Note 709 — Chapter IX · Bokhārā, a Protected Native State

It is a curious fact that M. P. Lessar, while Resident at Bokhārā, anticipated Sir D. Barbour’s financial policy in India by inducing the Amīr to close his mint. The stiffening effect which might have been expected was not attained. Before the great recoinage of 1834 Indian silver underwent similar oscillations. The difference in weight and intrinsic value between rupees of different descriptions gave native brokers an opportunity of feathering their nests. They met in secret conclave periodically, and decided how many copper coins should be exchanged against each species of rupee. A recoinage, or adoption of the Russian monetary system, is the only possible remedy.