Examine the circumstances that led to the passing of ‘Limitation Laws’ by the British in 1859.
(i) In 1859 the British passed a Limitation Law that stated that the loan bonds signed between moneylenders and ryots would have validity for only three years.
(ii) This law was meant to check the accumulation of interest over time.
(iii) Cotton boom and the American civil war.
(iv)The ryots were dependant on money lenders for survival.
(v) The money lenders refused to extend loans to the ryots.
(vi) Money lenders violated the customary norms.
(vii) Rural indebtedness.
(viii) Ryots saw money lenders as devious and deceitful.
(ix) Manipulation and forging of Peasant accounts by money lenders.
(x) They complained of money lenders for manipulating laws and in 1859 this law was passed to check the accumulation of interest over time.
