Mill thought credit acts on prices like money, and that this reduces quantity theory tendency to indeterminate degree; Fisher holds volume of money in circulation governs volume of credit, so that quantity theory stands 172
Fisher's arguments for fixed ratio, money to bank-deposits 172-173
Argument a non-sequitur, even if contentions true 173-177
Contentions untrue: no fixed ratio between reserves and deposits, or reserves and demand liabilities, either in America or Europe 177-182
Taussig's views; virtually surrender of quantity theory in modern conditions 182-185
Bulk of quantity theorists in between Fisher and Taussig, but nearer to Fisher's view than to Taussig's 185