Note 84 — Chapter I

Cf. his Minute dated June 20, 1864. Vide Papers, etc., on Gold in India, p. 147 et seq. He was even opposed to holding silver bullion in the paper currency reserve, for this involved on the Currency Department the obligation to get the silver coined, which was a matter of time having regard to the limited capacity of the Indian Mints at the time, while the notes issued were payable in coin on demand. There was a run on the Paper Currency Department, which found itself short of coin.