TABLE OF CONTENTS 
PAGE 
INTRODUCTION—THE EXPLANATION OF MONETARY PHENOMENA 
AND THE CrLassicAL THEORY ’ v 
PART 1 
MODERN MONETARY SYSTEMS AND THEIR 
OPERATION 
CHAPTER I 
MopERN MONETARY SYSTEMS . : 
§ 1. Definition of monetary systems. 
§ 2. Monetary systems in operation; rudimentary notions of 
the mechanism of exchange. 
§ 3. Principal stages in modern monetary history. 
CHAPTER II 
THE REIGN OF BIMETALLISM . : 
§ 1. Establishment of bimetallist »égime, application of the 
system of free coinage to two metals; theoretical 
difficulties. 
§ 2. Bimetallism in operation during the first three quarters 
of the 19th century. Explanation of the slight fluctua- 
tions in the price of silver in monometallist countries. 
§ 3. Bimetallism in operation (contd.), its efficacy in main- 
taining a stable exchange ratio between gold and silver. 
CHAPTER III 
THE DEPRECIATION OF SILVER . 
CHAPTER 1V 
THE RECOVERY OF THE EXCHANGES BEFORE THE WAR OF 
1914 . . 31 
§ 1. Monetary Reform in India: its exact scope and significance ; 
adoption of the gold standard in a new form. 
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