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 intended to meet by the subsequent economic development. The proposal for a joint standard formed by using a unit in which the two metals are combined has the advantage of escaping the risk of failure to maintain the ratio, for it makes the employment of both silver and gold essential. Its influence in causing stability is also likely to be greater; but it is open to the danger that a shortage of one metal would not be compensated by the abundance of the other. The further advantage that it does not need international agreement (for each country could settle its own combination) is counterbalanced by the strangeness of the plan and by its necessitating the use of representative money. The suggestion of

“goloid” coins on the model of the Greek electrum would hardly be acceptable.



11. The Present Money Systems of the World: Changes of the last Half Century.—The facts as to the money of the leading countries of the World are given in Tables II. and III. It is, however, necessary to explain the way in which this position has been reached by the reforms of the last fifty years. Since 1860 the alterations in standards and in coin denominations have been of a very extensive nature. England is one of the