[326] Supra, p. 47.
[327] Italics mine.
[328] "Miscellaneous Articles on German Banking," in Report of Nat. Mon. Commission, p. 175. Art. by Max Wittner and Siegfried Wolff.
[329] The figures are not easily compared, as the figures for giro-transfers do not indicate the volume of giro-accounts, which is doubtless much smaller. I know no estimates for the turnover either of notes or of bills of exchange. To determine what proportion of business is done by each would, thus, not be easy. The volume of bills of exchange for the year is three times as great, for 1907, as the figures for note issue. The giro-system, as is well known, is relatively unimportant as compared with notes. But I do not undertake to assign figures showing proportions of business done.
[330] Inland bills of exchanges in connection with the grain trade are still very important, especially at Chicago and Minneapolis. The writer has met frequent reference to cotton bills at St. Louis. Wool bills are frequent in Boston.
[331] Vide my criticism of his statistical fallacy in this connection, in the Annalist of Feb. 7, 1916. He rules out foreign trade from his "equation of exchange" by the device of assuming that imports and exports cancel one another. This, however, to the extent that it is true, makes the bill of exchange more, rather than less, important as a substitute for money and deposits. Fisher, loc. cit., pp. 306, and 374-375. See appendix to chapter XIII of the present book.
[332] Vide ch. 16 for a more precise statement of this part of quantity theory doctrine.
[333] Purchasing Power of Money, pp. 169-170.
[334] Ibid., p. 170.
[335] Ibid., p. 171.