Note 14 — Chapter II
Reading edition
By the action of bimetallic law is meant any action of bad money on good—of worn money on new—of higher rated (or lower valuable) money on lower rated (or higher valuable) money. It does not at all matter, especially in cases of debasement, whether there are two metals in the process or only one or even three. If a currency is silver, and part of it is debased and part left good there is bimetallic action, and the good disappears. Of course, the case is argumentatively and for deduction's sake much clearer if a currency is truly bimetallic in the ordinary sense.