THE VOLUME OF MONEY AND THE VOLUME OF CREDIT
Mill thought credit acts on prices like money, and that
this reduces quantity theory tendency to indeterminate
degree; Fisher holds volume of money _in circulation_
governs volume of credit, so that quantity theory stands 172
Fisher's arguments for fixed ratio, _money_ to
bank-deposits 172-173
Argument a _non-sequitur_, even if contentions true 173-177
Contentions untrue: no fixed ratio between _reserves_ and
deposits, or reserves and demand liabilities, either in
America or Europe 177-182
Taussig's views; virtually surrender of quantity theory in
modern conditions 182-185
Bulk of quantity theorists in between Fisher and Taussig,
but nearer to Fisher's view than to Taussig's 185