Devaluation, 64, 67 and deflation, 141, 142 and currency reform, 145 Dollar, forward exchange in, 118, 123, 125 Edward III., 163 Equation of exchange, 93, 97, 99 Estcourt, Dr., 107 Exchange speculation, effect of, 112 and forward market, 130, 138 services of, 136 External purchasing power, 88 Federal Reserve Board, and gold, 86, 167, 175, 197 index number, 94 co-operation with, 186 Fisher, Prof. Irving, 78, 148, 155, 163, 187 Foreign exchange, and purchasing power parity, 87 forward market in, 115 stability of, 141, 154, 189 Forward market in exchanges, 115 as an insurance, 121 and interest rates, 124 and State banks, 133 and bank rate, 136 Franc, exchange, 73 purchasing power parity, 101, 104 seasonal movement, 111 forward exchange in, 116, 118, 120, 125 devaluation of, 143, 145 France, losses of investors, 13, 65 burden of internal debts, 70 Genoa Conference, 134, 142, 143, 173 Germany, interest rates in, 22 and currency inflation, 41 elasticity of demand for money in, 48 value of note issue, 51 currency of, 54 sums raised by inflation, 58 recent financial history, 61 equation of exchange, 99 Gibbon, 152 Gold and State banks, 81 price of, 190 cost of burying, 199 Gold discoveries, 164 Gold mining, 165 Gold standard, 9, 12 restoration of, 149, 163 Great Britain, capital levy in, 68 currency statistics of, 83 seasonal trade, 108 ideal currency, 177, 203 banking system of, 178, 185 note issue, 193 Harvard, economists of, 199 Hawtrey, R. G., 163, 173, 174, 176, 187, 203 Hoover, Mr., 200 Huskisson, 153 Index numbers, for regulating money, 187 India, 141 prices in, 156 Individualism, and monetary stability, 40 Inflation, and distribution of wealth, 4, 5 and production of wealth, 4, 32 and redistribution of wealth, 30 as a method of taxation, 41 importance of rate of, 49 sums raised by in Russia, 57 sums raised by in Germany, 58 meaning of, 82 Interest, “money” and “real” rates of, 20 Interest rates and forward exchange, 129 Internal purchasing power, 88 Investment system, 5 Investors, losses of, 13, 16 Italy, losses of investors, 14, 65 Bank of, and forward exchange, 134 Labour, effect of rising prices on, 27 Lasteyeri, M. de, 71 Lehfeldt, Professor, 48 Lira, purchasing power parity, 101 seasonal movement, 111 forward exchange in, 116, 119, 129 devaluation of, 143, 145 “Managed” currency, 166 Marks, speculation in, 113 forward exchange in, 119 Marshall, Dr., 78, 79 Middle Ages, and currency debasement, 162 Middle class, losses of, 30 Money, elasticity of demand for, 47 stability of, 40 future regulation of, 177 Moscow, and use of money, 46 Mussolini, 145, 153