VELOCITY OF CIRCULATION
Velocity conceived by quantity theory as causal entity,
independent of quantity of money and prices; necessary
assumption for law of proportionality 203
"Coin-transfer" _vs._ "person-turnover" concepts 203-204
Velocity really non-essential by-product, meaningless
average 204-205
Doctrine that velocity independent of money; habit and
convenience; hoarding; hoarding by banks 205-209
Velocity and volume of trade; vary together 209-214
Value of money causally governs velocity 214-215