If the rupee is artificially forced up by the State, the shock to
    confidence will repel capital and injure credit.  The first effect
    will show itself in a lessened demand for labour.

The effects of increased employment on the finances.  The bearing
    of the measure on famines and scarcity.  It will intensify the
    effects of both, and make them more costly to the State.

The measure has arrayed all classes against the Government,
    except its own servants and a very few of the merchants.

The effects of the measure on the tea-planters of India and
    Ceylon.  It must heavily affect both.  If Ceylon establishes a
    mint, tea-planters there will have advantages over their rivals
    in India.

Coffee planters of India and Ceylon will he prejudicially
    affected in their competition with silver-using countries.  Evil
    effects of the measure on the trade, manufactures, and railways
    of India.

The measure rotten from financial, political, and economical
    points of view.

The Viceroy and the supporters of the measure have admitted that
    it must be injurious to the producers of India.  Sir William
    Hunter’s admirable survey of the former and present financial
    condition of India.

The Viceroy has publicly declared that cheap silver has acted as
    “a stimulus” to the progress of India.

The unfair action of Lord Herschell’s Committee.  Not a single
    representative of the producing classes examined.  But the
    majority of witnesses were dead against the monetary policy of
    the Government.  The Currency Committee reported against the
    weight of the evidence.  The most important points not inquired
    into at all by the Committee.

The Indian Government and Currency Committee financially
    panic-stricken, and in dread of effects of repeal of Sherman Act. 
    The financial condition not such as to warrant panic.  Taxational
    resources not exhausted.

Sir William Hunter’s statement proves that the financial
    conditions were full of hope.  The dread that the repeal of the
    Sherman Act might reduce rupee to 1s.  Examination of the
    subject on that supposition.

By a rate of 1s. a rupee the Government would lose about seven
    millions on its home remittances, and the people of India gain
    fourteen millions on their exports.  Mr. Gladstone’s Government
    adopted Home Rule Bill, and Currency Measure in one year.  Both
    forced on by tyrannical action.  Gladstonian action as to Opium
    Commission equally tyrannical.

The monetary measure a policy of protection for the benefit of
    the silver-using countries that compete with India.

Some of the evils the measure, if successful, must cause.  The
    Indian Finance Minister declared that “it ought not to be
    attempted unless under the pressure of necessity.”  No necessity
    arisen.  An independent body wanted to efficiently check the
    Government.  The Duke of Wellington’s opinion.