1 By an Act of Congress April 2, 1792, passed upon the recommendation of Alexander Hamilton, there was established a "standard of value" between gold and silver at the ratio of 15 to 1; i.e. the value of 15 ounces of fine silver was declared to be equal in value to an ounce of fine gold. It very soon became apparent that this ratio was not proper, as it undervalued gold; therefore, in 1834, the ratio was changed to 16.002 to 1, and in 1837 it was changed to 15.988 to 1, which is the present ratio; usually referred to as 16 to 1. From 1792 to 1834 values in this country were measured by silver, but since the latter date gold has been the only standard of value in actual practice. Troy weights are used to determine weights of both gold and silver. All the principal nations have the gold standard. Over three fourths of international commerce is fixed upon this standard, even though many countries have not adopted it.1

1 Jevons defines this as some uniform unchangeable substance chosen, in terms of which all ratios of exchange may be expressed and calculated, without any regard whatever to the feelings or mental phenomena which