Saturday, Sep 13, 2003
Saturday, Sep 13, 2003 |
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Business
The coverage of the visit of the Imperial Currency Commission to India in November 1925 under Sir Basil Blackett reveals the depth of the paper's national concerns. Sir Basil had stated in a speech at Delhi University that the credit of India, which was then solid and immobile, should be liquefied and rendered easily available in necessary quantity at places where it was required. The Hindu was quick to question his premises and pointed out that the country was not willing to leave matters of currency regulation to the bureaucracy. An editorial wanted the "management of such questions to be entrusted to a body at once expert and disinterested, one which would have no motive in manipulating the note issue or the remittance business to any ends other than the best interests of the country.'' Finding that the Commission contemplated and had, in fact, canvassed the probability of the Imperial Bank of India (now the State Bank of India) being charged with these functions, the editorial drew attention to the fact that the Imperial Bank was just like an ordinary joint stock bank and, hence, "could not by any means be recognised as a bankers' bank discharging impartially'' important functions such as management of note issue or remittance transactions. It called for the creation of a Reserve Bank with adequate powers to carry out its responsibilities. Later in August 1926, the paper carried a report from Bombay on a public speech there on the same topic by R.K. Shanmugam Chetty, MLA, and Chief Whip of the Swaraj Party in the Madras Assembly. Chetty, an expert on public finance, was highly critical of the Currency Commission's stand and said the policy advocated by it was one of utter neglect of India's interests.
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