218 Procecdimjs of the Asiatic Society. [Dec- 



gold coins may circulate side by side in any proper system of cur- 

 rency, one of these metals alone can constitute the monetary 

 unit. That this, in every country in which commercial enterprise has 

 had a high development, should be gold, the experience of history 

 leaves us little room to doubt ; for, although silver is still legally the 

 standard in France, gold being permitted to circulate by its side, it has 

 almost disappeared from circulation. It is with regret, therefore, that I 

 observe that gold has not been made a legal tender in India, which, 

 though a very different thing from making gold the standard, must, I 

 opine, be the first step in this direction. That it can yet be said to 

 be a depreciating metal I do not believe, because it is an established 

 rule, proved beyond question by late experience, that the precious 

 metals, like other articles of commerce, find their level, and the 

 space to be occupied by gold is comparatively immense ; but there 

 is a proviso in this, as in most matters of the kind, and that proviso is, 

 that legislative enactments shall not interfere with the circulation of 

 either of these metals. That the most serious and the greatest caution is 

 necessary in dealing with this question, all the most profound thinkers on 

 the subject do not dispute ; and the following figures will satisfy those 

 who have not specially studied it, of its importance. At the commence- 

 ment of the present century, the production of the precious metals in all 

 those countries from which supplies come to Europe, was, according to. 

 von Humboldt, about £3,300,000 annually, of which £2,500,000 went 

 to swell the gold currency of Europe. The working of the Oural mines 

 tripled this annual tribute ; and so things remained until 1848, when Cali- 

 fornia was discovered. Shortly after, the gold deposits of Australia came 

 to light, and in 1860 the annual supply was about £38,000,000 ; while 

 during this period the supply of silver had hardly increased at all. 

 At the opening of this century it was about £8,000,000, and at present 

 is not more than £9,000,000. The entire quantity of pure gold 

 which found its way to Europe from the discovery of America by 

 Columbus, or from 1492 to 1848, a period of 356 years, was according 

 to M. Chevalier £401,580,000 ; and, assuming the annual yield at pre- 

 ■erit to be £40,000,000, we would in 10 years have a yield equal to the 

 yield of the whole world for the 356 years previous. These influences, 

 if continued, must in time have their effect, audit was with some con- 

 cern therefore I learned that the Government of India had lately sent 



