Page:The Economic Journal Volume 1.djvu/769

 CIRCULATION OF THE RUPEE 747 common in Indian villages. A small amount also of the recent mintage occasionally finds its way to the mint owing to its being shroff-marked, soldered, or otherwise defaced, whilst a little is, nc doubt, dropped or lost sight of. A lakh of rupees yearly has been estimated under this head. There is also the loss due to retainting of our currency by native mints. The principal of these now are Hyderabad, G walior, Kashmir, Baroda, and Jeypur. It has been found impossible to get exact figures for the volume of this mintage, and it is therefore even more diffict to estimate the amount of it coined from rupees. In the absence of better information, perhaps two lakhs a year may be put for the native coinage from rupees; adding to this the lakh estimated for accidental loss, three lakhs is the figure taken for this head. Meltig.--Great differences of opinion exist upon the question of the extent to which rupees are melted to make ornaments and plate. There is no doubt that in the great centres of silver work namely, Delhi, Cuttack, Cutch, Trichinopoly, Dacca, and Burma bullion is largely used. Without, however, the active co-opera- tion of Government, it is impracticable to obtain any precise information relating to the volume of this manufacture. A person, well qualified to form an opinion, tells me that in Burma many only take to the occupation of a silversmith during the rainy season, and that few but the larger manufacturers in the nost populous towns keep any record of their out-turn. From Cuttack, I hear that the industry, formerly very extensive, is but a shadow of what it was. A friend in Dacca writes that after inquiry from the money-changers he would estimate that about a lakh of rupees are yearly melted in the district, whilst the import of silver bullion is inconsiderable. It is found, he says, expensive to move silver, whereas gold is sent by insured parcel post. The same is probably true of Cuttack. In large towns the poorer of the educated classes, with whom it is a social necessity to possess a considerable quantity of onaments, sometimes shut their eyes to the quality of the silver, and their requirements are, therefore, more conveniently met by adulterating bullion, the rupee being protected by its fineness and seignorage. On the other hand, the richer classes commonly send for artificers to melt the rupees in their presence, kowing as they do the rupee standard, and distrusting the smith. Rupees are also largely used as alloy for gold ornaments and plate. In fact, as has been already stated, sicca ad Furruckabad.