The basis of the system adopted was the double standard with a fixed relation of I to 15.09, and free coinage.
The heavy depreciation in silver causing large losses to the government, free coinage was suspended in 1880, and the nominal value of the mejidie was reduced by decree to 19 piastres (105.26 piastres thus = £T1), while in the same year the debased currencies were reduced, altilik, the 6-piastre piece to 5 piastres, the 3-piastre piece to 22 piastres, the 12-piastre piece to 14 piastre; beshlik, the 5-piastre piece to 22 piastres, the 22-piastre piece to 1;-piastre; metallik, the 1-piastre piece to 2 piastre, the 2-piastre piece to 4 piastre, the *-piastre piece to a piastre - these values representing approximately the intrinsic value of the silver, at mejidie standard, contained in the debased coins.
In the Democratic national convention at Chicago in 1896, during a long and heated debate with regard to the party platform, Bryan, in advocating the "plank" declaring for the free coinage of silver, of which he was the author, delivered a celebrated speech containing the passage, "You shall not press down upon the brow of labour this crown of thorns; you shall not crucify mankind upon a cross of gold."
This latter Act he approved only as a means of escaping the free coinage of silver, and he supported its repeal in 1893.
Finally in 1816 the free coinage of silver was brought to an end.
