Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-10-12
THE RUPEE OF HlNDoosTAn.
a silver Coin Which L. tho Favorite Cir.
culating Medium of India.

"A silver Coin Which Ii the Favorite Cir.
culating Medium of India
Ever since the days of Lord Give and
Warren Hastings the rupee has been a
potent factor in the interests of the
civilized world, but it has been re.
served to the year of grace 1898 for
this current silver coin to exercise an
influence and to produce monetary
crisis on this side of the Atlantic. oThe
rupee in India is very much what the
silver ooilar Is to us in America, but
with this marked difference, that while
IN inola the rupee is a current coin in
active circulation, the bright silver
dollar with us finds its representa-
tive in the dirty dollar bill.
1t is true that the government
= OF India issues from its treasury
notes OF value ranging from five rupees
upward, but these have in no way
superseded the popularity of the rupee.
Every servant of the government, from
the young assistant magistrate to 1.-THE
general commanding" gets his paw in
real white metal For many years the
rupee fiuctuated in value. At one time
it was beyond par, but gradually its
worth descended with rapid strides,
and II the legislature of British India
had not taken some decided steps this
current coin would scarcely have been
worth shilling. Its value has now
been fixed at one shilling and four
pence, and Anglo-Indians enjoying the
sunny cline of that favored land and
working at the call Of duty with the
thermometer at no in the shade
breathe more freely.
The great manipulation Of the rupee
in India is the mahajan, or native bank
'er. This man of money does not trade
in stocks nor gamble according to the
fashion of these civilized days, but he
deals In interest-such interest as would
have rejoiced the heart of Shylock. AS
he takes no security, he demands 25 per
cent The Ajmeer banker is an inspira.
ton. For native banks never break.
Why should they? The leading CITY
bank of a native town usually consists
of table placed at the corner of the
street, upon which the banker and his
assistant are seated cross-legged ION
change" with piles of silver, transact
ing the money dealings of the people.
At sunset the piles of coin are cleared
away and placed in deep recess within
the bankers little cell, over which he
or his assistant sleeps the livelong
night. Sometimes he is killed and
the money stolen. This seldom hap
pens But even then the bank does
not break. There are native bankers
connected with every European and
native regiment. and during my TWEEN
ty years residence in a military can
Torment 1 never heard of the failure
of one of these regimental bankers.
In connection with the government
treasures land there are treasures in
every large city, a native banker is ap-
pointed who handles the money. it be-
ing found much safer to intrust it to a
native banker than to an English Of
fetal. and these men. being backed by
large Ajmeer firms, seldom forfeit
their security. The Indian banker
will give you a hoondee or hindoowee
or draft upon almost any city in the
Asiatic world from Calcutta to fash
kend or from Bombay to Yarkand.
These drafts are always honored and
have never heard of one of these
checks being forged. 1t would there
fore seem that the great western world
has something to learn from these an
cient Asiatics in the matter of the
ethics of trade.-Harper's Weekly.