13.
Defectiveness of the gold standard.Sec.14.Various ideal standards suggested.Sec.15.The tabular standard.
Sec.1.

#Relative positions of gold and silver: historical.# It is not possible within the limits of our space to enter here into the details of the world's monetary history.

It must suffice for our purpose to sketch briefly the period preceding the nineteenth century.

Both gold and silver were used as moneys in Europe in the Middle Ages, tho silver was much the more common.

The two metals continued to be used side by side in Europe and in the new settlements in America, silver for the smaller and gold for many of the larger transactions.
Both were made legalized forms of money (and standards of deferred payments) in units of specified weights and fineness, the weights bearing a certain ratio to each other.