100 LIFE OF SIR JOHN LUBBOCK ch. 



currency keeping rupees as a token coinage is the right 

 conclusion, and that steps should be taken as soon as 

 possible to carry it into effect. 



That the first step would be to open the Indian mints 

 to the coinage of gold sovereigns and to make the 

 sovereign legal tender. 



That the token coinage should, to a certain extent at 

 any rate, be convertible into gold, and that this might 

 be provided by giving gold in payment of the present 

 silver notes of high values, an operation which would 

 not involve any very serious liability. 



Indian silver debt should be converted into gold 

 when the Government are in a position to meet the 

 interest in gold. 



As much as can be properly arranged of the Indian 

 revenues should be levied in gold. I have made a rough 

 calculation that after a certain amount of notice seven 

 or eight crores of rupees might be obtained in gold. 



There is a very large accumulation of gold in India, 

 and according to the best authorities with which I am 

 acquainted it is probable that gold currency will be 

 popular for large transactions. 



I do not see that the adoption of a gold standard and 

 currency for India need entail any serious immediate or 

 eventual demand upon the world's supply of gold. 

 There would, I suppose, be some increase in the imports 

 of gold into India, but as the production of gold has 

 lately increased, and appears to be increasing, I presume 

 that this can easily be met. 



I have put down these conclusions very roughly, and 

 without arguments, but you know these currency ques- 

 tions so well that you will be able to understand what 

 I mean, and I should be very glad of your criticisms. 

 — Yours very truly, Northbrook. 



There are other letters on the same subject 

 from Lord Northbrook, but they do not sub- 

 stantially amplify or modify his views expressed 

 in the above. 



In course of the year Sir John finished the 

 building of the small house at the farm, for his 

 son Norman. The last entry in his diary is a sad 



