.1865.] Proceedings of the Asiatic Society. 219 



back to Egland nearly a quarter of a million of gold sovereigns which 

 the existing currency Act prevented from coming into circulation. 



And as I see the Hon'ble Justice Campbell here this evening, I may 

 mention that since he put his first question to me, I have met with 

 Dr. Fryer's travels from which I have before quoted, and find that he 

 makes mention of the Zwapliin. In one table he puts it under the 

 head of imaginary coins, two and a half being equal to one old dollar. 

 In other places he treats it as a real coin. At Goa, he says, one gold 

 Cruzado was equal to 12 Zeraphins ; and at Bombay 3 Larees = 1 

 Zeraphin; 80 Baies = l Laree ; 1 Pice = 10 Baies, i e. 24 pice = 

 1 Zeraphin. This would not certainly agree with Purchas's state- 

 ment that a Zeraphin was worth Us. 10. 



The Hon'ble Justice Campbell said — We must all feel greatly 

 obliged both to Major Lees and to Mr. Thomas for their interesting 

 discussions. When such learned Doctors differ, he will be a bold man 

 who attempts to decide ; but this, I think, may be clearly gathered, 

 that in former days the value of gold in India in relation to silver was 

 much less than it now is ; and we may learn the lesson that, as it was 

 so once, it may not improbably be so again. I think that there is 

 perhaps some incorrectness in Major Lees's statement that in France 

 silver, and not gold, is the only legal standard, and in the assumption 

 that any metal can be a legal tender, and at the same time not a legal 

 standard of value. I quite admit that, practically, when there is a 

 double standard, one or the other will be preferred, and ordinarily used 

 at any one time ; but, as I understand the matter, there is, and long 

 lias been, legally in France what is called a double standard, that is, 

 both gold and silver are recognised as standards, the relative rate being 

 fixed by law. The effect is, to give to the payer in every case the 

 alternative or option of paying either in gold or in silver, whichever 

 he may at the time find most profitable. The double standard was 

 fixed in France by the first Napoleon at a time when, as the relative 

 rate was declared by law, it was more profitable to pay in silver : ac- 

 cordingly all, or almost all, payments were, and continued to be, made 

 in silver, gold being only used as it were beyond the law, as marked 

 bullion, at a mercantile and not at a legal value. This state of things 

 continued so long, that in practice the existing contracts were not 

 affected by the law of double standard. All new contracts were made 



