XXXI THE BEST HUNDRED BOOKS 99 



Currency and the evidence to be given before the 

 Royal Commission. Lord Northbrook writes, in 

 connection with it : 



Stratton, Micheldever Station, 

 October 22nd, 1898. 



Dear Lubbock— Yes, I should like to see your 

 letter again — if I remember rightly you expressed an 

 opinion in favour of raising the import duty on silver in 

 India. There is, I think, a good deal to be said in 

 favour of this if a gold standard and currency is intro- 

 duced into India. On the other hand, there is much to 

 be said on the other side. — ^Yours very truly, 



Northbrook. 



And again : 



Stratton, Micheldever Station, 

 October 25th, 1898. 



Dear Lubbock — I return your letters with many 

 thanks. 



If you have read Sir A. MacDonnell's evidence before 

 the Fowler Committee, I think you will be satisfied that 

 the hardship which arose to persons who possessed 

 silver ornaments from the closure of the mints has not 

 been really serious, and I have seen an opinion of equal 

 weight from Bengal to the same effect. At first, I 

 entertained the same apprehension that you express in 

 your letter, but the information I have since obtained 

 has removed it. 



The principal advantage of increasing the import duty 

 on silver in India seems to be that it would make illicit 

 coinage more unlikely — but against this there is the great 

 inducement which would be given to smuggling silver. 



I am puzzled as to the possibility of having an 

 " exchange standard " — but I have no practical know- 

 ledge of exchanges. 



My conclusions after carefully considering the evidence 

 taken by the Fowler Committee are that the mints 

 cannot be re-opened to silver. 



That no scheme of bimetallism is practicable, even if 

 it were sound. 



That the matter must not be allowed to drift any 

 longer by the adoption of the scheme of the Government 

 of India or that of Mr. Lindsay, etc. 



That the adoption of a gold standard and a gold 



