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Seligman tells Ambedkar that the subject of his new thesis is "certainly an interesting one." He also writes that once Ambedkar sends the new thesis, he will have a member of the economics faculty review it.

Ambedkar writes that since he lost the "manuscript of [his] original [Ph.D] thesis when the steamer was torpedoed on my way back to India in 1917," he plans on submitting a new thesis titled "The Stabilization of the Indian Exchange" for the Ph.D. at…