Page:The Economic Journal Volume 1.djvu/743

 AN ATTEMPT TO ESTIMATE TI-IE OF THE RUPEE. CIRCULATION ARIOUS attempts have been made of recent years to arrive at an estimate of the quantity of metallic currency in circulation in different countries. In England, Newmarch based his calculations upon a somewha arbitrary amount supposed to be in existence in an antecedent period, to which he made additions or deductions derived from  study of the movements of specie. In Americ the several msters of the mint hve similarly compiled nnul estimates of the circulation, which re more reliable owing to the greater interest taken in the subject and to the fact that eater pins hve been tken to estimate the quantities of coin indus- $rilly consumed. In France, De Foville hs followed in Jevons's footsteps, but, so far as I am aware, has not contributed anything original to his method, though the bsis of his clcultions is more extended, nd the reasoning exhibited in  form more esily intelligible to mthemticl minds. In Indi the mteriM for forming estimates by Jevons's method is unique, for there exists  record for an unbroken series of years from 1876 of an examina- tion extending over a quarter of a million of rupees. Two of the objections therefore frequently. urged ginst the English esti- mtes--viz. that the numerical bsis is slender nd that the month and years taken are not representative--have less force when used against the Indian figures. In accordance with the spirit of suggestions made by the Committee of the British Association ppointed in 1887, I hve in the ltter portion of this essay tried to measure the loss ,suffered by the coinage of vrious years owing to hoarding, export, -nd the rts. As the loss hs lwys been stated with moderation, it is probable that the circulation is rther smaller thn my final results indicate. The only feature of the treatment of the Indian figures here
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