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.