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different values of coins.
One advantage of this scheme is that it can be publicly announced from the first and we can work in co-operation
with the Banks.
On re-consideration
it will not be necessary to coin
fresh dollars in India. The subsidiary silver taken from the Banks by the Govt. or received by the Govt. from the public will simply be sold as bullion, on a guarantee from the purchaser that they will be melted down. With the pro- ceeds we can back our note issue with dollars to the extent
of two thirds and invest the rest.
The investments might be partly in silver securities only it is difficult to find attractive ones and Chinese loans are not tempting at present.
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