The State in Ancient India: A Study in the Structure and Practical Working of Political Institutions in North India in Ancient Times c13.38

c13.38

The numismatic and epigraphic materials at our disposal do not permit a fuller picture of institutions, but the literary works dating from the second century A.D. or earlier, show that there existed an elaborate administrative system.² There is, however, one important conclusion to which the inscriptions lead, viz., that the state, whether in its suzerain or feudal aspects was not the only form of regulation. Industry had organised itself on the principle of guilds. The Nâsik and Junnar Inscriptions prove the existence of guilds of potters, weavers, braziers, bamboo-workers, artisans, corn-dealers, etc., etc. Guilds acted as banks, receiving deposits at stipulated rates of interest. Their honesty and durability inspired sufficient confidence to induce rulers and others to entrust permanent endowments with them. They were not altogether unconnected with the administrative machinery of the state. Deposits and endowments were sometimes registered in the hall of the town.³