Note 423 — Chapter XIX
Reading edition
Op. cit., pp. 112-113. It is interesting to note that Kemmerer's argument takes the form of proving, not that bank transactions do not overcount trade, but merely that they do not undercount trade. With this contention I am in hearty agreement! The overcounting is worse in Kemmerer's figures for 1896 than for Fisher's in 1909, since the 1896 figures included deposits made by one bank in another, while the 1909 figures do not. Cf. Kemmerer, p. 105, and Kinley, in Report of the Comptroller for 1896 and in the 1909 monograph, passim.