Excerpt from Standard of Value In reality a very important issue was involved in it, namely, whether the Standard Of Value Of the world should in the future be Gold alone, or whether it Should be formed Of a combination Of Silver and Gold as it had been in the past. I was employed in the Financial Department Of the Government Of India when the divergence in the relative value Of Gold and Silver began to declare itself and, as the fall in the Indian Exchange had a serious effect on the finances Of the Government Of India, the subject forced itself on my attention. In 1886 I published a work called the Theory Of Bimetallism, and I was a Member Of the Royal Commission on Gold and Silver which sat from 1886 to 1888. I was subsequently Finance Member Of the Council Of the Governor - General Of India, and took part in the measures for the introduction Of the Gold Standard into India. I was afterwards a Member Of the Committee which recommended that the gold value Of the Indian rupee Should be fixed at 18. 4d. Although Bimetallism is no longer a live question, other problems connected with the Standard Of Value will arise in the future, and I have decided to place on record the conclusions at which I arrived as the result Of my experience and study Of the subject, and also to state the circumstances under which it was decided to introduce the Gold Standard into India and explain the procedure adopted for that purpose. I cannot hope to give the trained Economist fresh light on questions with which he is already familiar, but what I have to say may be Of some assistance to the man Of business who may be forced by circumstances, as I was, to give his attention to the subject. I feel that some apology is needed for the length Of my remarks on the subject Of the Quantity Theory Of Money and the Relation between Credit and Prices, but at the time Of the Bimetallic Controversy the questions connected therewith had not been SO thoroughly investigated as they have lately been, by Professor Irving Fisher, and other Economists, and the applicability of the Quantity Theory Of Money to modern conditions was denied, while, as it seemed to me, wholly untenable theories were put forward regarding the relation between Credit and Prices. It is for this reason that I have felt bound to Offer certain remarks in defence Of a theory which, rightly understood, ought never to have been challenged. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.