Abstract
FROM the point of view of foreign trade and of large internal transactions, it usually is said that China is on the silver standard. This is good enough as a rough working assumption. But it must be clearly understood that this by no means implies all that we mean when we say that America is on the gold standard. In America, laws define the gold unit, provide definite regulations for the issuance of all other forms of currency, lay down rules as to legal tender, provide for the free coinage of all gold presented to Government mints, and make the Government responsible for the maintenance of parity between gold and the other forms of currency. What is more to the point, these laws are actually carried out.
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