THE REIGN OF BIMETALLISM 19 
metals depends are, in fact, tar more complicated. In order 
to understand this we need only consider how many dif- 
ferent monetary systems existed in the commercial world 
during the period under review. 
On the one hand, there were monometallist gold stand- 
ard countries of which the most important was England, 
and monometallist silver standard countries in the Far 
East; on the other, we have bimetallist countries having 
currencies in common both with silver and with gold 
standard countries ; for both metals were accepted from 
the public for minting, and the inhabitants could not only 
discharge debts but also receive payments in either cur- 
rency. For instance, a bimetallist country such as France 
had a currency in common with either class of monometal- 
list country; for whatever the denomination taken for 
each unit, it was possible with any given weight of pounds 
sterling to obtain an equal weight of francs in gold, or with 
a given weight of rupees an equal weight of francs in silver. 
And as the ratio between the two metals was rigidly fixed 
by law and indicated by the very inscription on the coin, a 
French creditor on a foreign country was indifferent 
whether he was paid in gold or silver. Conversely, in order 
to discharge a foreign debt he had only to choose the metal 
which was accepted for coinage in his creditor’s country. 
But the intermediary for the settlement of most trans- 
actions with silver standard countries was in fact London. 
Now the English creditor of a Far-Eastern country was 
precluded from receiving payments in silver. For, although 
Great Britain also had a fixed ratio between gold and silver 
coin, private individuals could not bring silver for free 
coinage and an English creditor could not convert silver 
into legal tender currency. Except occasionally, when this 
silver could be returned as payment to some country where 
it was accepted by the Mint, there was no method of trans- 
forming it into English currency except to have it first 
minted in a bimetallist country and obtain in exchange the 
gold coin of its currency, the latter being then convertible 
into English legal tender currency under the system of 
free coinage. Conversely, an Englishman who was short