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not b.etter than that of some of our Indian Bankers 

 over the whole extent of a peninsula as large as 

 half Europe. Their Bills are as good in the native 

 markets as the notes of the Bank of England are 

 in Great Britain, and for a long time to come, I 

 am afraid, will be preferred, among a very large 

 class of the mercantile cummuiiity, to the Govern- 

 ment notes. When, however, we come to pass 

 beyond the limits of the Bankers guild, the com- 

 plexion of circumstances is altered. Money is 

 scarce, the prevailing order of things in India up 

 to the most recent date, has been uncertainty, the 

 great body of the aristocracy, large landed proprie- 

 tors &c., &c., fond of pornp and show, are extrava- 

 gant ; and these circumstances combined has had 

 the effect of keeping the rates of interest for money 

 very higb, so high, that as above mentioned, 13 

 per cent, on the security of good landed property, 

 is a fair and moderate rate of interest, in the 

 territories under British rule. In native States 

 indeed the difficulty of obtaining money is so 

 great, that landed proprietors, sometimes make 

 over their estates with their rents, as security, to 

 money-lenders, until the debt with interest is paid 

 in full, the money-lender receiving the full return 

 of the estate in addition, for the time he may hold 

 it.* We cannot then fix, very accurately, the rates of 



* This practice would seem to be contrary to Hindu Law. MANU 

 says. ' If he take a pledge to be used for his profit, he must have 



