Finance was on the carpet in that hour, and bimetallism and monometallism, silver versus gold, were in everyone's mouth. |
The monetary system of western Europe had evolved towards monometallism, at first based on an increasingly debased gold coinage and in due course on silver. |
In such a case there is bimetallism de jure, but monometallism de facto. |
His factitious and absurd device is therefore not bimetallism, but monometallism on a basis of gold. |
Hamilton recognized the possibility that a deviation of the mint ratio from the market ratio could lead to de facto monometallism. |