Professor Fisher has another way to meet the facts of the Greenback régime, and that is by holding that they prove his case! I do not think that anyone, however, who examines the figures he offers on p. 260 (loc. cit.) will be impressed by the degree of concomitance between money and prices which they exhibit, especially after Mitchell's careful analysis of changes in detail.
At another point, Professor Fisher maintains (p. 263) that the rapid changes in gold premium which came with news from the military operations (e. g., the 4% drop in Greenbacks after Chickamauga), were due to alterations in velocity of circulation and in volume of trade! As the gold market usually got the news by wire, before the newspapers got it, however, this thesis is not very convincing.
[375] Kemmerer, E. W., Money and Credit Instruments in their Relation to General Prices, New York, 1907; Fisher, Purchasing Power of Money, New York, 1911; subsequent yearly continuations of "The Equation of Exchange" in the American Economic Review. The references here, as throughout, are to the 1913 edition of Professor Fisher's book.
[376] History of Prices.
[377] To this type would belong Professor Fisher's figures with reference to the years, 1860-66 on p. 260 of his Purchasing Power of Money.
[378] This relates particularly to Fisher's figures.
[379] Loc. cit., p. 298.
[380] Ibid., p. 297.
[381] Cf. our chapter, supra, on the "Equation of Exchange."
[382] These are the "finally adjusted" figures. Loc. cit., 304.