FOOTNOTES:
[324] Irving Fisher, Purchasing Power of Money, Appendix XII. pp. 448-454. The Macmillan Company. New York. 1911.
[325] For a complete formula for determining the velocity of the circulation of money see pages 448-460, of the Purchasing Power of Money.
[326] The term "depositors," as here used, does not, of course, include savings bank depositors. A savings bank is not a true bank of deposit, providing circulating credit.