[213] Loc. cit., pp. 167-168.
[214] Ibid., p. 164.
[215] Cf. Davenport's analysis of the causes governing volume of trade, Economics of Enterprise, p. 272.
[216] Loc. cit., p. 110.
[217] Perhaps not quite correct, since he does recognize differences in degree as between different places, though, perhaps properly, from the standpoint of his normal theory, saying nothing about differences in degree as between different times in the same place.
[218] Cf. also p. 315, loc. cit., where this is placed as one of three main causes of the historical rise in prices.
[219] That the overwhelming bulk of trade is in the cities will appear in our chapter, infra, on "Volume of Money and Volume of Trades."
[220] On the average, in the United States, the banks have less money than the people have. Vide Mitchell, Business Cycles, pp. 295 and 298.
[221] Based on arbitrary assumptions as to variability. Cf. his p. 477. Cf. our chapter, infra, on "Statistics of the Quantity Theory."
[222] Other passages might be cited to show that Fisher thinks that T and the V's are fundamentally governed by different causes. For example, he says "an increased trade in the Southern States, where the velocity of circulation of money is presumably slow, would tend to lower the average velocity in the United States, simply by giving more weight to the velocity in the slower portions of the country." Loc. cit., p. 166.