V. Krishnaswamy Iyer
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V. Krishnaswamy Iyer was a lawyer of Madras who fought against the British banking Company Arbuthnot & Co which was let off without being compelled to reimburse investors when the bank crashed on 22 October 1906. Following the crash, V.Krishnaswamy Iyer gathered together eight Indians who started a bank funded by Chettiar capital which later became the Indian Bank.
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[edit] Early life
Krishnaswami was the second of four sons, born in a Thanjavur village. His father went on to become a munsiff while his mother died after her fourth delivery. While at school, he was befriended by one Sivaswami, who would later become the Advocate-General of Madras and a celebrity whose name is remembered in the schools of Mylapore today. On completion of his schooling, Krishnaswami moved to Madras to study at Presidency College.
[edit] As a Lawyer
Though Krishnaswami was not inclined to read law, well wishers persuaded him to become a lawyer. He became an apprentice of R. Balajee Rao, a leading advocate of Madras.
The young lawyer’s stock went up after he began to work at the office of Sir S. Subrahmanyam Aiyar, and with colleague, P. R. Sundara Aiyar, the duo slowly began to be respected. He became known as a lawyer and as an office bearer of the Vakils Association; he played a vital role in starting the Madras Law Journal (MLJ) in 1891, on the lines of contemporary English law journals - with critical notes and observations on judgements.[1]
[edit] The Arbuthnot Bank Crash
Krishnaswami became known when he was the contending advocate in the Arbuthnot bank case. In 1906, this popular bank crashed on account of bankruptcy; depositors were aghast and Krishnaswami played a role in ensuring that the principal director was imprisoned. The event led to his assisting in setting up the Indian Bank.
[edit] Other Activities
Krishnaswami founded Venkataramana Dispensary and Ayurvedic College on Kutchery Road in 1905 in order to promote indigenous forms of medicinal treatment. A year later, he started the Madras Sanskrit College. He suggested that students be given free boarding and lodging and even paid a stipend to sustain their families, and that teachers be given free accommodation.
[edit] Freedom Movement
His involvement in public affairs drew him to the Congress party. He was instrumental in bringing together the moderate and extremist factions of the Congress Party at the 1907 session in Madras. This act of Krishnaswami was greatly appreciated by Gokhale.
Krishnaswami became a judge of the Madras High Court in 1909 at a time when he was admired in political circles. Some saw him as an impatient man keen to clear all arrears. He was judge for a mere 15 months and then became a member of the Executive Council of the Governor of Madras, a top ranking post, offered to him by the British.
He was responsible for introducing a number of educational reforms in the University of Madras. He also took the responsibility of funding Swami Vivekananda's trip to Chicago in 1893. During the minority of the Shankaracharya of Kanchi, he intervened personally to see to it that control of the Math did not fall into wrong hands.
[edit] Death
Krishnaswamy Iyer died aged 49.
