ABSTRACT
When it is recalled that a large part of the civilised world was for many centuries de jure or de facto on a bimetallic basis, it may be open to question whether proposals for the restoration of bimetallism can be termed reform proposals. As, however, bimetallism would involve a fundamental change in the monetary system, to the author’s mind it can justly be regarded as a reform measure, even though the result would be the restoration of a state of affairs similar to that which existed in the past. After all, if bimetallism cannot be called a reform measure on the ground that it restores conditions which once existed, on the same ground exchange clearing can also be denied the term reform since it is to some extent similar to the mercantilist system that was in force some centuries ago. And yet nobody would hesitate to regard exchange clearing as a reform; nor should there be any doubt about whether bimetallism can be viewed as such.
