Early History of the Dekkan down to the Mahomedan Conquest c15.17

c15.17

Persons engaged in trade and commerce probably acquired large fortunes. The great *chaitya* cave at Kârli was caused to be constructed by a Śeṭh (Śreshṭhin) of Vaijayantî, and in other places also, especially at Kânheri, their gifts were costly. There were in those days guilds of trades such as those of weavers, druggists, corn-dealers, oil-manufacturers, &c. Their organization seems to have been complete and effective, since, as already mentioned, they received permanent deposits of money and paid interest on them from generation to generation. Self-government by means of such guilds and village communities has always formed an important factor of the political administration of the country. A *nigamasabhâ* or town-corporation is also mentioned in one of Ushavadâta's Nâsik inscriptions, which shows that something like municipal institutions existed in those early days. It is also worthy of remark that the yearly interest on the 2000 *kârshâpanas* deposited by Ushavadâta was 100 *kârshâpanas*, and in another case that on 1000 and 75 showing that the rate of interest was not so high as it has been in recent times, but varied from five to seven and a half per cent per annum If the rate of interest depends on the degree of security and bears an inverse ratio to the efficiency of government, it appears that the country was well governed notwithstanding political revolutions To this result the efficient local organization spoken of above, which no changes of dynasties ever affected, must no doubt have contributed in a large measure