ABSTRACT
Before proceeding to the description of monetary reform measures adopted in practice since the war and those proposed during recent years, it is necessary to describe the system that existed before the war. The pre-war gold standard has been described and analysed innumerable times, and it is difficult to add anything to what has been said on the subject. Our object in the present chapter, however, is not to try to discover any new aspects of the pre-war system, but to explain those of its features which enabled it to work satisfactorily before the war and those features which prevented it from working satisfactorily after the war.
