MODERN MONETARY SYSTEMS 13
Particular attention will be devoted to this first stage
in modern monetary history, as it brings out a piece of
experience of capital importance.
In the second period, beginning in 1873, we shall see
Bimetallism disappear and very serious disturbances
caused by the depreciation of silver.
In the third period, which begins 20 years later, we
shall witness a successful attempt to put an end to these
disturbances by the adoption of the gold exchange standard.
Finally, with the war of 1914 we enter upon a new
period of disturbance which previous events will help us
to understand.