512 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
TABLE XXXII
R ATES OF E XCHANBE, L ONDON ON C ALCUTTA ( FROM THE
| N | NATIONAL BANK OF INDI | Col3 | IA) | Col5 |
|---|---|---|---|---|
| Month | 1914 | 1915 | ||
| Highest | Lowest | Highest | Lowest | |
| January ... February ... March ... April ... May ... June ... July ... August ... September ... October ... November ... December ... | ... ... ... ... 1 4ΒΌ 1 331/ 32 1 331/ 32 1 37/ 8 1 315/ 16 1 315/ 16 1 315/ 16 1 315/ 16 | ... ... ... ... 1 315/ 16 1 315/ 16 1 313/ 16 1 313/ 16 1 313/ 16 1 315/ 16 1 315/ 16 1 315/ 16 | 1 315/ 16 1 41/ 32 1 4 1 315/ 16 1 315/ 16 1 37/ 8 1 322/ 32 1 315/ 16 1 4 ... ... ... | 1 315/ 16 1 339/ 32 1 315/ 16 1 329/ 32 1 37/ 8 1 327/ 32 1 323/ 32 1 327/ 32 1 315/ 16 ... ... ... |
below its nominal value, i.e. the price of silver did not rise above 43d., there was no danger of the rupee circulating as currency. Once the price of silver rose above that point the danger of the rupee passing from currency to the meltingpot was imminent. Now, with the exception of a brief period from September, 1904, to December, 1907, the gold price of silver had since 1872 showed a marked tendency to fall. The decline in its price was so continuous and so steady as to create the general impression that the low price had come to stay. Indeed, so firm was the impression that the framers of the exchange standard had never taken into account the contingency of a rise in the price of silver above 43d. So little was it anticipated, that the system was not criticized on this ground by any of the witnesses who deposed before the successive Committees and Commission on Indian currency. But the unexpected may happen, and unfortunately did happen after 1916, and happened suddently. On February 10, 1914, the cash price in London of silver per ounce of standard fineness was 26 5/8d. It fell to 22 11/16d. on February 10,
1915, and though it jumped to 27d. on the same date in
1916, yet it was below the rupee melting-point. After the lastmentioned date its rise was meteoric. On February 9, 1917, it