The changes in gold production here shown have bearings not only upon problems of money, but in some respects upon nearly every modern economic problem. Compare in the present connection this figure with Figure 3, in Chapter 6, Section 4, showing changes in index numbers of prices.
[Illustration: FIG. 1. GOLD PRODUCTION OF THE WORLD. 1493-1710.
AVERAGES FOR PERIODS BEFORE 1870]
[Footnote 6: This formula is presented by E.W. Kemmerer in "Money and
Prices" (2d ed., 1909), p. 15 ff.]
[Footnote 7: See above, ch. 3, sec. 6, table.]
[Footnote 8:
PER CAPITA CIRCULATION OF MONEY (ESTIMATED) IN THE UNITED STATES IN VARIOUS YEARS.
1800……$4.99 1850……$12.02 1890……$22.82
1810…… 7.60 1860…… 13.85 1900…… 26.93
1820…… 6.96 1870…… 17.51 1910…… 34.33
1830…… 6.78 1880…… 19.41 1915…… 35.44
1840……10.91
]
[Footnote 9: On the function of deposits, see below, ch. 7, sec. 11.]
[Footnote 10: Consult Figure 1 in ch. 4 and Figure 2 in ch. 6 for the graphic presentation of these and related facts.]