A History of the Mahrattas v1.c30.123

v1.c30.123

The Mamlitdar, on his appointment, opened an account-current with government, and was obliged to advance a part of the expected revenue, for which he received a premium of two per cent., and one per cent. monthly interest, until the periods at which the collection was expected, when the interest ceased. This advance, which was both a security and convenience to government, and all revenue transactions whatever were managed by the agency of the Soucars, or Indian bankers; but many persons employed their private property in the prosecution of such agency, in which there was often a great deal of speculation, but, with ordinary caution, large returns were obtained with very little risk. Thus the advance of money on the land-revenue became something like national funds, partaking of the benefits of prompt supply, and the evils of fictitious credit.