The evolution of the Indian currency system since 1899 has been rapid, though silent. The effectual remedy is so painful that I fear it often may be postponed too long. And the fear would be worse because it would not be unfounded–at least, not wholly. │ Number of Depositors. But almost always the delay in creating a stringency only makes a greater stringency inevitable. But the intention had never been repudiated, and in the Budget debate of 1910 Sir James Meston, then Financial Secretary to the Government, spoke as follows:— The broad lines of our action and our objects are clear and unmistakable, and there has been no great or fundamental sacrifice of consistency in progress towards our ideal. The amount of the sterling reserves is a measure of the ability of the authorities to withdraw rupees; and conversely, the volume of rupees which can be spared from the circulation (or from hoards) in bad times sets an upper limit to the extent to which they can be compelled to draw on their sterling reserves for the support of the currency.