of the former contract have been nearly fulfilled, and to
suggest that the amount being insufficient to supply a full circulation for the
extensive zillah, an extension of the contract for rupees (50,000) fifty
thousand should be granted if it meet with the application of the Honble the Governor
in Council.
Petition of Sootfooteen Purkar to J.J.
Sparrow, dated 10th November 1821.
Represents that my present contract
for coining copper pices nearly completed and I hope to your satisfaction, I
therefore offer, if you are desirous of coining more copper pice to undertake
the same on the terms of my present contract, because I have at present
workpeople and mint implements, and if the former are once dispersed they
cannot without great trouble be collected together, in which case I should not
be able to undertake the contract at the present low rates. I therefore pray
that you will take this petition into your serious consideration and issue such
orders as you may deem proper.
Ordered that copies of the preceding
papers be referred to the Mint Committee.
Bombay
Consultations 31st May 1821. Letter from the Acting Collector in the
Southern Concan to Mr Secretary Farish dated 18th May 1821. IOR,
P/411/40 p23.
See
above
Bombay Consultations, 17th
November 1821. Letter from the Accountant General to Mr. Secretary Farish. IOR,
P/411/40 p91.
See
above
Bombay
Consultations, 30th January 1822. Letter from Mint Committee dated
14th January 1822. IOR P/408/51 p64
We have the honor to acknowledge the
receipt of your letter of the 7th instant, referring to us a
dispatch from his Excellency the Commander in Chief, dated the 13th
ultimo, on the subject of the issue of the new copper coin by the Collector in
the Southern Concan, together with two bags containing specimens both of the
old pice and of the new coins in question.
In reply we request that you will have
the goodness to state to the honourable Governor in Council that although, in
the absence of the assay master, we feel some diffidence in expressing any
decided opinion on the quality of the new pice, yet nothing very objectionable
appeared either in their weight or execution except that in the latter respect
they are not equal to the first specimens forwarded for the inspection of the
Committee and the contract for the coinage was, as appears from the late
Collectors letter of the 4th September 1820, disposed of by public
auction to the person who offered the most advantageous terms to the Community,
we can only ascribe the depreciation, into which they have fallen, to an
excessive issue.
This opinion is indeed at variance
with that expressed by the present Collector in his letter to Government of the
10th November last and referred for our report on the 17th
of the same month, and to which the doubts we entertained of the correctness of
Mr. Sparrow’s information have hitherto prevented us from replying; but as we
know of no other means of determining when a copper currency, under such
circumstances, is in excess or defect, we have no hesitation in recommending
the new coinage to be stopped, and the further issue to be suspended, until the
par of sixty four pice to the rupee be regained.
Anything further that may occur to us
on the subject, after the return of Mr. Noton [the Assay Master], shall be made
the subject of a future report…
Bombay
Consultations, 12th June 1822. Letter from the Collector in the
Southern Concan (Mr. Sparrow) dated 29th May 1822. IOR, P/408/52,
p425.
Herewith I have the honor to forward
ten specimens of half pice of the new copper coinage of this Zillah for the
purpose of being delivered to the mint officers at the Residency for
examination
Letter to the Mint Committee from the Finance Committee,
6th June 1822. Ibid.
I am directed by the Honorable the
Governor in Council to transmit to you for examination by the Assay Master ten
specimens of a half pice of the new copper coinage of the Zillah of the
Southern Concan
From the Mint Committee to the Finance Committee, 13th
June 1822. Ibid.
We have the honor to acknowledge the
receipt of your letter the 6th instant, transmitting for the
examination of the Assay Master ten specimens of half pice of the new copper
coinage of the Zillah of the Southern Concan.
In reply we beg to report for the
information of the Honorable the Governor in Council that the specimens of the
half pice do not appear to be so well executed as former samples transmitted
for the Committee’s examination; and the Assay Master reports that they are a
grain lighter than those received in February last. We therefore beg to
recommend that these circumstances be noticed to the Collector, and that he be
called upon to explain why the coinage of the copper pice has been continued
after the orders of Government of 19th January last directing the
same to be suspended.
From the Finance Committee to the Collector of the
Southern Concan. 21st June 1822. Ibid.
I am directed by the Honorable the
Governor in Council to acknowledge the receipt of your letter dated the 19th
ultimo and to inform you that the ten specimens of the half pice of the new
copper coinage accompanying it are found on examination not to be so well
executed [as] former samples transmitted to Government nor to be of the full
weight. They are a grain lighter than those received in February last.
The Honorable the Governor in Council
thinks it expedient to direct you to suspend the further coinage of copper
coins contracted for by Sootoophoodeen Purkar and to report the value of those
already struck by the contractor.
You will also be pleased to send up a
number taken promiscuously of the different coins made under the contract for
further examination by the Assay Master. The Mint Committee have been directed
to suggest the number they may consider sufficient for this purpose.
From the Finance Committee to the Mint Committee. 21st
June 1822. Ibid.
I am directed by the Honorable the
Governor in Council to acknowledge receipt of your letter dated 13th
instant and to inform you that the order of 29th January last
suspended only the further issue of the copper coins and not the coinage.
The accompanying letter has under this
date been addressed to the Collector in the Southern Concan and, as intimated
in the last paragraph, you are requested to suggest to Mr. Sparrow the number
of copper coins which the Assay Master may consider sufficient for examination in
order to form a judgement of the manner in which the contract has been
executed.
Bombay
Consultations, 7th August 1822. Letter from the Assistant to the
Collector in Charge of the Southern Concan (L.R. Read) to Government dated 27th
July 1822. IOR P/411/41
I have the honor to acknowledge the
receipt of your letter of the 21st ultimo notifying the deficiency
in weight and workmanship of the copper coinage previously submitted and
conveying the directions of the Honble the Governor in Council that the further
coinage be suspended, and that a report be made of the quantity already struck
by the contractor.
Of the seventy five thousand rupees
(75,000), the coinage of which was ordered on the 2nd October 1820,
coins to the amount of seventy thousand eight hundred and ninety seven rupees,
two quarters and forty four reas (70,897,,2,,44) had been received into this
treasury prior to the arrival of your dispatch. The greater portion of the
balance, rupees (4102,,1,,56) four thousand one hundred and two, one quarter and
fifty six reas, has been already struck by the contractor, and is ready for
delivery. I have therefore to request the orders of the Honorable the Governor
in Council as to the continuance of the present suspension, or the completion
of the contract, by the receipt of this small balance.
I have the honor to enclose for the
information of the Honble the Governor in Council copy of a letter to me by
Sootfooden Purkar the contractor.
Petition from Sootfoodeen Purkar to
the Collector in the Southern Concan, dated 11th July 1822.
I have the honor to acknowledge the
receipt of the Collector’s letter of the 26th ultimo, giving cover
to a copy of Mr Secretary Farish’s dispatch bearing date the 21st of
last month, and acquainting me that under the above orders the further receipt
of the copper coinage must for the present remain suspended.
In reply I am sorry to state that
notwithstanding the pice delivered by me were of the weight copper and
workmanship comformable to my contract, the Assay Master found the last specimens
sent up by the Collector to be a grain lighter and deficient in workmanship
than the samples which were furnished in February last.
I must confess that not only my pice
taken separately will differ a little in weight and workmanship from each other,
but the pice coined in the Bombay Mint are of the same description, which
latter belief, I have formed from the actual inspection and weight of that
coin, now in my possession. But my pice taken together will weigh a rupee worth
[of] copper pice rather more than the seventeen ounces I bound to supply.
The cause of each pice differ[ing] in
weight and workmanship from the other is very obvious. That pice in large
parcels frequently shaking and rubbing one against other in conveying the from
place to [place], stowing, weighing and counting, they are apt of losing a
small part of their weight, and in stamping a large quantity of them in a day,
the stamp becomes by degree [worn?] so as to inscription upon one makes steady
and [????] then the other, although I am obliged to engrave new stamps very
often.
The above explanation I humbly hope
the Honble the Governor in Council will be deemed satisfactory to order the
receiving of the remaining quantity of pice belonging to my contract, to the
amount of rupees four thousand one hundred and two, one quarter and fifty six
reas as they are in the state of greatest forwardness, otherwise be subjected
to immense loss owing to my having already advanced the workmen brought from
distant parts of the country, the full wages of the pice contracted for, as
without which no one would venture to come down to Bankote and almost all the
copper has [been] manufactured in the pice in question.
I therefore request that you will be so good
as to lay before the Honble the Governor in Council this my hard case for their
favourable consideration with such observations as your experience with the
circumstance thereof [I beg] you to do so.
Letter from Government to the
Assistant in charge of the Southern Concan dated 6th August 1822.
I am directed by the Honble the
Governor in Council to acknowledge receipt of your letter dated the 27th
ultimo and to inform you that the coins which are already in a state of
preparation under the contract entered into by Sootfoodeen Purkar may be struck
and received on account of the contract.
Bombay
Consultations, 13th December 1821. Letter from Commander in Chief to
Bombay Government dated 13th December 1821. IOR, P/411/41.
I
beg leave to lay before you the accompanying letter from the officers
commanding in the Southern Concan to my Aide de Camp, Major Jackson, with its
several accompaniments relative to the issue of a new copper currency by the
Collector, which has caused numerous appeals and complaints.
Letter to Major Jackson from Lt Col
Kennedy, 7th December 1821.
At the solicitation of the officers
commanding the 1st battalion 4th, and 2nd
battalion 9th regiments, and of Captain Gibbon, sub Assistant
Commissary General, in charge of the Bazar Department, I have the honor to
request you will lay before his Excellency the Commander in Chief, the
accompanying documents relative to a complaint made by the native troops and
shopkeepers, in consequence of a great loss which is stated to have been
sustained by them from the issue of a portion of the pay of the former in a new
copper coin.
The troops were for the first time
forced to receive this coin in part payment last month, and A[ttachment]8 will
explain part of the inconvenience not to say annoyance and loss, that the
troops on outpost duty, suffer in consequence.
By desire of the officers above
mentioned, I have forwarded to the Assay Master one rupees worth of the old,
and one of the new, pice, for his opinion of the relative value of both coins,
and confidently trust his excellency will lay the whole correspondence before
the Honble the Governor in Council, and grant his support in obtaining redress
for the grievance, of which the sepoys and bunyas so loudly complain.
Letter from Sparrow (the Collector) to
Kennedy (Officer commanding), 1st November 1821.
Having a large stock of new copper
coinage in hand I purpose to issue to the troops 5 per cent of their demands on
my Treasury in that currency and therefore request that you will have the
goodness to direct the Adjutants of the native corps stationed in camp at
Dappolee to provide conveyance for the same.
Letter from Kennedy to Sparrow, 7th
November 1821.
He agrees to arrange transport but warns
that objections will be made by the troops ‘receiving ‘the Bankote pice at the
rate laid down in the proclamation (i.e. 128 per rupee) as they now receive in
this bazar 160 pice for the currency of the country for a rupee’.
Letter from Major D Campbell (Major in
charge of the 2nd battalion 9th regiment) to Kennedy, 11th
November 1821.
The result of a court of enquiry into
loss sustained due to the new copper coins. A sepoy paid 7 rupees would lose 2
rupees, 2 quarters, 6 pice, compared to the old coin.
There then follows details of the
court of enquiry.
Proceedings of a Committee assembled
by Captain Tweedy of 1st Battalion 4th regiment, held 16th
November 1821.
This also concludes that the sepoys
are making a loss because of ‘the new copper currency issued from Bancote’.
Letter from Mr Gibbon dated 12th
November 1821.
Complaints from the banians and
merchants about the new copper coins.
Letter from Sparrow 21st
November.
Further issue of coins to the troops
is suspended.
Ordered that copies of the proceeding
papers with the two bags containing the specimens of the new copper coins be
referred to the Mint Committee.
Bombay
Consultations 11th September 1823. Extract of a letter from the
Collector in the Southern Concan dated 16th August, Paras 11 &
15 with enclosure transferred from the Revenue Department. IOR, P/411/41 p53.
Para 11. With regard to the pice
noticed in the 8th paragraph, I am inclined to think that the error
of forcing more pice into circulation than were required for the trade of the
country is the cause of the stagnation now experienced. It is a common trick of
shroffs to withhold pice from circulation, when the course of business throws
them into their hands, until the value becomes enhanced, and they can issue
them again with advantage. Some such occurrence seems to have led to the new
coinage or at all events it has been carried further than was requisite, had
the supply been restricted to what was wanted, or had the demand been merely
supplied, no such effect would have been produced, but when the demand ceased,
a certain portion of all pay was issued in pice, which has now returned, and
our Treasuries are filled with a quantity amounting in all to rupees 49,610
worth, for which there appears to be little or no demand.
12. In considering Mr Blane’s proposal
for disposing of the pice by issuing them at a lower rate, I have compared the
numbers of different kinds in our treasuries and find that the balance is
composed almost entirely of the new coinage, so that it is evidently not in
such request as the other descriptions of pice, and I should agree with Mr
Blane in thinking it advantageous to get rid of them as he has proposed did I
not apprehend that the depreciation would by no means stop at the point he
proposes, but that it would on the contrary probably increase until it became
the interest of individuals to break up the pice for old copper.
13. The balance referred to in the
tenth paragraph are of the same description as those mentioned in my letter to
the secretary in the office country correspondence in answer to the petition
No.21 and will be reported on at the same time.
14. The trade of the country has
[continued] in its ordinary course without the price of pice becoming enhanced
so as to indicate any scarcity, while so large a quantity as about fifty
thousand rupees. I therefore conclude that the quantity at present out is
sufficient for the wants of the country, and apprehend that very small increase
above this quantity might have a material effect in depreciating this coin
still further and deranging the dealings among our subjects, instead of
facilitating them, which may be supposed to be the primary object of
currencies.
15. The new pice were brought from the
contractor at the rate of 17 ounzs weight for the rupee, somewhat
more than twenty six rupees and one quarter per Cwt. So that the loss on
breaking them up for old copper would be [considerable], and as the heavier
pice mentioned by Mr Blane would go first, if their value in the country was
decreased to that point, by a glut in the circulation, this would certainly be
the most economical plan and the effect on the country above will remain for
Government to consider.
Extract of a report from Mr Blane to
Mr Dunlop dated the 3rd July 1823
Para. 8. The new Government pice will,
I have reason to suppose find but a very partial circulation if the present
Government rate be adhered to. The quantity and superior intrinsic value of the
other kind of pice leave us little room to suppose that so large a rise as 4 pice
in the rupee is likely to take place, at all events for some considerable time
and there is no probability of its being taken out of the treasury at the
present rate. To give it out at the market rate would be an immediate and
considerable loss to Government on account of the large stock now on hand, but
I much doubt the efficiency of any other arrangement. Some of the different
kinds of pice weighed before me on the 24th March gave the following
results:
Sheverai 10 in 64
Doodanee 18 in do
Harree [Warree?] 4 in do
heavier than the new Government
coinage.
The bazaar per rupees is 4 pice (new
coin) better than the Government rate. If issued at this depreciation there
would be a loss on 50,000 rupees (the quantity in the different treasuries) of
1/16, or rupees 3,125. If laid by in the hopes of a rise in value, at only 4
per cent, the loss per annum on the same sum would be 2000 rupees or greater in
only two years, than the immediate loss of issuing them. The low price may not
be owing so much to an inclusive supply as to the superior intrinsic value of
the other kinds of pice in circulation. The fact of so large a quantity still
remaining in the treasury may be accounted for by Government having for a
certain period received pice at their own rate of 64 per rupee when it was much
lower in the bazar. This was in reality granting a premium for payments of
copper coin into the treasury while the loss in taking it out again amounted
almost to a prohibition.
Bombay Consultations,
28th January 1824. Letter from J Farish (Secretary to Government) to
the Accountant General dated 2nd January 1824. IOR, P/411/42 p7.
Bombay Consultations, 18th February1824. Letter from the
Accountant General to Government dated 5th February 1824. IOR,
P/411/42 p8.
Bombay Consultations 7th
April 1824. Substance of a petition from Muncharam Nahana Lall on behalf of the
moneychangers of Surat to the Honourable Mountstuart Elphinstone, Governor in
Council, dated 5th March 1824.IOR P/411/42 p37.
Bombay Consultations 12th
May 1824. Letter from the Mint Committee to Government dated 18th April
1824. IOR, P/411/42 p56.
Bombay Consultations 18th
February1824. Letter from the Acting Collector of Broach to Government. IOR,
P/411/42 p8.
Letter to the Acting Collector of Broach from Government, dated 18th
February 1824.Ibid.
Bombay Consultations 10th March
1824. Letter from the Acting Collector at Broach (Robert Boyd) to Government
dated 28th February 1824. IOR, P/411/42 p24.
Letter from Government to the Acting
Collector at Broach, dated 10th March 1824. Ibid.
Bombay Consultations 11th
April. Letter from the Collector of Surat to Government dated 29th
March 1824.IOR, P/411/42 p43.
Bombay Consultations, 12th
April 1826. Letter from the Mint Committee to Government dated 27th March
1826. IOR , P/408/65.
Bombay Consultations, 15th
March 1826. Letter from the Judge at Surat to Government, dated 7th
March 1826. IOR, P/408/64
Bombay Consultations 12th
April 1826. Letter from the Mint Committee to Government dated 27th
March 1826.IOR P/408/65.
Bombay Consultations, 3rd
May 1826. Letter from the Collector in the Southern Concan to Government, dated
2nd May 1826. IOR, P/408/65.
Letter to the Acting Sub-Treasurer from
Government, dated 2nd May 1826. Ibid.
Letter to the Superintendent of Marine from
Government, dated 2nd May 1826. Ibid.
Bombay Consultations, 18th
April 1827. Letter from the Judge at Surat to Government, dated 29th
March 1827.IOR, P/409/1
Bombay Consultations, 30th
January 1828. To the Judge at Surat from Doolubh Narun and other inhabitants of
Surat dated 9th January 1929. IOR, P/409/5
Bombay
Consultations, 28th February 1827. IOR, P/408/68.
Bombay Consultations, 21st March
1827. IOR, P/408/68.
Bombay Consultations, 16th April
1828. Letter from the First Assistant in Charge of Broach to Government, dated
26th March 1828.IOR, P/409/6
Letter from Government to the first
Assistant in Charge of Broach, dated 11th April 1828.
Bombay Consultations, 20th
February 1828. Letter to the Judge at Surat from Government, dated 14th
February 1828.IOR, P/409/5
Letter to the Collector of Surat from
Government, dated 24th February 1828. Ibid.
Bombay
Consultations 1st September 1830. Petition from Nathooset bin Abaset
to Bombay Government. IOR, P/411/49.
The humble petition of Nathooset bin
Abaset, coppersmith, inhabitant of Penn in the Sanksey Talooka.
That in consequence of the abolition
of the two mints, one at Bankote and the other at Tanna in the time of Messrs
Mariot & Pelly, great scarcity of copper change is in a state of
fluctuation, namely it is circulated from 16 annas to 14½. That under these
circumstances your petitioner humbly begs the permission of your Honorable
Board to open a mint at Penn in the Sanksey Talooka, & if so fortunate to
obtain it, he will faithfully stamp the copper change called Doodandee and
Bankotee Numbaree and circulate it at the rate of 16 annas, which was current
at the time of the mints alluded to.
And further begs that the permission
may be granted to him in the Mahratta language & be forwarded at Penn.
4th May 1830. Letter from
Bombay Government to the Principal Collector in the Concan (Mr Reid).
I am directed by the Honble the
Governor in Council to refer for your opinion and report the accompanying copy
of a petition from Nathooset Abasett dated the 20th ultimo proposing
to establish a mint at Penn in the Sanksey Talooka for the coinage of copper.
24th June 1830. From the
Principal Collector in the Concan to Bombay Government.
I have the honor to acknowledge the
receipt of your letter of the 4th ultimo referring for my opinion
and report a petition from Nathooset Abasett proposing to establish a mint at
Penn for the coinage of copper.
On
enquiring from the petitioner, I find he wishes to have a contract for coining
within one year, copper to the amount of (50,000) fifty thousand, half to be of
the description coined at Bankote by Mr George Pelly in 1820/21 at the rate of
(64) sixty four per rupee, and half, Doodandees, or old Poona pice, at the rate
of (60) sixty per rupee, weighing 57 [per] Chinchoree rupee. He requires
Government to fix the bazar rate of Doodandees at (60) sixty per rupee, and
declines the contract unless he be allowed to coin half of each kind of pice,
and unless Government undertake that no other coinage will be permitted until
the expiration of his engagement. If these conditions are acceded to, he is
willing to pay 1000 rupees.
The want of copper currency is felt in
some degree throughout the districts composing the late Southern Concan. The
rate of the Doodandies, which should be 64 per Chinchoree rupee, is now only
57, and this diminution is felt as a hardship by the ryots in their everyday
dealings with the shopkeepers. I am not aware how soon the new mint will afford
a supply of copper but if any long time is likely to elapse, I think some
addition should now be made to the quantity at present in circulation. I cannot
recommend that the present offer be accepted as proposed currency should be of
one description only, and if the Doodandies be determined on, I am of opinion
that Government should not fix the current bazar rate which has heretofore
fluctuated according to the quantity in the market. The mint should also be
under the immediate inspection of the Collector and not in remote station as
Penn, and it will be unadvisable to bind Government not to authorize any
further coinage until this be completed.
The copper coin made by Mr George
Pelly in 1820/21 is now current at its then fixed rate of (64) sixty four per
rupee – the weight of one rupee worth is so small, compared with that of the
old pice, that on a rise in the price of copper the latter are first melted
down, and I think I may affirm that the whole of the Bankote pice then coined
are now in circulation. The profit on a coinage of this weight is so great that
a spurious pice very nearly resembling the original has been brought down in
considerable quantities from the distant town of Ruhimutpoor in the
Putwurdhun’s territory. These counterfeit pice are not quite so well executed
as the Bankote coinage. The copper is of a little inferior quantity [quality?]
and there is a very slight difference of weight.
Should the mint for copper at Poona be
still working, I would recommend that a supply of Doodandees to the amount of
(30000) thirty thousand be coined and sent to the Konkan, otherwise that
tenders be invited for the coinage at Tanna in Ratnageeree of the same quantity
or copper pice of the description and weight of those made by Mr George Pelly,
to be delivered at the same rate per rupee and within a period of eight months.
15th July 1830. Letter to
the Mint Master (J Farish) from Bombay Government dated 15th July
1830.
Sends him the letter from the
Collector in the Konkan.
19th August 1830. From the
Mint Master to Government.
He agrees with the views of the
Collector and goes on: From the Collector’s letter however, the wants of the
district do not appear to be very urgent and I am in hopes that the supply
required for the Concan, as well as that for Broach, reported on by me on the
15th March may be provided from the new mint.
I delayed for a short time answering
your letter now under reply, that I might be able to consult with Major Hawkins
on the subject, on the return from the Deccan. I beg to transmit copies of my
letter to that officer of the 11th, of his reply dated the 16th
instant and of my further letter to him of this date. After knowing the result
of the trial to obtain good working dies from the engravings of Mr Clarke, I
purpose again to address Government to suggest the course which may be most
advisable to adopt in regard to the supply of Broach and the Concan with copper
currency; and for the present, therefore, the decision on the subject may, I
submit, be suspended.
He then goes on to urge that the man,
Ellis, a die-sinker, should be released to work in the mint.
11th August 1830. Letter to
Major Hawkins (Mint Engraver) from J Farish (Mint Master).
He asks how soon a copper coinage
could commence in the new mint.
16th August 1830. Letter to
J Farish (Mint Master) from Major Hawkins.
He says that he has the matrices ready
but is worried that he will not be able to get good working dies because the
matrices are ‘very improperly sunk’ by Mr Clarke who is ‘the most opinionated
ignorant fellow I ever had anything to do with’.
However, he has heard of another man
called Ellis who is on his way from Ahmadnuggar to Bombay and he would like to
obtain his services.
19th August 1830. Letter
from Farish to Hawkins.
He says that he has recommended to
Government that Ellis be released to work at the mint.
In his opinion, however, the mint
needs to be brought into operation as soon as possible even if the dies are not
perfect.
26th August 1830. Letter
from Government to Farish.
The letter says: The Commander in
Chief has been asked to release Ellis to Hawkins. It then goes on:
I am also instructed to inform you
that the Honble the Governor in Council defers coming to a decision on the
question as to the mode in which the Concan and Broach should be supplied with
copper currency until the report promised in the 4th para of your
letter, now under reply, is received.
Bombay Consultations, 29th February
1832. IOR P/411/51.
Letter from the Principal Collector in the Concan, dated
2nd December 1831.
He stated that none of the new coin had been issued into
circulation and he considered that they should be put into circulation on
Bombay Island before being issued in the Concan. 64 of the new quarter annas
equate to 75 ¾ of the pice issued at Bankote by Mr Pelly in 1819.
Bombay
Consultations, 1833. IOR P/411/52.
Bombay
Consultations, 1834. IOR P/411/53.