Abstract
of the gold standard system in 1931 appear extremely mysterious is that before the World War it could be maintained without suffering a calamity of anything like the same size. Certainly during the pre-war period it happened that even great powers suspended the redemption of their notes in time of war; this was the case in the United States during the Civil War and for a long time afterwards and in France during and for some years after the Franco-German war at the beginning of the seventies. But in these cases' there was no doubt that in due time they would return to the gold standard. Now among the countries compelled to abandon the gold standard are some which have especially well-ordered monetary and other economic conditions (including those of public finance) and which have not been involved in the World War. Moreover the circumstances have
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