Silver standard. The silver standard exists in countries where it is by law enacted that silver shall
be the measure of value. At the present time China, the Far East in general and some of the
countries of South America and of Eastern Europe adhere to that standard. Their domestic trade
is regulated by silver accepted at its bullion value, but all transactions with the rest of the world are
based on gold and in the end the value of silver is regulated by these outside transactions.