Note 383 — Chapter XIX
Reading edition
Ibid., p. 277. Fisher's estimate for V, as corresponding more closely to Kinley's figures for the proportions of money and checks in trade, is to be preferred to Kemmerer's. Cf. our comments on this point, infra, in this chapter. Even the figures for M´ are not correct, since they do not include deposits growing out of "morning loans," cancelled during the day. Infra, ch. 24.