[557] This is clearly the opinion of European bankers, as indicated in their statements to interviewers for the Monetary Commission. See, e. g., statements by the Deutsche Bank, Ibid., pp. 374-375, and the Crédit Lyonnais, Ibid., pp. 224-226.
[558] The item, "Due from other banks and bankers" in our table of total bank resources for 1909, is 2,563 millions—about 12% of the whole and slightly more than the amount we assigned to "commercial paper." It is a highly important factor making for liquidity. For State, and National banks and trust companies it is almost as great—2,302 millions. The first figure does not include many great private banks.
[559] Vide Professor Taussig's history of the years, 1878-1890, in his Silver Situation.
[560] Cf. Mitchell's Business Cycles, pp. 495-496; and passim.
[561] Cf. the chapter, supra, on "The Quantity Theory and International Gold Movements."
[562] "The Prospects of Money," British Economic Journal, Dec. 1914.
[563] Cf. Conant's discussion, Principles of Money and Banking, I, ch. 7.
[564] This would seem to be Mitchell's view. Cf. Business Cycles, p. 494.
[565] Cf. chapter XIII.
[566] Cf. the chapter on "The Functions of Money," supra.