Coins In Lucknow Mus. Vol 01 [56 MB - IndianCoins.org

27obtain at Fort St. George. In other words the Madras rupee was2 per cent, dearer than the rupee of Arcot or of St. Thome. Theconsequence was that the merchants preferred coining their silverat the latter mints ;and the Company found its custom decreasing.Accordingly Governor Macrae directed Messrs. Pitt, Benyon andEmmerson to enquire into the whole matter It willbe seen by the following resolution that Governor Macrae endeavouredto put matters to rights 1stby prohibiting the export;of silver from the Company's bounds, and thus compelling the merchantsto coin their silver at Port St. George 2nd by lowering;the Company's custom | per cent, and the mint charges | percent., or altogether 10 rupees per thousand. Henceforth then thecustom and charges at Madras would be 30 rupees per thousand ;whilst the custom and charges at St. Thome, Arcot, and Covelongwould be nominally 21 rupees per thousand, but actually 31rupees 11 annas per thousand. The original entry will serve torender the subject more intelligible."Monday, 8th March 1725. Messrs. Pitt, Benyon andEmmerson deliver in a report of the coinage, together with anaccount of the charges and customs collected at our mint, andthose in the country as likewise an account of the ; produce of ahundred ounces of silver of the fineness of the rupee in our andSt. Thome" mints." This matter being fully debated, it was upon the wholeagreed that no silver except rupees shall be permitted to beexported to any part of the coast of Coromandel under penalty ofconfiscation, half to the informer and half to .the Company and;the Secretary do give notice hereof at all the public places in thetown." As by the calculates and reports abovementioned, it appearsthat our rupeeis two per cent, dearer to the merchants than theSt. Thome and Arcot rupee, it was further argued that we oughtto find out some method to lessen the charge of coinage,that sowe may bring it nearer to a par with the country coin ;and itappearing that the Brahmins actually indisburse 11 1 rupees perthousand, and that they must have something besides for theirtrouble, it was plain their custom could not be reduced above a| per cent., which not being sufficient, it was agreed to strike offa half per cent, likewise from the custom paid the Company which;it ishoped will be approved by the Honorable Court of Directorsfor the following reasons :" First, that the present charge of coinage being 4 per cent,in our mint, and but 21 per thousand in the St. Thome mint,nobody will bring any silver to us, but on the contrary carry itaway thither ;but that when our custom is reduced to three percent., the difference will be so much less that probably we mayhave the greatest part of the coinage return to us, especially sinceour rupeeis in greater esteem in the country than theirs." Secondly, that we shall receive orders from Europe in twoyears and if our Honorable Masters shall ; disapprove hereof,which we cannot believe they will, it may be laid on again."Thirdly, that at present the revenue is sunk to ulmo.stnothing, so that should no more silver be coined here tlriu has